| Economic history ofChile |
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TheChilean independence debt was a debt obtained from a large loan the nascent republic of Chile obtained in the last years of its independence war. The loan was obtained inLondon in 1822 by the government ofBernardo O'Higgins.[1] To address the debtMinister of FinanceManuel Rengifo made first a study to identify all debts incurred before 1830.[2] Chilean agent Francisco Javier Rosales was sent to London to negotiate the payments of the debt in 1836.[2] He was however unable to reach an agreement with the creditors.[2]
Exports ofChilean silver alongside copper andwheat were instrumental to help Chile preventdefault in the 1830s and 1840s.[2]Joaquín Tocornal who succeeded Rengifo as Minister of Finance paid off all the default and refused at the time to take new loans.[2]