Chapter 101: , National debt

　　 "Your Excellency, this is the strategy formulated by the Cabinet to deal with the upcoming fiscal deficit!" Constantine handed over a piece of information to Ferdinand nervously.
　　 received the information, Ferdinand read it carefully. In fact, Ferdinand received the news shortly after the cabinet meeting, and he was not surprised by the result. Frankly speaking, there is nothing wrong with the cabinet's resolutions, and there is no blind pursuit of political achievements, regardless of the actual situation.
　　 But it does not mean that Ferdinand is willing to accept this result! As a traveler, he knows the cruelty of the next battle!
Looking at the performance of the Balkan countries in World War I: Serbia as the fuse was directly defeated; Romania was beaten and swayed; Greece was confused and beaten soy sauce, and its own problems were not solved; Bulgaria was on the wrong team. , No matter how good the performance is!
　　Ferdinand knows very well that if you cannot accumulate enough strength before World War I, you will inevitably be cannon fodder at that time, and the ending will be a "tragic" word anyway!
　　 There will be no changes to the projects launched in 1893. The cabinet plans to cut projects in the next three years. It is very simple to prevent the cabinet's resolution, Ferdinand can easily veto it, but solving the fiscal deficit is in trouble!
　　International loans? ?
　　 can't do it! !
　　 additional conditions are enough to make anyone notorious! !
　　 Then issue bonds? ?
　　 seems feasible, provided that someone is willing to buy it!
Correct! ! If you just issue bonds, it’s a big deal that you can’t sell it. It’s a business anyway. The currency of this year is directly linked to gold and there is no devaluation! ! So at least the 1894 deficit can be resolved! !
　　 "My Prime Minister, hasn't your cabinet thought of other ways? You must know that these projects are vital to the future development of Bulgaria!!" Ferdinand said with difficulty.
　　 Constantine was surprised, and he really came! He hesitated and said: "Your Excellency, other than that, you can only borrow from the international financial market!! But you know, now that the economic crisis is still going on, the price we have to pay to find international loans is too great!! As a last resort, we can only cut some items that are not particularly important!"
After listening to Constantine’s explanation, Ferdinand’s expression remained unchanged, and he calmly said: "You said I know all these things! But why didn’t you consider the country? With the government’s reputation, issuing bonds at home and abroad, Even if the interest rate is set higher, we can accept it! In this case, the price we pay is only some economic benefits!!"
　　 Hearing what Ferdinand said, Constantine's eyes lit up, and then dimmed again. With a wry smile, he said, "Your Excellency, this may be difficult to achieve! The funding gap of the '2nd Five-Year Plan' is too big, so many debts may be difficult to sell. Even if we set a higher interest rate, we can sell without consortium subscription Ten million is not bad!"
　　Ferdinand said casually: "Even so, we can still solve the capital turnover in 1894, can't we? We will talk about it later, if there is really no way, we will implement the current plan again!!"
Constantine thought for a while and said: "Your Excellency, these are all feasible in theory, but we also have to consider the issue of interest! Now we have to pay more than 12 million levs of loan interest every year. If these bonds are added, our interest expenses alone may reach 30 million levs in the future, which is close to two levels of fiscal revenue!!"
　　 "Oh, is it the two tiers of current fiscal revenue?" Ferdinand asked rhetorically
　　 "Yes!" Constantine
"So easy! Don't forget that our economic growth rate is not slow, and the fiscal revenue will definitely be much higher than it is now! Then interest is not a problem! The premise is that you can sell!" Ferdinand Said with confidence
　　What a joke, Bulgaria's national power will surely increase when the "2nd Five-Year Plan" is completed, and it is not easy to transfer the crisis! !
　　……
　　 sent Constantine, Ferdinand knew it was time to raise funds. He has known for a long time that the international financial market has limited interest in Bulgaria. Now the economic crisis has just happened and everyone is busy! Don't even think about it in China. Except for the big buyer Ferdinand, nothing else is worth mentioning! !
　　Ferdinand is still thinking about how to raise money, and the cabinet government has begun to prepare for the issuance of bonds. After leaving the palace, Constantine did not delay, and quickly convened a cabinet economic meeting.
Constantine didn’t talk about it, so he told the matter directly: "Mr. UU Reading www.uukanshu.com is calling you over now, it’s the previous fiscal deficit problem! I just went to the palace to report the cabinet’s collective resolution , But it was not approved!
　　 and put forward a new idea, to issue bonds with the government's civil justice, and borrow money from the private sector to solve the deficit! Now our task is to determine whether it is feasible? If it is feasible, how should the bond be issued? "
　　 After listening to Constantine, a new window was undoubtedly opened, and everyone was lost in thought. In fact, issuing bonds has long been nothing new.
　　 But unlike later generations, in the 19th century, ordinary people had limited purchasing power, and it was consortia that really had the ability to buy. The sale of bonds usually can only be endorsed by the bank and sold to all sectors of society as an agent.
　　 Anyway, the bank has to draw a layer, so in many cases, people would rather go to the bank to get a loan than to issue bonds that may not be able to be sold! !
"Your Excellency, the issuance of bonds is not a problem in theory, but how to sell them? We must know that our funding gap is not eight million levs, but as high as 170 million levs. It may even be Break through 200 million levs!! There are not many financial institutions in the world that can afford to eat, and there are not enough benefits, I am afraid it will be difficult to drive them?" Chekov asked.
　　 Everyone swept their hopes towards Constantine, hoping that he could do something good.
　　 Constantine explained: "In my opinion, this problem can be solved in batches! Our funding gap does not happen all at once, and there is no need to issue so many debts at once!
　　 can be introduced in batches and gradually introduced to the market. In this way, there will be more financial structures that are capable of undertaking, and we can also pay as little as possible! "