The economic crisis was imminent, and Ferdinand knew that the Balkan countries were all about the same, and they were so powerless in the face of the dumping of the great powers.

As for tariff barriers, this thing is indeed a good medicine for countries with abundant resources and huge markets.

But for the small Balkan states of the 19th century, it was a complete dose of arsenic. In Bulgaria, for example, a large part of industrial raw materials need to be imported, and the large foreign exchange earnings are still agricultural exports, and they are heavily dependent on the international market.

Bulgaria is not bad, at least thanks to Ferdinand's efforts, it has laid some industrial base. The biggest capitalist is Ferdinand himself, followed by the Bulgarian government, which has the strength to fight and will not shake its foundations.

The previous food safety law has now become a weapon to stabilize the market. At least now, the food sold internationally cannot be marketed, and the domestic food industry has stabilized.

For example, Greece and Serbia are miserable, with high debts, national sovereignty has long been mortgaged, and the national bourgeoisie at home has not yet developed and is powerless in the face of the economic crisis.

Combined with history, Ferdinand couldn't help but maliciously guess: "Germany's allies in the Balkans almost all jumped back during World War I, and I am afraid that they will be exploited miserably in this economic crisis!" ”

Ferdinand, who had prepared for a long time, first did to go to inventory, and all the companies under it began to clean up the inventory.

Regardless of 3721, these goods were first rebranded, respectively marked with vests prepared in advance by enterprises from Britain, France, Germany, Russia and Austria, and then shipped to the Balkan countries.

Ferdinand doesn't care about profits now, in short, it is important to cash first, and cash has always been king in the economic crisis.

On the eve of the economic crisis, Ferdinand put a large number of goods on the markets of Ottoman, Romanian, Serbian, Greek and other countries.

The international capitalists were now already dumping into the Balkans, and Ferdinand's sudden blow clearly exceeded the capacity of the market, and then in May 1892 the Balkan economic crisis broke out.

Bulgaria is prepared because Ferdinand has long been prepared, and he is the largest retailer, no matter how cheap foreign goods are, they must give priority to their own products! Not to mention the government, procurement is basically monopolized by Ferdinand's industry, and in order to protect the national industry, it must continue to be used!

The point is that Bulgaria's large companies are not listed companies, and even the Bulgarian stock market has been shut down because it is too depressed. This guy wants to shear sheep, but he can't do it!

In terms of public opinion, the media, led by the Bulgarian Daily, are advocating the use of domestic products without money.

It also directly linked employment with the use of domestic products, and instilled in everyone that if they all use foreign goods, domestic enterprises will go bankrupt and everyone will lose their jobs.

Those who are radical have shouted the slogan: If you don't use domestic products, you are a traitor.

In addition, in recent years, the government has introduced labor laws, and under the leadership of Ferdinand's enterprises, the quality of Bulgarian capitalists has been forced to improve, and everyone is living a good life.

Therefore, although foreign goods led by Germany are of high quality and low price, the sales volume is not large. People don't buy it, this can't be forced!

Forced to have no choice but to divert their eyes to other places. The Bulgarian market is so big, and there is not much to lose if you give up.

Then the Ottoman Empire became the biggest victim. There is no way to call him the biggest, a country's market is larger than all the small Balkan countries combined, of course, it is the first target.

First, the financial market was attacked, and the stock market wailed. Next, it hit the real industry, but fortunately, the Ottoman Empire was backward in industry, otherwise it might have been fun this time.

Then there are small countries such as Greece, Serbia, and Romania, which have been directly cultivated by international capital, leaving a mess.

International capital has withdrawn, and you think this is the end, but on the contrary, this is just the beginning.

The embryonic industries of the Balkan countries were directly destroyed, a large number of unemployed people were born, government revenues fell sharply, and domestic contradictions began to intensify.

Historically, the economic crisis of 1893 had reached the Balkans, which was nearing the end of the year, and the damage was not so great.

Even so, the Balkan countries were demoralized. Over the next decade or so, countries were busy dealing with internal contradictions and recovering their strength.

Ferdinand has no time to care about it abroad, but Bulgaria, the country that has suffered the least in the economic crisis, is now also wailing.

At the same time, the economic crisis in the Balkans has hit Bulgaria's exports hard, orders have plummeted, and winter has come for companies engaged in export processing.

Even the Russian market was not within the reach of these petty capitalists, and the Ministry of Industry estimated that if the economic crisis ended by the end of 1892, the number of Bulgarian enterprises would be reduced by a fifth; If the economic crisis had lasted until the end of 1893, then the number of Bulgarian enterprises would have been halved.

It is gratifying to note that most of these eliminated enterprises are family-run workshops, with small scale and backward management. Even though it accounts for half of the total economy, it is less than 5% of the total economy.

According to the Ministry of Finance's estimates, Bulgaria's fiscal revenues in the second half of 1892 were a third lower than in the same period of the previous year.

This also meant that in 1892 Bulgaria would face a serious fiscal deficit. The "Second Five-Year Plan" has already begun, and the government's previous loans and the income from the seizure of homes have all been invested, which is not enough.

Originally, Bulgaria's fiscal revenue grew rapidly, and it was barely able to make up for it after taking into account the fiscal revenue for the next few years.

Now that the economic crisis has broken out, foreign exports have been sluggish, fiscal revenues have fallen sharply, and we will face a fiscal crisis in the next few years.

What is even more crucial is that the "Second Five-Year Plan" cannot be stopped now, and as soon as it stops, a large number of unemployed people will increase in the country, and then it will be another blow to Bulgaria, which is recovering.

But now Ferdinand was miserable and happy. On the one hand, the Bulgarian state suffered heavy losses and faced a financial crisis, which was a headache for him, the Grand Duke; On the other hand, this economic crisis, he made another big profit.

If you don't mention it in the stock market, you will eat some leftovers. However, when buying the bottom, it is very profitable, and the specific value of acquiring a number of potential enterprises is difficult to calculate.

Ferdinand was worried about the Bulgarian finances, and Ferrantz hurried over and suggested: "Your Excellency, we can set up a bank in Bulgaria, after the outbreak of this economic crisis, there was a run on the Hungarian Winston Bank, and it is too risky to have other banks, and it is convenient to have our own bank." ”

Ferdinand's eyes lit up, how could he forget such an important matter?

At present, apart from the Bulgarian National Bank, there is not a single decent bank in Bulgaria, and most of the financial business is still done by foreign banks. If you don't step on it, how can you be worthy of the identity of the traverser?