By the Plantagenet era, the English Crown had long-standing links with Italian financiers and merchants such as Ricciardi of Lucca in Tuscany.  These trade links were based on loans, similar to modern-day Bank loans; other loans were linked to the need to finance the Crusades and the city-states of Italy found themselves - uniquely - at the intersection of international trade, finance and religion.  The loans of the time were however not yet securitized in the form of bonds.  That innovation came from further north: <MASK>.
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Venice England Babylon France