Ready for the big adventure

loan for big adventure , also called nautika or simply maritime loan (in ancient Greek ἀργὐριον ναυτικός / argurion nautikos or δανείσματα ναυτικά / daneismata nautika ) is, in ancient Greece in the classical era , a loan granted at a very high rate by an individual to finance the journey of a long-term trader ( emporos ) or a trader , without establishing a long-term association between them. It basically has an insurance function .

Principle

An insurance loan

This type of loan, best known from the iv th century BC. J. N 1. 1 , 1 , 2 can possibly allow the borrower to compensate for the weakness of his own capital (in general, the amount borrowed covers only a part of the goods shipped), but it is primarily envisaged as insurance against the risk of shipwreck 3 . In this case, in fact, a merchant who himself financed the whole trip would lose both the ship and its cargo. The loan to the big adventure makes it possible to make support to a third party, the lender, the exposure on the value of the goods. In case of shipwreck, the lender loses his stake, including the interest.

A high rate of interest

If the trip is going well, the lender recovers the principal, increased by a considerable interest N 2 given the often risky nature of the company: the rates generally amount to 10-12% for a single trip 3 ( heteroplous ) and 20-30% for a round trip ( amphoteroplous ), the most frequent case because it offers the lenders better guarantees of being returned the loaned capital 4 . In one case, mentioned in the Counter Diogiton of Lysias , the interest reaches even 100%: the investor sees his capital doubled 5 , even if this interpretation, generally accepted, could be contested N 3. In comparison, land rates show a smaller rate of 1% per month 6 . When the pseudo- Xenophon proposes the Athenians to contribute to buy the vessels, it makes them shimmer and an exceptional rate of “about twenty percent, as much as for a Bottomry 7 “. The philosopher Theophrastus shows in his Characters 8 a man explaining in detail the gains and losses obtained by his maritime loan as if he could always lend to all who asked him 9 , 10 .

A fee for the independent loan duration

The interest of a maritime loan does not correspond to the modern definition of the term, in the sense that it is not proportional to the duration of the loan: its amount is fixed in the contract independently of the time that navigation will take. It can only be affected by the misfortune of the sea (throwing the cargo in case of a storm to save the ship, paying a ransom to the enemy or to pirates, sinking) or by an aggravation of the risk run, for example if the ship is the return trip during the bad season 11 . In comparison, the interest of a land loan is expressed on a daily or monthly basis. Thus, in the above quoted passage, the pseudo- Xenophon indicates that the subscriber ten mines receive three obols a day 7. This lack of reference to time can be explained because commercial trips are relatively brief, of the order of a few weeks. Under these conditions, impose additional interest at the usual terrestrial rate 1% per month, do not relate only 13 drachmas for a 15-day delay on a capital of 2600 drachmas, which corresponds to average loans 12 . Then, the debtor himself better off making the trip as soon as possible, in order to reinvest in another operation 13 .The debtor is often only one of the merchants aboard a boat that carries more ; so it does not control nor necessarily the way the schedule set by the master of the vessel 13 .

A risky but rewarding investment

One way of increasing their assets for wealthy individuals

The loan capital amounted on average to 2600 drachmas 14 . Demosthenes’ father had receivables related to “maritime loans for a value of 70 mines ” 15 , almost the equivalent of the value of his house and its contents (80 mines ). Significant receivables which have sources after a number of rich characters, in Athens or elsewhere in maritime loan correspond to the consolidation of several loans often granted to different merchants 16according to “this basic rule of maritime commerce (and economic practices in general) [in ancient Greece]: each one multiplies the average operations, dividing the capital to divide the risks and avoid losing everything in a shipwreck; for the same reasons, we associate ourselves with others ” 17 .

