Regaining control over finance: the Ottoman Empire at the eve of the World War I

The complexity of the Ottoman fiscal trouble had been a permanent feature since the end of XIX century. The European powers were in charge of the credit supply of the Empire by controlling not only the Imperial Ottoman Bank but also more than 30% of the State revenues through the Council of Administration of the Ottoman Public Debt. At the beginning of the WW1 the Empire tried regaining control over its finances in order to allow the military mobilization. By stretching the control over its finance, the Empire began a conflict with the European powers which wanted to maintain their privileges in the financial system in order to hamper the Ottoman military mobilization. After the outbreak of the WW1 the Ottoman Empire, though it was still neutral, quickly fell into the German influence. The Germans helped the Empire to start a thoroughgoing struggle mainly against France and England in order to try ousting both powers from the control of the Ottoman finances. The operation was not easy for the Empire given that the monetary and credit systems were held up by the Imperial Ottoman Bank which was managed by two Committees in London and Paris, whereas monopolies and the main six indirect revenues were managed by the Council of Administration of the Ottoman Public Debt. If the Ottomans had not regained control over their finances, they would not have acquired enough straight to sustain the war. In this scenario the Ottoman Empire prepared itself for the war.