Chapter 283: Everyone Has Their Own Schemes
The sudden debt crisis caught the Sultanate off guard. Since the debt has been transferred to the Austrians, default is no longer a simple matter.
Repayment requires having money in the first place, and clearly, the Ottoman governments finances are in shambles after the loss of the Balkan Peninsula.
The debt of 28 million guilders, equivalent to 14 million pounds sterling or 102.48 tons of gold, would increase with various overdue fines.
There is no doubt that even if they sell everything they have, the Ottoman government will not be able to raise such a large sum.
If the Austrian government is unwilling to accept paper money, its unlikely that even the British and French would lend them enough gold to fill the gap.
Abdulmejid I frowned and said, The Austrians are blackmailing us. We must not let their scheme succeed!
People kept their heads down and tried to minimize their presence so as not to get caught in the crossfire. There were precedents for this; in the previous government, for example, half the ministers lost their heads.
Despite the positive assessment of Abdulmejid Is reforms in later years, he remained essentially a feudal monarch. The responsibility for the failure of the Near East War and the loss of Constantinople fell on the unfortunate predecessors, who were then exterminated.
This was also one of the triggers for the outbreak of the civil war. With such a monarch, it wasnt enough to be vigilant. This was a fine tradition of the Ottoman Empire, handed down from their ancestors, a tradition of barbarism.
Abdulmejid I complained, Why is everyone silent? Did you not hear what I said? Fuad, you are the foreign minister. Tell me, what is the Foreign Ministry planning to do next?
When he was called by name, Fuad knew he couldnt avoid it. He steeled himself and replied: Your Majesty, the Austrians came prepared. We have just received word that a large-scale rebellion has broken out in India. The British are preoccupied and temporarily unable to intervene.
It seems that the French have come to an understanding with the Austrian government. Austria has abandoned its ambitions in Morocco, Algeria, and Tunisia in exchange for French tacit approval of its actions.
In fact, they had just received this news from the British. Intelligence gathering was too remote a concept for the Sultanate government.
Abdulmejid I was so angry that he couldnt speak for a while. He had thought that with the support of Britain and France, he could put up a tough front, but reality cruelly reminded him that being too firm would only make him look foolish.
Seemingly realizing his mistake, Fuad quickly tried to remedy the situation: Your Majesty, dont worry. The native rebellion in India is just a mob, and it wont be long before the British quell the uprising.
The government in London will not sit idly by while Austria continues to expand its influence. If we can just buy some time, wait for them to crush the rebellion
Before he could finish his sentence, Abdulmejid I interrupted him: Stop dreaming. As long as the Austrian government makes a compromise with the British, we will be sold out.
The importance of India to Great Britain goes without saying. Whats wrong with sacrificing our interests to prevent Austria from causing trouble?
Open your eyes and look at the map of the world. Is Russia far from India? Whether through Persia or Afghanistan, the Russians can support the rebels in India.
Given the relationship between Britain and Russia, what do you think the Russian government will do? Its obvious to anybody with half a brain.
If Austria and Russia stand together, even if the British can suppress the rebellion, they will suffer heavy losses.
On the question of India, the British have no allies, the French would already be friendly enough if they do not undermine them, can they still count on the support of the French government in that case?
It was obvious to everyone what the issue was, but as intelligent people, they could not show off in front of the Sultan. Such an opportunity had to be left for Abdulmejid I to perform.
After harshly criticizing his subordinates, Abdulmejid I was in a much better mood and began to seriously consider what to do next.
For the Sultanate, the goals of the Austrian government had become unimportant. Whether it was those islands or Libya, they could not bring any value to the Sultanate.
Economically, running these regions would basically break even. Even in a bountiful year with good weather, profits would be marginal at best.
Strategically these islands are still important, but unfortunately, the Ottoman government cant afford a navy anymore. Without a strong navy, the so-called strategic value is just a joke.
Faced with uncertainty, Fuad asked, Your Majesty, shall we continue negotiating with the Austrians?
Abdulmejid I pondered for a moment before answering, Of course, we must continue. Well delay as much as possible, dragging it out as long as we can.
If we cant delay any longer, well strive to preserve our interests as much as possible. Even if we have to sell, well aim for a good price.
At least it shouldnt be less than what we got for the Balkans. We will not recognize these debts at all; the Austrians must pay in cash!