No form the heart of their business (place all his assets in this type of loan would have been too risky) loans are granted generally by wealthy individuals looking to diversify their investments and grow their wealth 18 . To limit the risks related to the misfortunes of the sea, they are often several to associate on the same loan N 4 . They may be metics or Athenian citizens, landowners or active or retired traders, such as the litigant of Contre Apatourios de Demosthenes, who says: “It is not seven years since I gave up the navigation, and I try since to make work, by placing them in maritime enterprises, the small capital which I possess »19 .

Starting from the assumption of a rate of 3 to 5% of shipwrecks N 5 , Alain Bresson 20 sought to demonstrate that lenders showed a great rationality in the definition of the risks run during a loan of this type and relied on a precise calculation taking into account the probability of sinking to define as accurately as the interest rate of the loan granted, but the modernism of the reasoning was disputed by Olivier Picard 21 .

Bankers, brokers and maritime ready

Some historians rely on the fact that the banker Pasion has privileged links with residents of Lampsaque and Tenedos 22 and that his successor Phormion himself owns merchant ships 23 to argue that “it is inconceivable that he stayed out of maritime loans ” 24 . The fact that trade is almost exclusively by sea and that the yield of these loans is very attractive 25 has also been put forward to demonstrate that maritime financing is a natural outlet for banking activity . Banks, which are often located in portsN 6 and have counters in other commercial cities have an organization adapted to the needs of lenders and also make their trustee services 26 .

However, there is no certainty in this regard. On the contrary, the assumption was made that bankers generally do not engage in this type of loan because of their lack of experience in maritime matters and the significant risks they entailed: among the donors background of the 28 known loans in Athens, no trapezite figure 27 . Bankers would have agreed to grant loans only to traders “able to provide pledges, movable or immovable, not subject to maritime risks” 28 . However, it has been objected that, according to a definition of Demosthenes, risk taking is characteristic of the Athenian bank 29 ,

In fact, the intermediaries that some individuals can use and some have assimilated to bankers, as the so-called Xouthos mentioned in the passage of the Counter Aphobos (11) which details the patrimony of the father of Demosthenes , seem much more brokersused by rich people who wanted to diversify their wealth by investing in the maritime loan. These intermediaries were chosen for their knowledge of distant trade. In order to assess the risks and to fix the clauses of the contract, the debtor “should be able to judge the nautical qualities of the ship, the professional and moral qualities of the borrowers and the captain, the dangers of the route to be followed, the frequency of the storms. depending on the season ; he had to know the commercial laws, the areas infested with pirates, the ports where a right of reprisal against the ship was to be feared, etc. ” 30 . Therefore, it was logical to leave that task to qualified individuals, often traders themselves 31or out of business 19 , which established the contract, undertook to recover interest and principal at the end of the trip to give them to the creditor, probably relieved of their commission 32 .

Contracts

A written contract

A Bottomry been, from the beginning of a written contract 33 ( syngraphé ), concluded in the presence of witnesses who may be citizens or foreigners , and deposited with a third party, individual or banker 34 . Without constituting an incontestable “title” N 7 nor “rising to the level of the constituent act of the legal transaction it incorporates, […] the strength of the written act is in reality such that any claim in court may be regarded as a lost cause if the plaintiff is unable to produce the act of the compromis ” 35 . This is the meaning of the argument of the litigant of the Contre Apatourios de Demosthenes “As soon as the old contract, the one in which I appeared as a guarantor, and no other one was drawn up, how is it justified to prosecute me? who does not have an act to produce? ” 36 . This power of written agreement is also manifested in the solemnity of its destruction “in the presence of many witnesses” 37to mark the end of reciprocal obligations between creditors and debtor 35 .

An example of a contract: the Counter Lacritos of Demosthenes

The bulk of the information on these loan contracts is provided by the pleadings of Attic speakers . These sources, by their very nature (this is litigation) illustrate above all the possible dysfunctions of the system. The most complete sample contract is available in the Lacritos Cons of Demosthenes , written around 340. This speech contains indeed the loan contract Artemon and Apollodorus, two merchants originating Phaselis in Asia Minor 38 . Androcles of Athens and Nausicrates of Euboea lent them 3,000 silver drachmas to go from Athens to Mendè or Skionè , inChalkidiki , load 3,000 amphoras of Mende wine, which will be sold in the kingdom of Pontus or, at the merchants’ choice, to the mouth of the Borysthenes (now Dnieper ), on the western coast of the Black Sea . Merchants will return to Athens with their return cargo, including goods purchased with the proceeds of the sale of the wine.

