Losing money is always the most painful thing, especially a large group of people pointing at the meal, and solving the financial crisis is imminent.

St. Petersburg Winter Palace

The new Chancellor of the Finance Minister Yevgenkis reported in a sad way: "Your Majesty, this is the expenditure report for the last month. If no measures are taken, we will go bankrupt for up to three months."

Financial bankruptcy, not the first time that the Tsarist government has happened. If it was a normal period, it would be bankrupt, and at worst it would be announced that it would be a debt.

The problem now is that the newly organized land reclamation campaign cannot be stopped, otherwise tens of millions of people will go hungry. At that time, not only will the reform be destroyed, but even the Tsarist Empire may collapse because of this.

After taking the report and scanning, Alexander II threw it aside, got up and wandered around the house.

The plan never changes quickly, and the number of people actually participating in the land reclamation is far more than the Tsarist government expected. There are many people and the power is greater, and the expenses are greater.

After hesitating for a long time, Alexander II asked: "If we suspend international debt payments from now on, can we survive this crisis?"

Debt on debt is not an option, but the problem is that the Tsarist government really has no money. Whether it is continuing international loans or issuing bonds, the Tsarist government has tried it.

No one is willing to lend money to poor people. Even if the Russians can take out collateral, everyone is worried that they will not be able to fulfill their promises.

Because of the war, part of the fertile soil in Eastern Europe was lost, and the fiscal revenue of the Tsarist government also shrank significantly.

If it weren't for the raid of the house, the Tsarist government would have gone bankrupt long ago. The war was expensive, and reform was also a gold-swalking beast, so there was no room for Alexander II to choose.

Chancellor Yevgenkis thought about it and replied: "If some projects are suspended and all efforts to ensure the land reclamation campaign will not be a big problem."

The time for multiple-choice questions was up. After suffering a loss of inconvenient transportation, Alexander II formulated an ambitious Russian railway plan.

The entire line is as high as 150,000 kilometers. Once this plan is completed, Russian and Eastern Europe will be connected, and Prussia and Poland can almost be declared finished.

Alexander II made a decisive decision: "Okay, then do that!"

The development problem is lagging behind first, and solving the current problem is important. On the surface, it seems that large-scale land reclamation increases the amount of land and allows farmers to have land, which is a good thing.

In fact, there are still great hidden dangers here. The biggest problem is that there will inevitably be too much grain output in the future. Everyone understands the principle that low grains will hurt farmers.

Perhaps for capitalist economy, increasing food production is a good thing and can reduce the cost of feeding workers.

Then, for farmers and nobles, this is a disaster. Many nobles are pulling their backs, and the main reason is that they are worried about their own interests in the future.

The Russian Empire was originally a major grain exporter. If production capacity continued to increase, internal consumption would definitely not be possible, and exports would become the only choice.

From the very beginning, the Tsarist government was ready to cut down European grain prices. Countries could dump industrial products on them, and they could also reversely dump agricultural products.

It would be great if the food supply on the European continent could be monopolized. To do this, we must first enable the food of the Russian Empire to be transported out.

Railways are an indispensable part. If the transportation problem cannot be solved, the plan will always remain on paper.

No one opposed Alexander II's plan. Compared to great plans, it is more important to overcome the problems in front of you.

As long as the first year is over, the output on the land can ensure the basic living of the people, then it will be easy to solve the problem later.

In this era, Russian peasants were easy to support. They had just changed from serfs to free people. As long as they could fill their stomachs, they would not dare to have any other requests.

As long as you pass through the most critical moment, the subsequent problems will be easier to deal with.

On July 7, 1869, the Tsarist government sent a note to the major creditors, announcing that the Russian Empire's fiscal bankruptcy and was unable to continue to fulfill its debts.

The European world is in an uproar. In recent years, no European countries have been stolen. This has given the public an illusion that the moral integrity of governments of various countries has improved.

The Russians have now broken everyone's fantasy. If they don't have to be dependent on their debts, it means that everyone's financial situation is good and they have not had to be dependent on their debts.

