There is no doubt that after the political agreement is reached, the remaining details of the negotiation and negotiation do not need to be interrogated by Ferdinand.

Although the loan is mainly 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 a golden age for capitalist development, and even if negotiations at the government level failed, the capitalists did business as long as they thought it was profitable.

After the Bulgarian War, Bulgaria fully attracted the attention of the international community. Suddenly, you noticed that in the Balkans, a small country was beginning to rise.

Politicians are concerned about the impact on the international situation, and capitalists are naturally concerned about interests! As long as you are a caring person, it is easy to find that the Bulgarian economy has been growing at a high speed in recent years!

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 simply no chance for latecomers to enter!

However, this is only for small capitalists, and for large consortia, it is far faster to make money financially than the real economy!

After assessing the risks, you will find that the Bulgarian government's ability to repay the loan is still very strong.

You must know that in order to stimulate economic development, Bulgaria is reducing taxes or even exempting taxes on many industries, and once the tax revenue returns to normal levels, fiscal revenue will increase significantly!

"As soon as there is a proper profit, the capitalists will be emboldened! If there is a 10% profit, it is guaranteed to be used everywhere; With a 20% profit, it becomes active; With a 50% profit, it takes risks; With 100% profits, it dares to trample on all human laws; With a 300% profit, it dares to commit any crime! —Marx-Capital

For ordinary people, perhaps the profit from issuing loans and buying bonds is only a few points. But for the consortium, who is embarrassed to come out and mix up if they don't have a few banks in their hands?

Using other people's money to make money is the most common method they use! Essentially, the cost of borrowing is surprisingly low outside of risk, which is why capitalists are keen to engage in finance!

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

In the face of high profits, capital has never been resistant!

Even if you don't get everything you want diplomatically, the loan negotiations continue, but in a much lower amount!

In the spirit that no matter how small the mosquito is, it is still meat, the Bulgarian government is still very enthusiastic to contact the representatives of all parties and strive to obtain every loan.

……

By the end of 1895, through the unremitting efforts of the Bulgarian government, a total of 15 loans of various amounts were obtained, involving a total of 987 million leva.

What is high debt? The Bulgarian government is now in debt, paying more than 80 million leva a year just by paying interest on funds! If you add the interest on previous loans, this figure has exceeded 100 million leva!

The French alone provided 800 million leva (equivalent to francs) at one time, and the other dozen loans, together with less than 200 million, can only be said that the international loans in this era are still dominated by the government!

Small loans are fine, but the interest rate is a little higher, there are not many strings attached, and most of them are disbursed at once.

However, the huge amount of money from the French, or the loans jointly issued by "France and Russia", are not so easy to get!

First of all, the loan is not issued in a lump sum, but in three disbursements. 300 million leva for the first time, and the rest for the next two times!

Secondly, it is necessary to supervise the direction of the use of loans. According to the agreement, Bulgaria must invest 300 million leva in the navy, and as for how to use it, Ferdinand doesn't have to worry about it, the Russians will help develop a "reasonable" naval development plan!

The remaining six hundred million leva, or francs, of which half of the money must be used, must be used to buy French goods!

And the Bulgarian government must also ensure that no less than 100 million leva is invested in the military industry!

Whether Ferdinand had done his best to imagine the shamelessness of the Great Powers, or whether he had underestimated the modesty of the Great Powers!

If you want to supervise the use of loans, you won't complain. But even the specific use of the situation is clearly stipulated, and there is nothing to say!

If it weren't for the "Naval Development Plan" of 300 million leva, which was an interest-free loan for 20 years, he would never have asked for it!

True, France and Russia have already planned to support Bulgaria in gaining the Black Sea straits, of course, this is only in name, and the actual control is still in the hands of the Russians!

The French, on the other hand, were granted the right to travel freely without paying customs duties.

The Russian Empire was the largest overseas investor for France and the largest overseas market for French goods, so the Turkish tariffs were an eyesore.

It can be seen that the annual payment of tens of millions of francs in customs duties to the Turks has greatly dissatisfied the French capitalists. At the first opportunity, they are ready to kick this stumbling block!

When the final treaty was obtained, the top of the Bulgarian government was furious.

Isn't this Bulgaria fighting for the Russians, the French? And he is also the kind of mercenary who brings his own dry food and does not have to pay military salaries, and all the harvest can only be grabbed by himself!

Fortunately, the Bulgarian Navy has no presence, otherwise there would be no possibility of passage at all! As soon as this treaty was signed, the Bulgarian navy would become a fleet in the hands of the Russian Empire!

However, Ferdinand was tempted, relying on Bulgaria's own strength to build a navy, and without twenty or thirty years, he did not want to form a combat force.

If the Russians could be harnessed, it would probably 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 also get a group of naval soldiers, a naval logistics system!

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

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

Either we agree to their terms and become mercenaries with the support of the Franco-Russian alliance. Having defeated the Turks, we will receive a large part of the Balkan territories of the Ottoman Empire.

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

Either we refuse the conditions of the Russians and part ways with the Russian Empire from then on, not only will we not be able to gain support, but I am afraid that we will face a series of repression by the Russians!

Everyone is the elite of Bulgaria, and now it is up to everyone to make a choice about the fate of Bulgaria, think calmly, and then tell me the answer! ”