Bulgarian Empire

As soon as Bulgaria's coastal defense battleship was born, it was favored by the Ministry of the Navy, and five orders were placed in one go, but it was a pity that it was directly rejected by Ferdinand!

Just kidding, the era of dreadnoughts is coming soon! Although the performance of this coastal defense battleship is good, and its combat effectiveness is comparable to that of the old-fashioned battleships, in addition to escaping from the dreadnoughts, the decisive battle is basically to deliver food!

In theory, if there are five or six ships, it can still compete with a dreadnought. Of course, Ferdinand would not do this unless he was stupid!

A decisive battle between a coastal defense-class battleship and a dreadnought is not only extremely expensive, but it is also equivalent to joking with the lives of naval officers and soldiers!

In fact, now Ferdinand has decided not to continue building new warships except for small warships! He planned to wait for the British dreadnought to come out, wait and see before deciding whether to go further.

Now that the British have not yet joined the Allied Powers, this is when the French need their allies the most. Now they will not refuse to ask the French for help, especially to increase their military strength!

Now the strength of the Triple Alliance of Germany, Austria, Italy, compared to France, Russia and Bulgaria, the two sides can be said to be half a catty, but Mao Xiong ran to the Far East without doing business, to fight the Japanese to death, the pressure on the French on the European continent can be imagined And know!

In history, the Russian naval industry was able to successfully overcome the technical difficulties of the dreadnought with the help of the French. Ferdinand would not mind learning it!

Although Bulgaria is still a country with six powers, for long-term planning, the navy is also an indispensable part of Ferdinand's strategy!

Even if it can't be compared with the big powers, it must be second only to the previous ones and can protect Bulgaria's overseas business investment. It can't always be covered by the relationship of allies, right?

First came the Bulgaria-Russia Alliance, and then the "Triple Entente". You can't just follow your allies all the time, can you? After a long time, does Bulgaria still have international status?

...

Time flies by, and it entered 1907 in a blink of an eye. At this time, the Russo-Japanese War has come to an end.

Both the Japanese and the Russians are exhausted. Due to the use of new weapons, the military expenditures of both sides are far beyond the same period in history!

Since both sides can't stand it anymore, of course they have to negotiate, and the British and French are very active.

The French need the Russians to share the pressure on the European continent; while the British don't mention the strategy, they are afraid to continue economically, and the Japanese really can't pay their debts!

In the original time and space, after the Russo-Japanese War, the Japanese government’s foreign debts reached 2.4 billion yen (about 245.76 million pounds, .75 grams of gold). Now they owe the British only 360 million pounds, and they owe the United States People's money is also 9 million pounds!

The total debt of the Japanese government has now reached nearly 500 million pounds, and now the Japanese government has to pay more than 80 million pounds every year just to pay interest!

No way, who let the Japanese borrow during the war are all international usury loans, the interest rate will of course be high, the consortium will not care whether the Japanese government can afford it!

Not to mention the Japanese government, even the British government can't afford such a high interest rate! Can the fiscal revenue of the Japanese government afford the interest now?

Ferdinand said that he was very worried for the Japanese. Because of his butterfly effect, the Japanese military expenditure almost doubled, and the interest expense more than tripled!

No way, after Ferdinand ignited the fire of the bonds, the consortiums in London are now using the bonds to take advantage of the fire, which has higher returns than loans, and the bonds can also be sold to individuals, which is convenient for everyone to transfer risks, so the Japanese It was a disaster!

The interest-free loans and low-interest loans in history are all gone, and the rest are all usury bonds. To use an old Eastern saying, it is: "Nine out of ten and thirteen out"!

No, the Japanese government can't get a 10% discount, or even a 20% discount, but it seems that the thirteen returns are coming soon!

Until the later period,

The consortium suddenly realized that it seemed to be having fun, and the Japanese government seemed to have no ability to repay, so it accepted it!

This frightened the London government. They were the guarantors of the debt. If the Japanese did not pay back the money, the British people who bought the debt would ask them for money!

As for the consortium, of course it is the same as Ferdinand. After sensing the danger, the golden cicada got out of its shell?

The bonds have been sold to individuals in advance. Anyway, there is a guarantee from the London government. It is enough for everyone to brag about the business again, fooling the public!

With everyone's joint efforts, the Japan-Russia negotiations officially started in Shanghai on February 12, 1907. As far as Ferdinand knew, the negotiations were deadlocked from the very beginning.

The Japanese also expected war reparations from the Russians to pay off their foreign debts.

It's a pity that after their navy won the victory, the performance of the army can only be said to be quite satisfactory. In order to take Lushun Port, under the cover of naval guns, the army's casualties still exceeded 100,000!

