Bulgarian Empire

Undoubtedly, after reaching a political agreement, Ferdinand no longer needs to ask about the remaining detailed negotiations and wrangling.

Although it mainly borrows from France, it does not mean that the Bulgarian government does not need to borrow from other countries!

The end of the 19th century was the golden age for the development of capitalism. Even if the negotiations at the government level failed, as long as the capitalists thought it was profitable, the business would still be done.

After the Bulgaria War, Bulgaria fully attracted the attention of the international community. Everyone suddenly discovered that in the Balkans, a small country began to rise.

Politicians are concerned about the impact on the international situation, and capitalists are naturally concerned about their interests! As long as you are interested, you will easily find that the Bulgarian economy has grown rapidly in recent years!

Rapid economic growth is naturally a golden period for capitalists to make money. It's a pity that this discovery was too late. The Bulgarian domestic market is limited and saturated, and there is no chance for latecomers to enter!

But this is only for small capitalists. For large consortiums, making money from finance is far faster than the real economy!

After evaluating the risks, we will find that the repayment ability of the Bulgarian government is still very strong.

You must know that in order to stimulate economic development, Bulgaria has reduced or even exempted many industries from taxation. Once taxation returns to normal levels, fiscal revenue will increase significantly!

Once there is a proper profit, the capitalists will become bolder! If there is a 10% profit, it is guaranteed to be used everywhere; if there is a 20% profit, it will be active; Take risks; if there is 100% profit, it dares to trample on all human laws; if there is 300% profit, it dares to commit any crime! -Marx - Das Kapital

For ordinary people, the profit from issuing loans and buying bonds may be just a few points. But for the consortium, if it doesn't have a few banks in its hands, who would be ashamed to come out and mess around?

Using other people's money to make money is their most common method! Essentially, the cost of loans is surprisingly low, except for risks, which is why capitalists are keen to engage in the financial industry!

Otherwise, if you simply use your own money to lend money, how much interest can you get?

In the face of high profits, capital has never been able to resist!

Even if diplomacy didn't get everything it wanted, loan negotiations continued, but at a much lower amount!

Based on the belief that no matter how small a mosquito is, it is still meat, the Bulgarian government is still very enthusiastic about contacting representatives from all parties, and striving to obtain every loan.

...

Time passed quickly, and by the end of 1895, through the unremitting efforts of the Bulgarian government, a total of 15 loans of varying amounts were obtained, involving a total of 987 million levs.

What is high debt? The Bulgarian government is currently heavily in debt, and the interest paid on funds alone is as high as more than 80 million levs every year! If the previous loan interest is added, this number has already exceeded 100 million levas!

The French alone provided 800 million levs (equivalent to francs) at one time, and the other dozen or so loans add up to less than 200 million. It can only be said that international loans in this era are still government-led !

Small loans are okay, but the interest rate is a bit high, there are not many additional conditions, and most of them are issued in one go.

However, the huge sum of money from the French, or the joint loan issued by France and Russia, is not so easy to get!

First of all, the loan is not disbursed in one lump sum, but divided into three disbursements. 300 million levs will be issued for the first time, and the rest will be issued twice later!

Second, monitor the direction of loan usage. According to the agreement, Bulgaria must invest 300 million levs in the navy. As for how to use it, Ferdinand doesn't have to worry about it. The Russians will help formulate a reasonable naval development plan!

The remaining 600 million levs,

Or in francs, half of which must be used to buy French goods!

And the Bulgarian government must also ensure that no less than 100 million levs will be invested in the military industry!

Whether Ferdinand has tried his best to imagine the shamelessness of the great powers, or underestimated the moral integrity of the great powers!

To supervise the use of loans, I will not complain. But even the specific usage conditions are clearly stipulated, so there is nothing to say!

If it weren't for the Navy Development Plan of 300 million levas, which are all interest-free loans for 20 years, he would never want it!

That's right, France and Russia have already planned to support Bulgaria in obtaining the Black Sea Strait. Of course, this is only in name, and the actual control is still in the hands of the Russians!

What the French get is the right to travel freely without paying customs duties.

The Russian Empire is the largest overseas investor in France and the largest overseas market for French products, so the Turks' tariffs are very annoying.

It can be seen that paying tens of millions of francs of tariffs to the Turks every year has made the French capitalists very dissatisfied. As soon as there is a chance, they are ready to kick this stumbling block!

After receiving this final treaty, the senior officials of the Bulgarian government were all very angry.

Isn't this Bulgaria fighting for the Russians and the French? Moreover, they are still the kind of mercenaries who bring their own dry food and do not need to pay military pay. All gains can only be obtained by themselves!

Fortunately, the Bulgarian navy has no sense of existence, otherwise there would be no possibility of passing it at all! Once this treaty is signed, the Bulgarian navy will become a fleet in the hands of the Russian Empire!

However, Ferdinand was tempted. He had to rely on Bulgaria's own strength to build a navy. It would not even take 20 or 30 years to form a combat force.

If the power of the Russians can be used, it may only take a few years to build a fleet. The Russians can send officers, but it is impossible to send all the soldiers! No matter how bad Bulgaria is, it can get a group of naval soldiers and a naval logistics system!

Ferdinand said earnestly: Okay, gentlemen, put away the anger in your hearts! Anger can only burn your reason, and calmness can solve the problem!

The current situation is obvious, our strategy has been exposed, at least the Russians have speculated it!

Either we agree to their terms and become mercenaries with the support of the Franco-Russian alliance. Defeating the Turks will give us a large portion of the Ottoman Balkans.

Of course, we have to pay a heavy economic price, and even our navy will become a fleet in the hands of the Russians!

Either reject the conditions of the Russians and part ways with the Russian Empire from now on. Not only will we not be able to get support, but we may also face a series of suppression from the Russians!

We are all elites in Bulgaria, now we need to make a choice for the fate of Bulgaria, think about it calmly, and then tell me the answer!