If you really have no money, you have to pay the debt. Anyway, you don’t have money, and you won’t give it to the rest. Everyone can do it if you want it!

In addition to the creditors, European people have become melon-eating people and turn their attention to Vienna, with gloating expressions beyond words.

Austria has developed very well recently, which naturally makes many people jealous. As the biggest creditor of the Russians, many people are now watching Austria jokes.

You know, now the Russians have to pay 3.0684 million SHIELDs every month, which is 36.8208 million SHIELDs every year.

This astronomical figure is enough to shatter the Russian-Austrian alliance. No matter how good the relationship is, it cannot withstand the destruction of interests.

Franz was not as frightened as the outside world imagined. He was prepared to pay the debt to the Russians when he refused to provide loans to the Tsarist government.

No, it should be said that this was prepared earlier. After all, the financial situation of the Tsarist government has always been poor, and it is not easy to be able to support it until now.

No matter how fully prepared, the aftermath must be done. Most of the loans are guaranteed by the Vienna government, otherwise few banks would dare to accept orders.

In addition to the problems, the Vienna government also needs to take responsibility. Fortunately, most of the loans are mortgaged. Now the Vienna government’s job is to urge the Russians to implement collateral.

Prime Minister Felix frowned and reported: "Your Majesty, we have made a preliminary estimate of the contract we have signed. Even if the Russians fulfilled the mortgage, we will still bear 38 million SHIELD compensation within the scope of the guarantee.

This money cannot be borne directly by us, and the Russians must be held responsible for it. Now that the finances are out of money, they will be allowed to postpone their repayment, and the Tsarist government cannot continue to go bankrupt."

Franz nodded, he could ignore other people's debts, and his own accounts would always be recovered. Even if he had no money, he had to let the Tsarist government admit the accounts first, otherwise it would be difficult for the Vienna government to explain to the people.

"The Ministry of Foreign Affairs communicates with the Russians and urges them to fulfill their contracts. If they are unable to repay their debts, they can delay payment."

The one who owes money is the old man, and the current Tsarist government is this old man.

It is impossible to collect debts by force, and this little money is not enough for military expenses. Unlike Mexico that is so easy to bully, Mao Bears are still powerful.

The Tsarist government has no money, which does not mean that the Tsarist nobles have no money either. After hundreds of years of accumulation, no matter how it is, it can support a war.

The nobles and the Tsarist governments both suffered losses and prospered together. When foreign enemies invaded, they would soon become as close as a family.

There are many Russian creditors. Based on the principle of bullying the weak and fearing the strong, it is estimated that the debts of small countries will be deducted, and the debts of large countries will generally be delayed.

Debts that are delayed payment are also divided into different levels. Those guaranteed by governments in various countries will definitely be given priority repayment. Private commercial loans without government guarantees are mostly refused if they can be refused if they can be refused if they cannot be refused.

After picking and choosing, the Russians reduced their foreign debt by at least 400 million Aegis. If the Tsarist government was tough enough, there might be more.

What made Franz feel relieved was that the Russians had already repaid foreign debts during the Near Eastern War. Not to mention the interest income, at least the principal was taken back.

The debts in the Prussian-Russian War were naturally not recovered. The bank with the strongest business capabilities also recovered at most 30 to 40% of the cost.

The Austrian government has no losses, and most loans have additional conditions. Through the trade between the two countries over the years, economic development will be driven, and the increased taxes will be enough to make up for the losses.

Financial institutions are different. If the Vienna government provides guarantees, it will be easy to deal with. Even if the Russians are lying to pay, the Vienna government is also responsible for ensuring the safety of the principal.

If a commercial loan is not guaranteed, it will be a big problem. Financial institutions are responsible for this kind of loan.

Phillipot is such a bad guy. He is not a banker, he is just the boss of a securities company.

Because he was greedy for the high rebates given by the Russians, he sold a batch of bonds for the Tsarist government. Now the Russians declared financial bankruptcy. According to Austrian law, his securities company must bear joint and several liability.

A middle-aged fat man hurriedly ran and said, "Mr. Phillipot, the news of the Russians' bankruptcy must have spread. Now the people outside ask us to repay the bonds in advance."

