Russia. Finance Minister Dmitry Guryev, faced with the disastrous Russian finances and enormous public debt, once again turned to Britain for help. This time, instead of requesting a subsidy, he was ordered to present the British government with a proposal for the issuance of “federal paper money,” on which interest would accrue, to be redeemed immediately after the war’s end. These banknotes—and herein lies the advantage (for the Russians) or the catch (for the British)—would be guaranteed by the governments of Great Britain, Russia, and Prussia to help finance the war effort. The British responded with a subsidy of 1.33 million pounds and 3.3 million pounds for the federal paper money project. …these were the first Eurobonds? For the Russians, these millions of pounds were supposed to cover the entire upcoming campaign of 1813.
