Vol 2 Chapter 28: , Large loans

　　 There is no doubt that after reaching a political agreement, the remaining details of the negotiation and wrangling do not need Ferdinand's intervention.
　　 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 of capitalist development. Even if negotiations at the government level failed, as long as the capitalists thought it was profitable, the business would still follow.
　　 After the Belarusian War, Bulgaria fully attracted the attention of the international community. Everyone suddenly discovered that a small country in the Balkans had begun to rise.
　　Politicians are concerned about the impact on the international situation, and capitalists are naturally concerned about interests! As long as you are interested, you will easily find that Bulgaria's economy has been growing rapidly in recent years!
　　 The rapid economic growth is naturally a golden period for capitalists to make money. It's a pity that this discovery is 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 consortia, making money from finance is much faster than the real economy!
　　 After assessing the risks, you will find that the Bulgarian government's ability to repay is still very strong.
　　 We must know that in order to stimulate economic development, Bulgaria is reducing taxes or even exempting taxes for many industries. Once taxes return to normal levels, fiscal revenue will surely increase substantially!
"Once there is a proper profit, the capitalists will be bolder! If there is a 10% profit, it is guaranteed to be used everywhere; with a 20% profit, it will become active; with a 50% profit, it will Take the risk; with 100% profit, it dares to trample on all human laws; with 300% profit, it dares to commit any crime!"-Marx-Capital
　　 For ordinary people, perhaps the profit from issuing loans and purchasing bonds is only a few points. But as far as the consortium is concerned, if anyone doesn't have a few banks in their hands, it's embarrassing to come out and get involved?
　　 Using other people's money to make money is their most common method! In essence, in addition to risks, the cost of loans is surprisingly low, which is why capitalists are keen to engage in the financial industry!
　　 Otherwise, simply use your own money to lend, no matter how high the interest rate can be?
　　 In the face of high profits, capital has never been resistant!
　　 Even if you didn’t get everything you wanted diplomatically, loan negotiations continued, but the amount was much lower!
　　 In line with the fact that no matter how small a mosquito is, it is meat. The Bulgarian government still approached with enthusiastic representatives of all parties and worked hard to secure every loan.
　　……
　　 Time passed in a hurry. By the end of 1895, after 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 now in debt, and the annual interest payments on the funds amount to more than 80 million lev! If you add in the previous loan interest, this number has exceeded 100 million lev!
The French alone provided 800 million levs (equivalent to francs) at a time, and the other dozen loans, plus one package, were less than 200 million. It can only be said that international loans in this era are still dominated by the government. !
　　Small loans are okay, it's nothing more than a higher interest rate, there are not many additional conditions, and most of them are issued at once.
　　 But the huge amount of money from the French, or the loans jointly issued by "French and Russia", is not so easy to take!
　　 First of all, the loan is not granted in one lump sum, but divided into three grants. 300 million levs were issued for the first time, and the rest were issued twice later!
　　Secondly, it is necessary to monitor the direction of loan use. According to the agreement, Bulgaria must invest the 300 million lev 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 francs, must have half of the funds, which must be used to buy French goods!
　　 And the Bulgarian government must also ensure that no less than 100 million lev is invested in the military industry!
　　 Is that Ferdinand has tried his best to imagine the shamelessness of the great powers, or underestimated the low morality of the great powers!
　　 If you want to monitor the loan usage, you won't complain. But even the specific usage conditions are clearly stipulated, so I don’t have to say!
　　 If it weren't for the "Navy Development Plan" of 300 million levs, which are all interest-free loans for 20 years, he would never ask for it!
　　 Yes, France and Russia have already planned to support Bulgaria in acquiring the Black Sea Strait. Of course, this is only a nominal acquisition, and the actual control is still in the hands of the Russians!
　　 What the French get is the right to travel freely without paying tariffs.
　　 The Russian Empire is the largest overseas investment by France and the largest overseas market for French goods, so the Turks’ tariffs are an eye-catcher.
　　 It can be seen that paying tens of millions of francs in tariffs to the Turks every year has greatly dissatisfied the French capitalists. This is not a chance, they are ready to kick this stumbling block!
　　 Get this final treaty, UU reading www.uukanshu.com, the top Bulgarian government is very angry.
　　 Isn't Bulgaria fighting for the Russians and French? And it's the kind of mercenaries who bring their own dry food and don't need to pay military salaries. All the gains can only be grabbed by themselves!
　　 Fortunately, the Bulgarian navy has no sense of presence, otherwise there is no possibility of passing! With the signing of this treaty, the Bulgarian navy will become a fleet in the hands of the Russian Empire!
　　 But Ferdinand was tempted. It had to rely on Bulgaria’s own strength to establish a navy. It hadn’t been 20 or 30 years, and it hadn’t been a battle.
　　If you can use the power of the Russians, it may only take a few years to build a fleet. The Russians can send officers, but it is impossible to send all soldiers! No matter how bad Bulgaria is, you can get a group of naval soldiers and a set of naval logistics system!
　　 Ferdinand said earnestly: "Well, gentlemen, put away the anger in your hearts! Anger can only burn your sanity, and calmness can solve the problem!
　　 The current situation is obvious, our strategy has been exposed, at least the Russians have already speculated it!
　　 Either we agree to their terms and become mercenaries with the support of the Franco-Russian Alliance. After defeating the Turks, we will gain a large territory in the Balkans of the Ottoman Empire.
　　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 then parted ways with the Russian Empire. Not only can we not get support, I am afraid we will face a series of suppression by the Russians!
　　Everyone is the elite of Bulgaria. Now everyone needs to make a choice for Bulgaria's destiny. Think calmly, and then tell me the answer! "