1877, A Letter to Ioannes Gennadius by Louis Drucker, Greece Economic Crisis


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An Appeal to the Governments and Monarchs of Europe

By Mr. Louis Drucker

Representative of the Great Majority of Greek Foreign Bondholders

A letter to the Right Honourable J. Gennadius

Charge D’affairs of Greece, in England

Published by L. Van Vifterik Hz. in Leiden in 1877
Pages 20
First Edition
23cm x 15cm


Joannes, Ioannes or John Gennadius (Greek: Ἰωάννης Γεννάδιος, 1844–1932) was a Greek diplomat, writer, and speaker, best known for his donation of his collection of Greek books and art to the Gennadius Library.


Between 1827 and 1877-78, Greece was excluded from Western financial markets. During these five decades and beyond, governments resorted (rather unsuccessfully) to internal borrowing while encouraging investment projects from wealthy diasporic Greeks, whose comprador capital, together with that of Jewish and Armenian merchant classes, was prominent in the Ottoman Empire. With low levels of industrial development, and unable to pursue economies of scale due to its small size, Greece was marked by a backward peripheral economy and a deeply-dependent polity throughout the nineteenth century; in 1893, Greece declared bankruptcy once again.

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