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Grace Contract : ウィキペディア英語版
Grace Contract
The Grace Contract was an 1886 pact between Peru and British bondholders to retire debts against Peru from bonds issued in 1870 (£7,400,000) and 1872 for £36,800,000. The bondholders formed the Peruvian Corporation〔(Peruvian Corporation )- The Statist: a journal of practical finance and trade, Volume 25; p 420; Retrieved 2012-05-12〕 in order to fulfill certain obligations as a guarantee to recoup losses from the defaulted bonds. The Grace Contract was not actually formalized until 1890.
== Debt ==
The Peruvian government was deep in debt after winning independence from Spain and the War of the Pacific. To settle these debts the government had secured several loans, primarily through Dreyfus Frérale and the Guano Syndicate. Loans were secured in 1865, 1866, 1869, 1870, and 1872. Proceeds from the massive £36,800,000 1872 loan were to be used to retire the 1865 and 1866 loans. There were issues concerning the legality of this loan as the Peruvian government had reportedly authorized President Balta to raise only £9.3 million so the 1866 and 1866 loan repayment was not authorized. The London Stock Exchange Committee intervened and restricted the loan to the amount authorized. In August 1872, Manuel Pardo became president and was a member of the anti-Dreyfus campaign in 1869. From 1872 until 1875 relations between the government and the Syndicate deteriorated and on December 18, 1875, Peru defaulted on bond payments, and normal payments were never resumed. The War of the Pacific made financial concerns even worse and in October, 1889, Peru signed the Grace Contract.〔(The Guano Age in Peru )- Historytoday.com: Retrieved 2012-05-12〕

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