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Poland Could Request Ancient Debt from Spain.

A leftist Polish MP has tabled a proposal for the Polish state to request a 400-year-old loan rom financially troubled Spain.

[ETH]centshe loan was taken by Spanish King Philip II (1527-98) from Poland's Italian-born Queen Bona Sforza (1494-1557) to finance the war between Spain and France for control of the Kingdom of Naples, writes the Telegraph.

Denominated back then at 430,000 gold ducats - now worth some EUR 57.4 M without interest - the debt has never been paid off.

"I'm well aware my request might seem odd, but I'd like it to make politicians really think about the consequences of lending money to other countries," Polish MP Marek Poznanski said on his Facebook page about his unusual initiative.

Poland's Ministry of Foreign Affairs has already stated it will duly consider the proposal and will formulate an official position.

Poland worked for centuries to recover the debt but by the 18th century it had managed to claw back just 10% of the total sum, the Telegraph says.

Some historians even believe that Queen Bona, who died in exile in Bari, Italy, was poisoned on King Philip II's orders so he could wiggle his way out of repaying the money.

In archaic Polish, the term "Neapolitan sums" was used to describe bad debts.
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Publication:Sofia News Agency
Geographic Code:4EXPO
Date:Aug 4, 2012
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