Mountains of Debt (the history of state bonds) History

In 2015 Ukraine almost defaulted. The issues of state debt and debt restructuring are widely discussed in society. Against this backdrop it is of interest the history of state debts and how the bonds’ market was started. We suggest to our readers a translation of extract about the history of state bonds from “The Ascent of Money” by Niall Ferguson. Translation: Valeria Kotil, intern «Price of the State».