Holy Roman Empire

Seeing that the Russians had the upper hand on the battlefield, the well-prepared Berlin government was able to calm down, and the gold masters behind couldn't sit still.

"It's the grandpa who owes money." This sentence is used here, perhaps a little exaggerated. But it hasn't changed in essence. Once the Popo Federation is defeated, it will be difficult for creditors to get money.

The "collateral" promised by the Berlin government in advance depends on whether the Russians are willing to recognize it.

In accordance with the tsarist government's usual style of conduct, the probability of pretending to be invisible is as high as 80%, and the remaining 20% ​​are seen and will not be recognized.

In order to win this battlefield, the Berlin government is doing all it can to raise debt, and various secrets do not know how many are signed.

If the Popo Federation is dead, it is not known how many financial institutions that lend debt will die. A financial crisis is essential for consortia to transfer losses.

Not only are financial institutions unlucky, the physical industry is not much better. Many companies seem to make a lot of money, but in fact many of them are profits on the books, and the balance of payments is in arrears.

There is no way, the arrears of the balance is the biggest ill in commercial circulation, which runs through almost every link of the capitalist market economy. This is a difficult problem for all production enterprises.

No one knows how long this war will last, and no one knows how much it will cost. In order to support longer periods, the Berlin government naturally has to spend as little as possible.

It does n’t matter if you have “debts” or high interest rates, it ’s all a matter of happiness. Only by winning this war will they need to consider these issues.

After the outbreak of the Russian-Prussian War, the prices of all strategic materials exports in Europe rose sharply.

In nominal terms, companies have enjoyed this dividend of rising commodity prices, and companies have made huge profits; in fact, the Berlin government has only paid part of the payment, many even paid a deposit, and the remaining production costs need to be advanced by capitalists.

The Berlin government is rich, there are still a lot of bank accounts lying in it, and well-informed people have heard of them.

It's just that the purchase of materials is on deposit, usually when the next batch of goods is purchased, the previous payment is settled.

Looking at high profits, capitalists naturally will not refuse. Many companies with weak economic strength have to borrow from banks in order to make advance payments.

To a certain extent, the Commonwealth has kidnapped the British economy through debt, and both sides have suffered losses.

Everyone knows the "risk", but it can't stand the benefits. In addition, the Federation of Popo has already won a Russian-Prussian war, and the newspapers in London have continued to downgrade the Russians, which has virtually increased everyone's confidence.

All this changed after the Battle of Smolinsk, and everyone suddenly found out: "The Russian Empire is still the Continental Gendarmerie, and the Popo Federation seems to be overwhelmed."

This is not possible, they have already invested so much, no matter how the Popo Federation can't be finished! If the Berlin government is finished, everyone will follow.

The capitalists don't want the Pope Federation to die, and the London government doesn't want to see the Pope Federation die. After finally supporting a pawn, it was so gone that no one wanted to see it.

As the pressure on Prime Minister Benjamin surged, domestic interest groups urged the government to take action to avoid the worst.

Putting down the documents in his hand, Benjamin asked incredulously: "The situation is so serious that Britain was kidnapped by the Prussian barbarians?"

The intense contempt among the eyebrows is enough to prove how bad his mood is. The relationship between Britain and the United Kingdom has always been very good. Under normal circumstances, he will not use the insulting word "man"

Chancellor of the Exchequer Garfield: "The situation is even worse than this. I suspect that even if the Pope Federation won the war, they may not be able to repay these debts.

The balance of the arrears of goods is not mentioned for the time being, and they have also paid part of the money. As long as the company is not too greedy, it is basically enough to produce costs, even if it is compensated, it will not pay much.

The trouble is loans and bonds, and once the Popo Federation is defeated, almost all collateral is not guaranteed.

The gold they took out was not enough to repay one-tenth of the debt. Even with the overseas assets of all the citizens of the Popo Federation, this hole is not filled.

In the case of incomplete statistics, we have even found multiple mortgages, especially the loan agreement signed by the Berlin government and financial institutions in private. The multiple mortgages are very serious.

The debt owed to us by the Popo Federation is far more than just the 180 million pounds. The actual data may be 200 million or 300 million. No one knows except the Berlin government. "

In recent years, Britain's financial regulations have been lax and financial institutions have been issuing loans in private, and the London government has no control at all.

Bond sales are even more confusing. One million is reported tomorrow, and in fact, three or five million issuance is common.

In this age of manual supervision, it is too difficult to accurately count these data. As long as there are no problems, the British government will never ask questions.

If something goes wrong, the British government can't control it. Financial problems, small problems will not be exposed at all, once the large problems are exposed, the institution is not far from bankruptcy.

"Bankruptcy" is the best weapon to evade responsibility. The government catches a few scapegoats at most. More often, it cannot find them.

The specific debt figures of the Berlin government, which Prime Minister Benjamin is too lazy to delve into, do not make any sense.

From an investment perspective, this investment is already a junk asset, and timely stop loss is the best option.

