from Sovereign Man:
By the 19th century, the Ottoman Empire had become a has-been power whose glory days as the world’s superpower were well behind them.
They had been supplanted the French, the British, and the Russian empires in all matters of economic, military, and diplomatic strength. Much of this was due to the Ottoman Empire’s massive debt burden.
In 1868, the Ottoman government spent 17% of its entire tax revenue just to pay interest on the debt.
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