"How is it possible that the Duchy of Moxi can hold on?"

Caesar IV asked incredulously.

originally thought that someone would be unlucky with him, but he was ready to lie down directly once the run broke out.

However, the debt crisis was even more serious, and the allies who were thought to be bound to repay the debts actually came to him to tell him that they could survive the crisis.

If the Principality of Moxi can hold on, and the Alpha Kingdom still runs to repay the debt, then it really can't be said.

"Your Majesty, we have been sure again and again. The Duchy of Moxi is mobilizing the nobility of the whole country to raise funds, and has also sent people to communicate with creditors, and it is said that good results have been achieved.

At present, a number of nobles have said that they will not ask for early payment of the bonds before the agreed date.

The first nobleman to take the lead was Earl Hudson. Not only did he declare that he would not pay the bonds early, but he also managed to convince the nobles of the expeditionary force to make a commitment.

Affected by these good news, the war bonds, which had been surging all the way, also rebounded slightly.

In particular, the bonds of the Duchy of Moxi, the amount of liquidity in the market, has been greatly reduced. It is estimated that everyone is waiting to see the situation, after all, if you shoot at the current price, it will be a blood loss. ”

After listening to the words of Count Francis, Caesar IV did not know for a moment whether to praise Hudson for having a big picture; Or angrily scolded him for patronizing himself to make a name for himself, forgetting that the kingdom was also in a deep debt crisis and needed support.

Come to think of it, in the end Caesar IV still didn't say it. He knew very well that the current Duchy of Moxi would not be able to repay the huge debts at all, and even if he took the bonds and asked for early payment, he would not be able to exchange the money.

Bonds that can't be turned into cash can't be counted as money. With the credit of the Principality of Moxi in the eyes of the outside world, it is unrealistic to use the bonds issued by them as money to help the Alpha Kingdom tide over the difficulties.

It is destined that there will be no way to pay cash immediately, so simply show a little boldness and sell the Principality of Moxi a big favor.

In case the market confidence is stabilized and the Principality of Moxi is lucky enough to survive this turmoil, then the Alpha Kingdom will also be saved.

There was nothing wrong with Hudson doing this, and the other creditors of the Duchy of Moxie were doing the same, which seemed too reasonable and a little illogical, but the facts were in front of him, and he couldn't help but believe it.

"In that case, let's raise money quickly! On the issue of payment, we will be consistent with the Moses, and as long as they can hold on, we will stick to it.

However, the specific date of redemption must be pushed back as much as possible, preferably after the Moxies.

If someone makes a fuss, let them know that we're busy raising money and keep them waiting. ”

Apparently, Caesar IV's concerns did not disappear. It is true that the Moxi people have achieved certain results on the road to repayment, and they may not be able to withstand the crisis, which is still an unknown.

If the restrictions are lifted for payment, the kingdom's little cash flow will soon be depleted. When the time comes, the crisis will only be greater.

"Your Majesty, we can copy the measures taken by the Moses. It is not difficult to win the support of the nobles in the country, but the difficulty is that they do not have much money in their pockets.

The nobles in the northern part of the kingdom are basically poor ghosts, and they can't come up with money at all; The nobles in the south were more wealthy, but at the moment they were busy building defensive lines, and they were afraid that they would not be able to provide much support to the kingdom.

Next, the most important thing is to convince the creditors not to run on the bank. Judging by the example of the Duchy of Moxi, it is still possible to succeed.

After all, now that payment is demanded, we are forced to default on our debts, and all the bonds in their hands have become waste paper, and we can't get the last gold coin! ”

The analysis of the Marquis delgado made Caesar IV settle down at once. Logically closed the loop.

According to this line of analysis, the creditors of the Principality of Moxi agreed to give up early payment, not because they were reasonable, but because they did not want the bonds in their hands to become waste paper.

"If there are more lice, it will not itch, and if there are more debts, there will be no worries."

If the Alpha Kingdom followed suit and directly explained the relationship to the creditors, I am afraid that most of the creditors would only be able to pinch their noses and admit it.

"Well, let's give it a try! If the Moxies can do this, then there is no reason why our side will fail, the only trouble is the people behind it.

Judging from the current situation, it is clear that there are people who are trying to disrupt the bond market at all costs in a vain attempt to make us default on our debts.

The Moses suspect that the Holy See did it, and although there is no evidence of a real hammer, they do have a motive to do it.

Keep an eye on the Holy See, if they continue to make trouble for us, it will be a big trouble. ”

Caesar IV said with a gloomy face.

Now he finally understands why his father hates the Holy See so much, and it is completely because those guys don't do anything.

