Tiercering

The Tiercering (from the French word tierce, meaning a third) refers to a historical event in the Netherlands on July 9, 1810, when Emperor Napoleon imposed a reduction of interest to one third of the norm on Dutch government bonds. Because of economic problems and general war conditions, the Kingdom of Holland, which had just been annexed by France, was receiving less income than it was paying out in interest, and therefore the Treasury could no longer bear to pay the interest rates on perpetual bonds.

Tiercering

The Tiercering (from the French word tierce, meaning a third) refers to a historical event in the Netherlands on July 9, 1810, when Emperor Napoleon imposed a reduction of interest to one third of the norm on Dutch government bonds. Because of economic problems and general war conditions, the Kingdom of Holland, which had just been annexed by France, was receiving less income than it was paying out in interest, and therefore the Treasury could no longer bear to pay the interest rates on perpetual bonds.