Isma'il Pasha Declares Egypt's bankruptcy

Isma'il Pasha, the Khedive of Egypt, declared Egypt bankrupt due to his lavish spending and heavy borrowing to modernize the country. The economic crisis led to the intervention of Britain and France in Egypt's financial matters. This intervention was aimed at protecting their investments and ensuring debt repayment. The declaration of bankruptcy had a profound impact on Egypt's sovereignty, as it resulted in the establishment of a dual control system by the British and French over the country's finances. This control allowed foreign powers to influence Egypt's economic policies and decision-making processes, playing a significant role in shaping the country's future. Isma'il Pasha's bankruptcy declaration marked a turning point in Egypt's history as it paved the way for increased foreign intervention and control in the country. The event highlighted Egypt's vulnerability to external influence and raised questions about its ability to govern itself independently. #EgyptHistory #ForeignIntervention #EconomicCrisis