If the return is made before Arcturus ‘ heliacal rising (in mid-September), the interest paid will be “two hundred and twenty-five drachmas per mile”, or 22.5%. If it is undertaken after this date, when navigation becomes more dangerous, the interest increases to 30%. Upon arrival, the creditors pledge the cargo. Although the goods are offered for sale and the proceeds of the sale are used to repay the loan, merchants have a 20-day refund period. Only the goods which may have been thrown overboard to save the ship in the event of a storm, or any ransom paid to enemies, may be deducted from the amount due (interest and principal).

In the absence of a refund, the ownership of the goods passes to the creditors, who can sell them for reimbursement N 8 . If the amount thus realized proves to be insufficient, the creditors may seize the personal property of the borrowers.

Guarantees and constraints of the loan

Loan agreements are secured either on the cargo or on the ship when the borrower is one or both. In two civilians pleas Demosthenes 39 , it is specified that the value of the property serving as collateral is double the loan amount, but we must not conclude that this rule was applied consistently 40 . In any case, as long as the repayment has not taken place, the debtor can not contract another loan pledged on the same objects N 9 : in the Counter Phormion (6) of Demosthenes, it is one of the reproaches formulated by Chrysippus with respect to Phormion .

The contract defines precisely the itinerary N 10 and the schedule of the trip, as well as the penalties to be assumed if we do not comply with it: “The borrower is not free to use this money as he does. hear, but only in the way the contract stipulates the ” 41 . If need be, the creditors do not hesitate to delegate to an individual (slave or freedman) present on the ship the task of verifying the respect of the contract by the debtor N 11 . This great rigidity has probably resulted, at least partially, “from substituting a bipolar trade to multipolar trade” 42prior. It seems, however, that in fact, the Nauclères have some, except perhaps when their cargo consisted of this highly strategic commodity grain , more freedom than the contracts suggest, choosing to stop in a particular harbor placed in their path as required or opportunities of the moment 42 .

The great precision of the contracts aims to limit the moral hazard and temptations to “help the sea” by sending for example an old ship by the bottom to not have to repay the loan he was wagering, as the Philostrate evokes while mentioning the traders who are held by a loan for the big adventure: “If they succeed, that’s good, they sail at full sail, and they are proud to have not flown their ship neither voluntarily nor involuntarily; but if the profit is not sufficient to pay the debts, they ascend into the boat, drive the ship on reefs, and, by an impious artifice, voluntarily themselves, lose the fortune of others, alleging the irresistible will of the gods 43 . ”

Marine loan outside the Greek world

Ancient Near East

Examples of commercial loans are evidenced in the archives of merchants Mesopotamia from the beginning of the II th millennium BC. J. – C., in the cuneiform tablets of Kanesh ( Kültepe ), a counter of Assyrian merchants located in Cappadocia . The latter also use trade associations to finance their long expeditions. The Bottomry is well attested in the sources of Babylonia of the XIX th – XVIII th centuries BC. The sentences of the Code of Hammurabimention this type of practice (articles 102 et seq. of the current classification): a donor gives a clerk capital, in kind or money, which must make it profitable and then share the profits with the first. If the clerk is attacked en route, he is gone. The big adventure loans are also attested in the archives of the merchants of the city of Ur , near the Persian Gulf , having maritime trade relations with the island of Dilmun ( Bahrain ) 44 .