Other countries don't want the Alpha Kingdom to become bigger, but they all have their own moral bottom line. At most, it added fuel to the fire in the back, and did not go directly to the field to stab the knife.

Otherwise, all countries will collect debts together, and before the run breaks out, the Alpha Kingdom will go bankrupt first.

……

The crisis is still raging, and the panic is dominating, and more and more creditors are demanding early payment.

Without any surprises, the PR operation of the Alpha Kingdom ended in failure.

The aristocrats in the country expressed their support, but it was only in words, and in actual deeds, Hudson actually ran to buy bonds, and everyone else was symbolic.

The threat of rotten behavior can indeed deal with ordinary creditors, but for the Holy See, which provoked this turmoil, it does not care at all whether the bonds in their hands will become waste paper.

One by one, the vests acted as the vanguard, and the creditors, who were originally a little moved, joined the debt collection action again.

On the last day of 99991, the run finally broke out in full swing, and the embassies of the Alpha Kingdom and the Principality of Moxi were besieged.

The difference is that the creditors who besieged the Duchy of Moxi, after rounds of negotiations, finally reluctantly reached an agreement.

The creditors who besieged the Alpha Kingdom were still in a stalemate there, but they were inevitably affected emotionally.

If it weren't for the constant agitation and exaggeration of the risk of default, I am afraid that everyone would have to choose to compromise. After all, the annual bond interest is still being paid normally.

On the Holy Mountain, Pius VII, who received the news, was directly blown up!

"Is this the result of your actions?

We spent a huge amount of money and set off a run, just a scene?

Also What's going on with the Duchy of Moxie?

You keep saying that they will default, how can you still reach an agreement with the creditors and get out of the debt crisis?

……”

The questioning, which was almost filial, caused a number of high-ranking members of the Holy See to bow their heads one after another. Everyone likes to do the work that spends public money.

This operation was jointly carried out by various departments of the Holy See, and it was precisely because of the large number of people involved and the large number of people who made money from it that some problems inevitably arose in the intensity of implementation.

"Your Majesty, we have limited funds in our hands, and we have spent all of them on the operation to suppress the Alpha Kingdom, ignoring the Duchy of Moxi, which has even worse finances.

Unexpectedly, they put death and then came to life, and actually brought a game of dead chess to life.

It is said that at the negotiation site, the Moxi people directly threw out two options: either pay normally according to the agreed date; Either they immediately declare a default on their debts.

Without our people to make trouble, the creditors didn't want to get a single gold coin, so they were forced to accept the normal payment.

Affected by this news, the Alpha Kingdom also suddenly became stronger, and they agreed to pay the bonds in advance, but asked to deduct the interest previously settled, the cost of bond issuance, and the handling fee for fund raising......

After the messy deduction, they only accept 20% off the face value, and they have to apply a month in advance, and they can only get the payment after approval.

Many creditors were shaken, believing that the Duchy of Moxi would be able to survive the debt crisis, and the Alpha Kingdom, which was in a better financial position, would definitely be fine.

We've all applied, but that's not enough.

A few days ago, in order to create panic, we have sold quite a few bonds, and we currently hold less than 100,000 war bonds.

It is estimated that the situation in other departments is similar, and the war bonds in everyone's hands together may not be able to make up a million face value.

If we want to crush the finances of the Alpha Kingdom, we will not collect more bonds from the market and run on them, draining their cash flow.

However, after the Principality of Moxi survived the debt crisis, the price of the war bonds of the Alpha Kingdom also began to recover, from the previous 5% discount of the lowest price in the market to the current coupon price of 88% off.

The high-yield bonds issued in the early days have been at par with the par price, and even overflowed. ”

Blake didn't want to take the lead, but just now Pius VII called him by name, and he couldn't help refusing.

The previous bond sell-off was gradually smashed down from a high level, but it didn't lose much.

Now, if you buy it from the market and then use it to the Alpha Kingdom to redeem it, you will definitely lose money.

It seems that they can't lose a few points, but once they enter the market on a large scale, the circulating price will definitely be speculated.

"Idiot! Now that you know how to do it, what are you still doing in a daze, hurry up and send someone to implement it!

It's a big deal to lose another one or two million gold coins, as long as it can bring down the credibility of the Alpha Kingdom, everything is worth it.

Now, no matter what means you use, I will buy their war bonds as quickly as possible, and then use them to pay them at once. ”

Pius VII scolded angrily.

Political accounts are never purely about economic interests. Sometimes the style of play that hurts both sides must be adhered to.

Losing one million gold coins by himself and consuming the cash flow of ten million gold coins of the Alpha Kingdom is definitely a success strategically.

