The Colonial Origins of the Greek Bailout

Good recent piece on Greek debt and colonial history, the League of Nations etc.

Imperial & Global Forum

not merkel's colony

Jamie Martin
Harvard University
Follow on Twitter @jamiemartin2

When news broke two weeks ago of the harsh terms of a new bailout for Greece, many questioned whether the country still qualified as a sovereign state. “Debt colony,” a term long used by Syriza and its supporters, was suddenly everywhere in the press. Even the Financial Times used the language of empire: “a bailout on the terms set out in Brussels,” as a 13 July editorial put it, “risks turning the relationship with Greece into one akin to that between a colonial overlord and its vassal.”

Suggestions like these have invited historical comparison. One parallel that’s been mentioned is that of Egypt during the late nineteenth century. In 1876, as a heavily indebted Egypt approached bankruptcy, the Khedive Ismail Pasha agreed to the creation of an international commission, staffed by Europeans, with oversight of the Egyptian budget and control over certain…

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One thought on “The Colonial Origins of the Greek Bailout

  1. […] Writing on colonial bailouts and the Austrian financial reconstruction of the 1920s, Jamie Martin discerns continuities that boil down to curtailing a state’s sovereignty in order to ensure the servicing of foreign […]

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