Chilean independence debt

Economic history of Chile

Colonial era Colonial mining Real Situado Hacienda Encomienda Alerce logging Century of wheat Bourbon reforms
Early republic Independence debt Silver rush Wheat cycle Early coal mining Long Depression
Saltpetre Republic Saltpetre War "Oreros" and "Papeleros" Sheep-farming boom Tierra del Fuego gold rush Meat riots Great Depression
Internal growth Copper mining during World War II CORFO (Production Development Corporation) UN Economic Commission Land reform Copper nationalization Vuskovic plan
Return of liberalism Chicago Boys El ladrillo 1982 crisis "Miracle of Chile" Asian crisis 2004 energy crisis
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The Chilean independence debt was a debt obtained from a large loan the nascent republic of Chile obtained in the last years of its independence war. The loan was obtained in London in 1822 by the government of Bernardo O'Higgins.^[1] To address the debt Minister of Finance Manuel Rengifo made first a study to identify all debts incurred before 1830.^[2] Chilean agent Francisco Javier Rosales was sent to London to negotiate the payments of the debt in 1836.^[2] He was however unable to reach an agreement with the creditors.^[2]

Exports of Chilean silver alongside copper and wheat were instrumental to help Chile prevent default in the 1830s and 1840s.^[2] Joaquín Tocornal who succeeded Rengifo as Minister of Finance paid off all the default and refused at the time to take new loans.^[2]

References

^ "La deuda pública externa de Chile (1810-2004)" [The external public debt of Chile (1810-2004)]. Memoria Chilena (in Spanish). Biblioteca Nacional de Chile. Retrieved May 18, 2022.
^ ^a ^b ^c ^d ^e Pérez Herrero, Pedro (2015). "El orden portaliano (1830-1840)". In Pérez Herrero, Pedro; Sanz, Eva (eds.). Fiscalidad, integración social y política exterior en el pensamiento liberal atlántico (1810-1930) (in Spanish). pp. 237–238. ISBN 978-84-9123-174-5.