Venice. After the fourth war between Genoa and Venice, the Venetian public debt (Monte Vecchio) swelled from 3 to 5 million gold ducats. The market price of bonds collapsed for the first time (from 92 before the war to 18 in 1381). Interest payments were temporarily suspended. Real estate prices plummeted. Despite this, the Republic avoided any direct taxes, once again favoring taxes on trade (goods in transit and consumption).