In Hellenistic Egypt

In the Hellenistic period in Egypt , it seems that the maritime loan was also practiced. It provides, through a highly mutilated papyrus, a sample contract in the first half of the ii th century BC. J.-C. to finance up to fifty silver mines a round trip from Alexandria to Somalia (Aromatic country). The money must be paid to the five borrowers through an Italian broker in charge of the same functions of intermediaries as the Xouthos of the Counter Aphobos of Demosthenes: without doubt it is “one of these negotiatoresRomans that we see appear throughout the Mediterranean basin from 250 BC. AD about ” 45 . It has a particularity that could exclude it a priori from the field of maritime loans: it is an interest-free loan. In reality, this is explained by the fact that the creditor, a certain Archippos N 12 , has a share in the expected profits as was the case in the Middle Ages : at that time, “the prejudice against any form of wear and tear , prohibited by canon law , obliged the contractors to conceal in the agreements the rate of maritime interests “. Here is the will of the Ptolemiesprohibit any interest rate above 24% which led contractors to circumvent the obstacle interesting creditor profit as will be the case for certain contracts of Genoa , thirteen centuries later 46 . Another peculiarity with regard to conventionalloans : it is fixed for the duration of the trip, but for a period of a few weeks, even a few months, or a year N 13 : perhaps this is actually the duration of the trip, but perhaps it is above all a means of guarding against the placement by the debtor of the sum borrowed to make it grow elsewhere 47 as denounced the speech against Dionysodoros written by Demosthenes48 . Finally, this loan is also distinguished by the existence of a bond of five borrowers with five other individuals, unknown process in the attic right for maritime loans 49 . Raymond Bogaert concludes from this bond “the total absence of mortgage on the goods” 47 justifying it by the difficult conditions of navigation in the Red Sea , unlike Julie Velissaropoulos, for whom the loan seems guaranteed on both the cargo and on the ship 50 .

In Roman law

Under the Republic and early Empire

Despite some adjustments of the same type to adapt it to Roman law 51 , it seems that for the most part, the Roman maritime loan N 14 (called pecunia nautica or pecunia taiecticia , that is to say “the money that travels ” N 15 ), contrary to what we have long considered, differs little in terms of the loan to the big adventure Greek N 16 . This is particularly apparent from the analysis of a papyrus , Vindob G 19 792, from the time of the reign of Antoninus Pius(138-161), covering a sum of nearly eight talents. This is a maritime loan bank notification, where the representative of an Alexandria bank , Marcus Claudius Sabinus, states that he provided four Ascalonites , “jointly and severally liable for the repayment, a maritime loan in accordance with a syn- maritime. The guarantees provided by the ship and its rigging, and by the last cargo were delivered to the banker ” 52 . The banker plays the role of intermediary here: he pays on behalf of two of his clients, the creditors of the loan in question, the sum that they lend to the four Ascalonites, and keeps the contract: as for the Greek loans of classical eraIt does not appear that the Roman bankers themselves practice the bottomry 53 . The similarities of the loan Vindob G 19 792 with the classic period nautika are not limited to this: for example, the boat (an acatos , coaster ship) and its cargo serve as collateral as in a loan to the big adventure of the Greek iv th century BC. J. – C., which brings Julie Vélissaropoulos to write that “it is resulting in direct line of the syntre of Counter Lacritos ” 54 .

In fact, it seems that the Greek maritime loan has been integrated with some modifications, the Roman commercial law at the beginning of ii th century BC. AD . The Roman negotiatores , merchants and shipowners with numerous relations with the populations of the Hellenistic East, are undoubtedly at the origin of this loan as of many others in the commercial field N 17 , and often acted as intermediaries in this area for the rich Romans who wished to place their money N 18 , especially the Roman high society 55. Thus, according to André Tchernia, the imbalance between the investments made by the senators and the Roman elite, in the land on the one hand and in the loan, especially maritime, on the other hand would have played a decisive role in triggering the financial crisis that shook the empire 33. the development of trade with India from the age change would thus drained a significant portion of revenues from the Roman elite to maritime loan 56 .