Later, the Japanese started the battle of Liaoyang again, and the result was even worse. Mao Xiong, who had recovered, was not so easy to deal with. Japan and Russia each suffered more than 100,000 casualties, and finally ended in a loss for both sides!

The Russians are not the masters who just take beatings and don't fight back. They will fight back whenever they have the opportunity. It's a pity that the capabilities of the Russian commanders in the Far East are not very good, and they have repeatedly delayed their fighters!

Many plans that had been planned in advance always failed at the last moment. Instead, the Japanese army found an opportunity and caught them off guard!

After more than three years of fighting and killing in this way, the casualties of both Japan and Russia are in the hundreds of thousands, but the Japanese and Russian armies still have no winners!

With Mao Xiong's personality, if you can't get something on the battlefield, don't even think about it on the negotiating table! Anyway, the tsarist government believes that the Japanese are now exhausted, so if you don't accept it, just do it!

In fact, this is indeed the case. The Japanese standing army is only more than 300,000? Now the number of casualties on the battlefield in the Far East is approaching 500,000, and the number of mobilized people in China has already exceeded 1 million, but victory is still far away!

The Japanese are uncomfortable, and the Russians are also having a hard time. The Japanese government is heavily indebted, how can the Russian government get any better?

Everyone is borrowing money to fight the war. The French are willing to lend money to the Russians to expand their armaments, but that doesn't mean they are willing to support the Russians' Far East strategy. Now, their financial backers are urging them to return to the European continent?

How to fight without money? This is a common problem faced by Japan and Russia at the same time, so the two sides have contacted several times shyly, and no one can make the other party compromise. In the end, it is better to maintain the status quo!

Now it's time to move on. Under the diplomatic mediation of the British, the two sides decided to take a step back, not to mention their interests, and to finish it according to the pre-war "Portsmouth Peace Treaty"!

All in all, Japan and Russia fought a PK in the Far East, each of which suffered five or six million casualties, and then fought for nothing, and everything returned to the original point!

In addition to winning a victory over foreign countries, the Japanese also increased foreign debts of more than 400 million pounds, (the 500 million foreign debts also include previous debts). But don’t think about the beautiful thing of dominating the Northeast in history!

The Russians are not much better. Although due to Ferdinand's butterfly effect, the class contradictions in their country have eased, and the internal losses caused by this revolution are much smaller, but the military losses are much greater. cancel each other out!

Economically, similar to the Japanese government, everyone is heavily in debt. Even better than the Japanese government, even though they have more debt, they pay much less in interest!

In this regard, the French allies are still more kind than the British, which is also caused by the gap in status between the two sides! France and Russia are equal, but Britain and Japan are not at the same level!

The Far East structure that the British most hoped for appeared. Both Japan and Russia were hurt, and they were unable to compete for hegemony in the Far East. The British once again became a big strategic winner!

Oh, Ferdinand's goal has also been achieved. The Japanese Communist government, which he has always disliked, was paralyzed by him this time.

Let alone the casualties, even if it doubles again, they probably won't be distressed!

But military expenditures have brought the Japanese government to the brink of collapse. With the current fiscal revenue of the Japanese government, there is only one way to repay foreign debts, which is to borrow new debts to repay old debts!

When it will be paid off, Ferdinand doesn't know, it may be after World War I, or it may be later, but if they want to have such a status in history, don't even think about it!

Strategically, although the Japanese successfully shattered the Russian Far East strategy, it is now impossible to realize their expected strategic goal of dominating the Northeast, and they even have no strength to suppress the Qing Dynasty now!

Anyway, the market they want is gone, and it will be even more difficult for them to develop industries!

The most important thing is that Bulgaria's debt crisis no longer exists, and the unsightly Black Sea Fleet is gone, and the control of the Sea of ​​Marmara has thus fallen into Bulgaria's hands!

Moreover, the Russians are no longer able to suppress the development of Bulgaria! Although the Tsarist government did not suppress Bulgaria's development before, but at that time Bulgaria was too weak, and it was still surrounded by enemies, so it was not worth their suppression!

How can you allow snoring to sleep on the side of the couch!

If Bulgaria had the current strength before, the relationship between Bulgaria and Russia might not be so wonderful!

But now it is different, the nature of Russia's weakness has been exposed. Facing the military pressure from Germany and Austria, the tsarist government couldn't bear it anymore, and they had to win over Bulgaria to share the military pressure!

In addition to the benefits at the national level, Ferdinand also had a bumper harvest in the financial market!

He successfully took advantage of his foresight and hit the Japanese hard, and the number was in tens of millions of pounds!

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