Debt, diplomacy and dreadnoughts: the National Bank of Turkey, 1909-1919

The National Bank of Turkey (NBT) (1909) was an attempt by the new Young Turk regime to assert economic sovereignty: creating a multinational bank able to provide financing free of the diplomatic conditions previously attached to loans by French banks. NBT's role financing naval rearmament and oil development has attracted a good deal of attention from historians. Using the archives of the bank's founders and Ottoman ministers alongside familiar diplomatic sources, this article is the first to combine Ottoman and European perspectives on NBT, challenging the traditional narrative which presents the Ottoman Empire as the helpless ‘victim’ of the fiscal imperialism of France, Britain and Germany in the years before 1914