Such loans for the big adventure could be made for exchanges at a very great distance, and contrary to what could have been advanced, of a consequent magnitude: the Vindob papyrus G 40822 and gives the middle of the ii th century , the example of transporting a large shipment N 19 between Muzilis in India and Alexandria , where a maritime loan was made: it clearly indicates that this type of financing distance trade was not at the time considered archaic or reserved for trade unimportant 57 .

Code of Justinian

Maritime lending to big adventure is the subject of regulations in the Byzantine Empire , from the Corpus juris civilis of Justinian , promulgated in 529, and repeating laws dating back to Roman times. The basic legislation on maritime lending in the Byzantine Empire is the Rhodians Marine Act , included in laws and cited by lawyers throughout the Byzantine period, probably written in the late Antiquity 58. It refers to maritime lending as “money lent to the sea” (Ἐπι πὀντια χρἠματα ὲκδανεισθέντα). According to this legislation, the creditor takes the maritime risk: if there is a loss, he can not turn against the debtor. Because of these risks, the maritime loan is considered different from the ordinary loan, and the legislation authorizes to practice interest rates higher than those usually applied: 12% in the Justinian legislation (against 6% for the most current loan). and 8% for the bank loan), increased to 16.66% at least from the xiv th century 59 . These are the highest interest rates generally allowed by Byzantine law.

Middle Ages

The ” wholesale contracts” are developing, notably under the name of colleganza in Venice and of bodemerie in the Hanseatic League . In 1236, the bull “Naviganti vel eunti ad nundinas” of Pope Gregory IX condemns the loan to the big as usurious. They disappear for a time, which will contribute to the development of forward sales and the insurance contracts 60 .

Contemporary era

In France , wholesale contracts were governed by Articles 311 to 331 of the French Commercial Code. They were repealed by Law No. 69-8 of 3 January 1969 61 . The mention of the “big adventure loan” was deleted from article 1964 of the Civil Code which governs random contracts by the law n ° 2009-526 of May 12, 2009 62 .

