The Suez Canal, built in partnership with the French, was completed in 1869. Its construction was financed by European banks. Large sums also went to patronage and corruption. New taxes caused popular discontent.  In 1875 Isma'il avoided bankruptcy by selling all Egypt's shares in the canal to the British government. Within three years this led to the imposition of British and French controllers who sat in the Egyptian cabinet, and, "with the financial power of the bondholders behind them, were the real power in the Government."