Part 3/9:
This hypothetical scenario illustrates the central conflict in the history of debt succession: when conquerors take over a territory, what happens to the debts incurred by the previous rulers? The challenge arises from the fact that before the 17th century, debts were personal rather than national, often tied to individual rulers rather than to the country as a whole. Thus, creditors might find it difficult to pursue debts against the new governing powers.