Notes

  1. ↑ Base (dir.) 2007 , p.  288. However, a maritime loan of -421 is known, with an interest rate of 20%. Vélissaropoulos 1980 , p.  302, note 148
  2. ↑ Because of these high interest rates, historians consider that the profits from long-distance trade were at least equivalent, unless the trip ended in a shipwreck, of course.
  3. ↑ Julie Velissaropoulos, history professor of Greek and Roman Law at the University of Athens, said that in this passage “it is not obvious that it refers to a maritime loan. It seems rather that Diogiton, without being a merchant or a maritime merchant, set up a business which consisted in loading on the vessel of one hull some goods worth 12,000 drachmas. These goods being sold at double their value and the ship being returned safe, Diogiton is in possession of a double capital compared to that which he had invested in this business. ” Vélissaropoulos 1980 , p.  306, n163
  4. ↑ This is also the case in Rome, under the Republic, as shown by the example of Cato the Elder in the first half of the ii th century BC. AD . Plutarch, Life of Cato , XXXIII ( online  [ archive ] )
  5. ↑ These figures are considered arbitrary and too weak by Olivier Picard. Olivier Picard, Economies and Societies in Ancient Greece (478-88 BC) , Sedes 2008, p.  131.
  6. ↑ In Pirée for Athenians Polyaenus, VI, 2, 1-2; Xenophon , Hellenic [ read online [ archive ] ] Book V, 1, 21-22.
  7. The opinion, however, defended by Louis Gernet in a note of his translation of the Contre Apatourios (speech XXXIII) in Volume I of the Civil Advocations of Demosthenes, Collection of Universities of France, 1954, p. 144-145, contra Vélissaropoulos 1980 , p.  305
  8. ↑ It seems, however, especially in Roman times, at the end of this period the debtor could also transform the maritime loan (interest and principal) in regular loan, a practice that could have a “double benefit for the lender: on the one hand, it enabled him to increase the profits of his loan and to stay away from purely commercial operations, such as would have been the result of the sale of the cargo or ship; on the other hand, it enabled him to be an understanding lender and consequently to be able to sign new maritime lending contracts. ” Rouge 1966 , p.  356
  9. ↑ It seems that in Roman times the successive loans on the same token were more widespread and accepted, as the Digest precise order in which each of the loans must be repaid. Red 1966 , p.  355
  10. ↑ This includes prohibiting any passage in a port likely to practice the right of retaliation ( sulai ) on the goods transported. Jean Rougé , the Navy in Antiquity, PUF, 1975, p.  172.
  11. ↑ Red 1966 , p.  358-359; in Rome under the Republic, Cato the Elder thus delegated this task to his freedman Quintion. Plutarch, Life of Cato , XXXIII
  12. ↑ “It is interesting to note that neither contracting parties nor guarantees are taken from the Egyptian community, but emerge from Greek or Hellenized countries and carry Greek names Vélissaropoulos 1980 , p.  309. “
  13. ↑ “In the same way, the maximum duration of a maritime loan is stipulated generally in the Roman maritime contracts. ” Bogaert 1965 , p.  149
  14. ↑ The thesis of its disappearance from the beginning of the Empire as a result of the development of commercial companies that would have made it archaic is no longer defended. Andreau 2001 , p.  110
  15. ↑ “The phrase fenus nauticum is not used before the time of Diocletian. Jean Andreau, “Maritime Loan”, in Jean Leclant (dir), Dictionary of Antiquity , PUF, 2005, p. 1791
  16. ↑ “I would conclude for myself a great to a great economic and social continuity, even if the requirements of Roman law have made necessary some legal adjustments.” Andreau 2001 , p.  109
  17. ↑ “If it is difficult to measure exactly the part that should be attributed to negotiatores in the loans that the Italian world has made to the Greek world, it is more than likely that the Greek institutions and commercial terms, found in Italy , were brought there by the negotiatores . ” Bogaert 1965 , p.  154
  18. ↑ There is however no documentation specifying the interest rate charged. Andreau 2001 , p.  109
  19. ↑ This cargo is most certainly purchased with the loan money. Andreau 2001 , p.  109

