The Ottoman Empire Towards the War: International Finance and Politics according to the Private Papers of Bernardino Nogara (July 28, 1914–October 31, 1914)

At the outbreak of the First World War, the Ottoman Empire was still neutral. It waited three months before going to war, although on August 4, 1914, it had signed a treaty of alliance with Germany. During these months, the Ottoman authority tried to regain the control of its own finance under the control of the Council of Administration of the Ottoman Public Debt. In order to keep the solvency of the huge debt, the International Commission had the control of the Ottoman customs, revenues, monopolies, and other taxes. Thus, for the empire, it was essential to have its hands over these revenues in order to mobilize the army and stabilize its economy. The Anglo-French weakness made these attempts easier and the presence of Italy enabled Rome as a mediator by trying to defend the international commission. Thanks to the private letters of Bernardino Nogara, the Italian Delegate at the Council of Administration of the Ottoman Public Debt and an official member of the Società Commerciale d’Oriente, we can outline the financial and political aspects that led the Ottoman Empire into war.