There is no way, after taking the Kingdom of Ruthenia, the Holy See will have to face the strategic choice of going south or going north.

Of course, they can also choose to fight in the Middle Continent. It's just that the middle of the continent is too crowded, and now there is not a single soft persimmon in several countries in the central continent, not to mention that it is still the land of four wars.

Compared to the Kingdom of the Franks and the Kingdom of Libya in the Southern Continent...... Obviously, the countries of the Northern Continent are easy to bully.

If it was originally targeted against the Alpha Kingdom because of hatred and contradictions, then now it has risen to a strategic level, who let Caesar IV's riot manipulation make the Holy See see the possibility of annexing the Ruthenian Kingdom?

……

The mountain leader, Hudson has already begun to prepare for the celebration feast.

Because of the human factor interference, the panic in the market did not last long. Especially after the Principality of Moxey stabilized, the chambers of commerce cooperating with Hudson also realized the business opportunity and joined in the rush to buy bonds, which even drove up the market price.

After the Holy See joined the rush to buy the market, Hudson, who realized that the market was over, immediately ordered to stop the operation.

The two million gold coins prepared in advance were only spent 1.6 million, but this did not affect the success of this speculation in the slightest.

As the first to make a move, the mountain collar obviously ate the biggest piece of cake.

If 1.6 million gold coins buy bonds with a face value of 2.5 million yuan, even if they immediately change hands at the current market price, they can make hundreds of thousands of dollars.

What's more, because of the first-mover advantage, there are still 40% of the high-interest bonds among the 2.5 million bonds, and the annual interest rate can reach 10%.

After the market stabilizes, ordinary bonds will be sold one after another, and the principal will almost be recovered, and the rest will be blood gain.

Source change app】

Although it is still so far from the original goal of earning enough money to build docks and shipyards, it is still so much short, but it is not harmful.

After withstanding this shock, in the short term, Alpha Kingdom has no risk of default, and it is also a good choice to hold high-yield bonds to enjoy the income for a few years.

At least in terms of capital reporting rate, the yield of bonds is much higher than the rate of return on farming. It's a good business until there's no better investment.

……

Hudson is making blood, but the Treasury is crying. The crisis of the Duchy of Moxi is over, and the troubles of the Alpha Kingdom are still ongoing.

The eight million cash that the kingdom had managed to raise was quickly cashed out. If it weren't for the one-month buffer period, I'm afraid I would have been lying down.

"What's going on, isn't the market already picking up? Why are there still runs? ”

Caesar IV asked, puzzled.

Although bond prices vary from place to place, they are generally on an upward trend. Judging from the general trend, it is only a matter of time before normal prices return.

When the market price is higher than the early redemption price, it is obviously an act of harming others and oneself to redeem the bonds.

Even if you hold a huge amount of money, you can take it slowly. There is no need to bear losses at all, and the Ministry of Finance of the Kingdom is dead.

"Your Majesty, the people of the Holy See have made a move. This time they didn't even bother to cover it up, the purpose was to drain our cash flow.

Originally, the Ministry of Finance wanted to secretly peddle a batch of recovered bonds and arbitrage them from the market, but the outside world was watching them too closely, and in order to stabilize market confidence, we could only publicly destroy the recovered bonds.

If you want to stabilize the situation, you can only ask for help from the outside world now. The Ministry of Finance has been in contact with the major chambers of commerce, and they have promised to lend money, but their appetite is a bit bigger.

Now it will be up to the Holy See to see how much of the loss it is willing to take. If they fight us at any cost, the next run will be even worse. ”

Marquis Delgado's explanation blew up all the high-ranking members of the kingdom. The Holy See actually bought bonds from the market to pay for them, and it was simply shameless.

But there is no way, in order to stabilize market confidence, even if the pocket is so poor, the Alpha Kingdom can only pretend that it is very rich.

"Then let's spend it with them!

Didn't the Holy See want to buy bonds from the market, so it would be better for them. The bonds recovered by the Ministry of Finance continue to be destroyed publicly, and I will figure out how to solve the funding gap.

I remember that in the hands of the royal family, there were more than three million war bonds, and I arranged for people to sell them in batches, and the funds obtained were then lent to the kingdom.

If you don't have enough contact with the nobles in the country, you can change hands and buy arbitrage to see who can consume whom!

The contact between the Chamber of Commerce and the Chamber of Commerce cannot be broken, deliberately giving the Holy See the appearance that we are about to be exhausted, so that they can increase their investment! ”

Caesar IV said angrily.

this thing, he's not going to ask for it now. If the people of the Holy See dare to be the first year of junior high school, he will dare to be the fifteenth.