In this era, Austria's securities management system was rough. Securities companies issued bonds on their behalf and must be responsible for the people who purchased the bonds.

Simply put, the right to review bonds is in the hands of securities companies. This is not just a good thing. Since you have obtained the review rights, you must also bear corresponding responsibilities.

For example: to ensure that the bonds can be dealt with normally, explain the risks to the people who buy bonds in advance, and if a debt is denied, the securities company needs to bear certain compensation liability.

This compensation standard is jointly determined by securities companies and the government. The government sets the standard that is no less than 50% of the principal, and securities companies often set a high standard in order to attract business.

There are not only two securities companies in Austria that claim to be guaranteed, and Philippot's securities companies are also one of them.

According to the promise, now that the Russians are lying to pay the debt and are unable to repay the bonds normally, Philippotter's securities company will repay the principal on their behalf.

The promises he made must be fulfilled. Philippot regrets it now. The commission given by the Russians is as high as 15%, which is abnormal, but unfortunately he did not resist the temptation at the beginning.

Filiport asked concerned: "Berger, how much money does it have in our accounts?"

It is impossible to run away, and the police have already set their sights on him. If they run away, they will probably be arrested if they can't leave Austria.

Finding a way to cure the aftermath is the king, and losing money is a must. Now these bonds are obviously impossible to sell at a fair price, but someone may dare to take over after the discount.

After all, this is a government bond issued by the Tsarist government. Even if it is bankrupt now and cannot be repaid, the Russians may still be able to repurchase it in the future if they want to rebuild their credibility.

Ordinary people cannot see that far, or wait for that long.

Berger thought for a while and said, "The total number of SHIELD in the account is 3.8946 million, but after deducting the operating expenses of the securities company, only 3.56 million SHIELD can be used.

Mr. Phillipot, there are many people outside who ask for advance payment, and this money is probably not enough to pay."

Phillipot sighed and said, "I know, send someone out to appease the people first and tell them that we agree to repay in advance as agreed in the contract.

I remember that there was an agreement in the sales contract that when we encountered force majeure, the bonds could not be dealt with normally, we were indeed responsible.

However, this time of responsibility is after the bond expires. Now they require early redemption, which is a breach of contract and need to bear 20% of the liquidated damages. We only need to pay 80% of the principal.

After three days, we will start redeeming the bonds in advance, opening only one window, adding review steps, and delaying the time as much as possible.

I also have to inquire about the news and see if things have turned around. With such a big thing happening, it is impossible for the Vienna government to not respond.

Don't worry, this matter cannot hit us. The Russian bonds we issued were only more than 8 million. It is impossible for all the people to ask for payment in advance, right?

You can also find out if anyone in the market acquires Russian bonds. Even if it is a half discount, we may accept it."

The profits of securities companies have always been very generous. When they founded this company ten years ago, Philippotter invested less than 300,000 Syrians, and now the liquidity alone is more than ten times that number.

Over the years, he has also received millions of profit dividends from securities companies. This crisis has caused him a lot of losses, but as long as he is dealt with properly, there is still hope to survive this crisis.

Philippotter had to thank the Russians themselves for their poor reputation and their bonds were not popular in the market. Otherwise, if they had sold tens of millions of SHIELD at one time, he would have to jump on the rooftop.

Of course, if he could sell tens of millions of SHI shields, he would not be able to do this business.

Austrian law is not a joke. The government will interfere with the issuance of bonds that exceed its own capacity.

Otherwise, if you register a wallet securities company, issue bonds in the market to make money, donate money and run away after selling it, and declare bankruptcy, wouldn’t you be able to get rich quickly?

Obviously, this way of getting rich overnight has been clearly written in legal astronomy.

Unlike other companies, securities companies are the strictest to hold them accountable for bankruptcy. Both management and shareholders must be strictly investigated. Unless all of them are strictly operated according to regulations, basically no one can escape.

Strictly speaking, the bonds issued by Phillipot for the Russians were even a staggering goal.
Chapter completed!