January 14, 1918, Lenin and Trotsky repudiate the Russian Loans issued by the Tsar

Just one hundred years ago, the government of the October 1917 revolution announced that it would not repay the loans issued by the previous regime. The ruin for hundreds of thousands of French families

In the morning of January 14, 1918 (of our Gregorian calendar), the news begins to leak in the Russian newspapers and Le Figaro takes it back in its editions of January 16th in these terms: "the higher council of national property has drafted a decree canceling all the national loans issued by the imperial and bourgeois government". Our Russian-speaking colleague is nevertheless optimistic. While quoting information from the press in Moscow and St. Petersburg, he quotes a Russian financial expert stating in Daily Chronicle : "The threat of repudiation of national loans by the maximalists should not frighten us; it can not be of great importance if Trotsky (then People's Commissary for Foreign Affairs) puts it into effect. "

In Paris we do not want to believe it. The minister of finance of the government Clemenceau, Louis-Lucien Klotz – he remained in the legend like the author in 1919 of the famous formula "Germany will pay" – recalls that "the financial engagements of Russia are independent of the form Government of this country ". This legal reading of History aims to reassure …


Leave a Reply

Your email address will not be published. Required fields are marked *