Unfortunately, this is impossible. Everyone is reluctant to see their money drained, and the London government must be responsible for the aftermath.

Originally, Britain and France used this technique to successfully pull Americans into the chariot. Although they did not reach that point, they still gave Prime Minister Benjamin a headache.

"Why the **** do you suddenly become so insidious!" Prime Minister Benjamin complained

"No, are these situations just for us, or are they for all countries?"

The issue is critical. If all countries are abducted by the debt of the Popo Federation, then the problem is no longer a problem.

Chancellor of the Exchequer Garfield shook his head: "Sorry, Prime Minister. Although similar problems have occurred in other countries, the numbers involved are not large.

It may add up to less than one third of our debt to all other countries.

Except for us, the second largest creditor nation of the Pope Federation should be the French, then the German Federal Empire, and the rest of the countries can be ignored.

The Berlin government does not have the ability to borrow money worldwide. "

Hearing the news, Benjamin almost fainted, and he vowed it was the worst news of the year.

The main reason for this is that the British are too rich, and the people have a lot of idle funds; the second is the foreign policy of the London government. Without government support, private financial institutions would not be so keen.

Everyone takes it for granted that the government will not let the Popo Federation lose the war. In this case, what else is there to worry about, is it that the Berlin government dares to fail to make ends meet?

Other countries are different. Not everyone is optimistic about the Popo Federation, and not everyone has the confidence to guarantee debt security.

For example: The Austrian financial community does not borrow money from the Popo Federation for very realistic reasons-the Vienna government is supporting the Russians.

Due to political influence, everyone is not optimistic about the Popo Federation, and naturally no one will lend them money.

Not to mention the small European countries, not to mention whether money can be guaranteed to be recovered, the key is that they don't have much in their pockets!

In this context, it is not surprising that France becomes the second largest creditor and the German Federation becomes the third largest creditor. Who makes you rich and has a good relationship with the Berlin government?

Benjamin asked without question: "What about the Russian Empire? Don't tell me that the Tsarist government also borrowed a lot of money from us!"

Garfield nodded helplessly: "Sorry, Your Excellency the Prime Minister. The Tsarist government really owes us a lot of money, of course not as much as the Commonwealth, about 50 million to 60 million pounds.

A large part of this was borrowed before the war. It can also be considered as an advance payment for the import of Russian agricultural products, and some are the balance owed for the purchase of materials after the outbreak of the war.

We have roughly checked the foreign debts of the Russians without any surprises. Their largest creditor country is Austria, and the total debt should not be less than the amount we lent to the Popo Federation.

Most of them are loans and a small amount of bonds, and there is very little balance in the purchase of materials. Because the Tsarist government has a precedent for debt settlement, most Austrian companies demand settlement. "

It seemed that the news was too heavy. After a pause, the Prime Minister Benjamin took it easy.

"This is the worst situation. We cannot watch the defeat of the Popo Federation, nor can the Vienna government watch the defeat of the Russians. This war is not just a matter of the two countries!"

The confrontation between Britain and Austria, or an agent war between Britain and Austria through Russia. Either way, the final outcome is not optimistic.

Especially now that the Commonwealth Federation is in a disadvantage on the battlefield, it is more passive for Britain. The price to pay for the Popo Federation is too high.

Minister of Foreign Affairs Edward: "The situation has not been so bad. In fact, it is mainly us who have been abducted by debt. Austria has retained its initiative.

The Russians' loans from Austria involved only a few large banks and territories as collateral. Although the valuation was a bit higher, as long as they could be cashed, they would not lose everything.

Judging from the current situation, I don't think the tsarist government has the ability to breach the contract. Instead, we are in big trouble, but the same debt involves hundreds of thousands, even millions. "

It's not possible to not have a headache, and at the same time lending money to the two seemingly beautiful, but it is hard to say. No matter who wins or loses, there will be a debt default, no matter how much.

It is because the London government cannot control the financial sector. Bankers invest in their own interests, and national interests are not within their consideration.

It is only necessary to be able to recover it smoothly. Once a debt default occurs, these consortia will get rid of their shells and send a universal "bankruptcy" law.

Of course, there are also heads that are not bright, or that they are slow to respond, do not transfer the risk in time, and give themselves to the idiot who is dead.

Fortunately, the credibility of the Russians is not good, and there are few capitalists willing to lend them money, otherwise the London government will have to realize once what the real dilemma is.

Chancellor of the Exchequer Garfield shook his head: "I don't think it makes any difference. Even if the Vienna government has more choice, they will not let the Pope Federation win the war.

They will even be happy to use our hand to weaken the Russians and clear a major obstacle to their unification of the German region.

Think about it. The Federation of Popo defeated and disintegrated, the Russian Empire suffered great vitality, and our economy was hit hard by debt defaults. Is there a more ideal situation?

From the perspective of the beneficiaries, I have reason to believe that this situation is planned by the Austrian government.

Of course, it could be France, but I don't think the little fart of Napoleon IV has this ability. "

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