Economy
How a Genoese bank swallowed a government
HERE’S THE INTERESTING PART
Forget modern sovereign debt; the real pioneers of turning government IOUs into an empire were the Genoese in 1407. The Banco di San Giorgio consolidated the city-state's debt, packaged it into tradable shares, and then essentially took over tax collection and overseas colonies to guarantee their payouts. Christopher Columbus even held an account. It was a private bank that effectively swallowed a government whole.
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