References

  1. ↑ Bordes 1996 , p.  46.
  2. ↑ Waquet 1996 , p.  67 and 94.
  3. ↑ a and b Corvisier 2008 , p.  282
  4. ↑ Bresson 2008 , p.  69.
  5. ↑ Lysias 32 = Against Diogiton (25)
  6. ↑ Cohen 1992 , p.  52
  7. ↑ a and b Xenophon , On Income [ read online  [ archive ] ] , III, 9.
  8. ↑ XXIII Character, The Brag (2)
  9. ↑ Bordes in 1996 .
  10. ↑ Waquet 1996 .
  11. ↑ Cohen 1992 , p.  54
  12. ↑ Cohen 1992 , p.  56-57
  13. ↑ a and b Cohen 1992 , p.  57
  14. ↑ Raymond Bogaert, banks and bankers in the Greek cities , Leiden, 1968, p.  373.
  15. ↑ Demosthenes 27 = Against Aphobos , 11.
  16. ↑ Vélissaropoulos 1980 , p.  306
  17. ↑ Olivier Picard, economies and societies in ancient Greece (478-88 BC.) , Sedes, 2008, p.  129
  18. ↑ Base (dir.) 2007 , p.  289
  19. ↑ a and b Demosthenes, 33 = Against Apatourios , 4.
  20. ↑ Alain and Francois Bresson, “Max Weber, rational accounting and economics from the Greco-Roman world,” Cahiers du Center Historical Research , 34 October 2004. [ read online  [ archive ] ]
  21. ↑ Olivier Picard, economies and societies in ancient Greece (478-88 BC.) , Sedes, 2008, p.  131.
  22. ↑ Démosthène 50 = Against Polycles , 18, 56.
  23. ↑ Démosthène 45 = Against Stephanus I , 64.
  24. ↑ Pébarthe 2007 , p.  167
  25. ↑ a and b Cohen 1992 , p.  140.
  26. ↑ Démosthène 34 = Against Phormion , 6; 56, Against Dionysodoros , 15.
  27. ↑ Raymond Bogaert, “The bank in Athens at the iv th century BC. J. – C .: state of the question “, in Pierre Brulé, Jacques Oulhen, Francis Prost, Economy and society in ancient Greece (478-88 BC) , University Presses of Rennes, 2007, p.  413.
  28. ↑ Vélissaropoulos 1980 , p.  303.
  29. ↑ Demosthenes 36 = To Phormio , 11.
  30. ↑ Bogaert 1965 , p.  142
  31. ↑ See, eg, Demosthenes, 35 = Against Lacritos , 49; 52 = Against Callippos , 20
  32. ↑ Bogaert 1965 , p.  143
  33. ↑ Corvisier 2008 , p.  281
  34. ↑ Deposit with Kittos banker Demosthenes 34 = Against Phormion , 6.
  35. ↑ a and b Vélissaropoulos 1980 , p.  305
  36. ↑ Démosthène 33 = Against Apatourios 30
  37. ↑ Démosthène 33 = Against Apatourios 12
  38. ↑ Démosthène 35 = Against Lacritos , 10-11.
  39. ↑ Démosthène 34 = Against Phormion , 6-7; 35 = Against Lacritos , 18
  40. ↑ Red 1966 , p.  355
  41. ↑ Bresson 2008 , p.  68
  42. ↑ a and b Corvisier 2008 , p.  285
  43. ↑ Philostratus, Life of Apollonius of Tyana , IV, 32
  44. ↑ ( in ) AL Oppenheim, “The Seafaring Merchants of Ur”, in Journal of the American Oriental Society 74/1, 1954, p. 9-10
  45. ↑ Bogaert 1965 , p.  153
  46. ↑ Bogaert 1965 , p.  148
  47. ↑ a and b Bogaert 1965 , p.  149
  48. ↑ Démosthène 56 = Against Dionysodoros , 3-4, 16-17, 45
  49. ↑ Bogaert 1965 , p.  150
  50. ↑ Vélissaropoulos 1980 , p.  310
  51. ↑ Red 1966 , p.  358
  52. ↑ Papyrus passage quoted by Vélissaropoulos 1980 , p.  310
  53. ↑ Jean Andreau Heritages, exchanges and loans of money: the Roman economy , 1997, p.  37-38
  54. ↑ Vélissaropoulos 1980 , p.  311
  55. ↑ Tchernia 2011 , p.  180-183
  56. ↑ Tchernia 2011 , p.  48-49; 243-244
  57. ↑ Jean Andreau “maritime Ready”, in Jean Leclant (dir), Dictionary of Antiquity , PUF, 2005, p. 1792
  58. ↑ ( in ) O. Maridaki-Karatza, “Legal Aspects of the Financing of Trade” in AE Laiou (ed.), The Economic History of Byzantium: From the Seventh through the Fifteenth Century , Washington DC, 2002, p. 1111-1112
  59. ↑ ( in ) D. Gofas, “The Byzantine Law of Interest”, in AE Laiou (eds.), Op. cit. , p. 1097 and 1102.
  60. ↑ http://www.persee.fr/web/revues/home/prescript/article/shmes_1261-9078_1978_act_7_1_1238  [ archive ]
  61. ↑ http://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000000878390&dateTexte=20110328  [ archive ]
  62. ↑ http://www.legifrance.gouv.fr/affichTexteArticle.do;jsessionid=CED67E04A54AB8D805BF779940EFCA60.tpdjo11v_2?cidTexte=JORFTEXT000020604162&idArticle=LEGIARTI000020606392&dateTexte=20131210&categorieLien=id#LEGIARTI000020606392  [ archive ]

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