Bulgarian Empire

　　 After a pause, seeing no one speaks, Constantine called by name and asked: "Mr. Kennedy, you are an expert in the financial field, how do you think about this problem?"

"Your Excellency, with all due respect, even so, we can't do it! The reputation of the Bulgarian government in the international arena is not enough to be believed, unless a consortium is willing to take over! Otherwise, it is the limit to be able to sell 20 to 30 million yuan! "The Chancellor of the Exchequer Kennedy said positively

　　His judgment, no one has refuted it. In this era, the Anglo-American bond issuance requires the support of consortia, otherwise it will not be sold! Ordinary people don't have much money at all, and there is no way to talk about purchasing power! !

　　 "So what about raising interest?" Constantine asked unwillingly

Kennedy thought for a while and said: "According to my preliminary estimate, if: the annual interest rate is 7%, it will probably sell 20 to 30 million yuan; the annual interest rate is 8%, it can sell about 40 million yuan; the annual interest rate is 9%, and it can sell about 5 yuan. About ten million yuan; with an annual interest rate of 10%, you can sell 65 million yuan; with an annual interest rate of 11%, you can sell 90 million yuan..."

Constantine suddenly interrupted him and said: "Mr. Kennedy is fine, and needless to say, we must not be able to pay the interest even if we know it! Or just say, what is the highest interest rate we can bear! "

"The 10.5% interest rate, coupled with the current international bond issuance rate of no less than 2.5%, adds up to the interest rate that we bear has actually exceeded 13%! Once this line is exceeded, then the bond is issued The gain is not worth the loss!!" Kennedy said without hesitation

　　 "This is almost twice the loan interest!" Chekov exclaimed

　　 "Accounts cannot be calculated like that! On the surface, the interest on loans is indeed lower, but what about the additional conditions? If you look at it in the long run, in fact, the cost of paying international loans is higher!" Kennedy explained

　　……

　　 After some research, the cabinet decided to issue bonds. Although the interest rate is a bit higher, it does not involve sovereignty! ! As long as the country completes its industrialization, its fiscal revenue will surely increase by a large margin, and it will be slowed down later. It is better not to recite the traitor's reputation! !

　　 Issuing treasury bonds is not an easy task. Although the treasury bonds of later generations are to be bought, the people of this year are poor! ! No matter what the interest is, you have to have money to buy it!

　　 Secretary of the Treasury Kennedy, now we are embarrassed. Although the government has decided to issue treasury bonds, the specific amount and high interest rate are all calculated and verified by the Ministry of Finance before being reported!

　　 "Mr. Minister, all the personnel are in place, ready to start!" the secretary reminded

　　 Kennedy still has morals. In order to get a reasonable number as accurately as possible, he invited all mathematicians and financiers in Bulgaria to participate in the calculation!

　　 After listening to the secretary's reminder, Kennedy stood up and said: "Then let's go, don't make everyone wait!"

　　 In the living room, experts and scholars gathered in twos and threes to whisper each other.

　　 "My friend Stout, do you know that the Ministry of Finance invited everyone here today, what's the matter?" Lei Holman asked in confusion

"Lei, aren't you teasing me? I'm doing mathematics research. You are in economics, or are you an adviser to the Ministry of Finance? You don't know, how could I know!" Stout glared at him At a glance, dissatisfied

　　 "Damn it, I'll just ask! Under normal circumstances, the Ministry of Finance has nothing to do with you. I asked you to come over suddenly this time. I thought you knew it?" Ray Holman said depressed.

　　……

　　 Kennedy's arrival interrupted the communication, and the scene suddenly became quiet.

"Good afternoon, gentlemen! I am very glad to meet you here. Your time is precious. I will make a long story short! I invite you to come here today for the issuance of national debt. The secretary will send you the information! You can browse it first. Click, but the content must be kept secret!" Kennedy said cautiously

　　 took the file, everyone looked at it carefully, the more shocking the content became! After a while, seeing everyone had finished reading, Kennedy said earnestly:

　　 "Everyone knows the preliminary situation, and I'm up to you for the next work!! But please note that this matter must be kept secret, once it is leaked out, the consequences will be disastrous!"

　　 Everyone nodded in unison. Everyone who sat down again was subsidized by the government. The theoretical research done at the end of the 19th century was of a public welfare nature, but there was not much other income! Especially in a small country like Bulgaria, it is difficult to be a consultant for a company, and it is difficult to write a sense of presence in the newspaper. Everyone is more interested in industry than theory! !

　　 Inviting experts to participate is not enough. Kennedy is very clear that the opinions of this group of experts and scholars can only be used for reference. The Ministry of Finance itself has to calculate it separately, and the final result is validated!

　　 Ferdinand is not very interested in the interest rate calculated by the Ministry of Finance. Anyway, he knows that it must not be too low! There are international interest rates in this era. How can unsecured borrowing be cheap?

　　 For the gold standard, Ferdinand still has a headache, gold reserves are not easy! If possible, Ferdinand really doesn't mind changing to the credit standard, of course this can only be thought of! As it stands now, if anyone issues credit currency, it is estimated that inflation can compete with Zimbabwe!

　　The Balkan region has always been the main gold producing area in Europe, and the mining can be traced back to prehistoric times-ancient times. Ferdinand can’t remember how much Bulgaria’s gold reserves are. Anyway, in the 21st century, he is still exporting gold to China.

　　 Anyway, at the end of the 19th century, the Bulgarian economy was so large in history. In order to make up for the deficit in foreign trade, gold has been flowing out.

Ferdinand, who is short of money, has now set his target on the gold mine. You must know that the assets of the Austro-Hungarian Bank in Bulgaria were acquired before, including minerals in many regions. However, due to the short acquisition time, it has not yet had time to large-scale Mining.

　　Ferdinand has no shortage of gold mining technology. After all, United Mining Co., Ltd. has been operating for several years, and the technology and equipment are the most cutting-edge in the world!

　　 Oh, the mining industry in this era does not have much technical content. The internal combustion engine has not yet been popularized, and there are not many machines that can be used, mostly relying on manpower. Mining is not a good job, it is labor intensive and dangerous.

　　 Ferdinand estimated that the Austro-Hungarian Bank did not have large-scale mining before, and the lack of workers is also a reason! After all, mining is a high-risk job, but Bulgaria has a limited population, and a few people will do it when recruiting miners!

　　 "Carl, have you figured out the gold mines under Royal Bank?"