Fuad replied nervously, Yes, Your Majesty!
This contradictory decision is clearly not easy to implement, and may even be impossible. No matter how well its ultimately done, its unlikely to satisfy the Sultan.
The reluctance to lose territory was a matter of saving face. Abdulmejid I did not want to be branded as a traitor who had sold out his nation. It was not as if he cared that much about these lands.
At the same time, he wants to sell off some of the land to raise money and alleviate the financial crisis of the government in order to suppress the rebellions in the country.
After all, Austria is just a minor irritant; theyre only after the interests of the Ottoman Empire. Theyre not a threat to their existence; its the domestic rebels who really want to see the empire fall.
St. Petersburg
Upon receiving news of the Indian rebellion, the first reaction of the Russian government was that an opportunity had arisen.
There wasnt a single ambitious country in the world that did not covet the British monopoly over India, especially the greedy Russian Bear.
Learning from the setbacks of the recent Near East War, the Russian government has become more cautious. Lack of money was a fatal weakness.
Their finances are not in good shape, and their newly acquired territories in the Balkans have not yet recovered from the war. Their hopes of using the wealth of Constantinople to make up for their financial shortcomings have now faded.
Post-war reconstruction is still underway, and it will take a dozen or more years to return to pre-war levels.
Due to the war, the Russian government has once again accumulated a considerable amount of debt. Nicholas I still cared about face; he cant afford to default on debts again.
This was the price of fighting for hegemony. Their international reputation is already not great, and if they default again, decades of hard work will be ruined in an instant.
Without credibility, no one will want to ally with them. In the beginning, the Russian government had few allies, and if they made trouble again, they wouldnt even be able to find countries to cheer them on.
Nicholas I asked, The opportunity has come. What do you all think we should do now?
Finance Minister Peter Brock replied, Your Majesty, if we are to conquer India, we must first control the region of Afghanistan, or we risk being cut off.
The British are formidable; relying on the Indian natives alone wont hold them off for long. By the time we have raised enough funds and conquered Afghanistan, the British will probably have crushed the rebellion.
Instead, we could directly support the Indian rebellion by providing weapons, equipment, and military advisors to the rebels, allowing them to wear down British strength.
With Indias population of 300 million, even if just 1% of the population rises up, the British can only flee with their tails between their legs.
This is the most cost-effective approach. The Russian government isnt really short of weapons and equipment; they bought a lot during the Near East War, and now theyre concentrating on downsizing and recuperation. Their warehouses are nearly overflowing.
Shipping all that junk from the warehouses to India to cause trouble for the British is in their best interest, and they might even make quite some profit.
Foreign Minister Karl Nesselrode objected: Mr. Brock, now is the best opportunity to seize India. We have already courted the Persians, and if we can win over the Afghans, we can form a coalition to attack India. The British wont be able to stop us. If we miss this chance, it wont be so easy to take India from the British in the future.
Finance Minister Brock replied, Count Nesselrode, its not that simple. Even if your Foreign Ministry is able to persuade the Afghans to stand with us, what about the war funds?
The British will certainly fight tooth and nail to take India. It will escalate into a full-scale war between our two nations. The military expenditure required would only be more, not less, than the Near East War.
Having just won the Near East War, our Treasury coffers are empty enough for rats to scurry through. Where are we going to get so much money for war?
Foreign Minister Nesselrode refused to back down: Thats your finance ministrys problem. Whether through taxation, issuing war bonds, or seeking international loans, there are many ways to raise funds.
The conquest of India will establish the world hegemony of the Russian Empire. At this critical juncture, I believe Lord Brock will surely find a solution.
Brocks face turned ashen as he looked at Nesselrode and said coldly, Impossible. Even if we exhaust all means, we cannot possibly raise such a large sum of money in such a short time!
Nicholas I angrily rebuked, Enough, you two idiots, shut up!
How could this obvious act of subtle dissuasion escape his sharp eyes?
Finance Minister Brock saying theres no money, and Foreign Minister Nesselrode suggesting ways to raise money, ultimately mean the same thing: the country has no money now, and theres no way to raise it. Thinking about going to war is one thing, but solving the financial problem comes first.
Nicholas Is thoughts of sending troops were snuffed out as quickly as they had been sparked. Mounting an expedition to India wasnt so easy; aside from the lack of funds, logistics were also a major issue.
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