Does not have money forever is the most painful things, particularly an important goods child person is pointing at eating meal, solving the financial crisis is imminent. 没钱永远都是最痛苦的事情,尤其是还有一大帮子人指着吃饭,解决财政危机已经迫在眉睫。 St. Petersburg Winter Palace 圣彼得堡冬宫 The new First Lord of the Treasury Yevgen Kiess employing professional mourners face report said: „Your majesty, this is recent one month of disbursement reported that if not take the measure, most three months we will go bankrupt.” 新任财政大臣叶夫根基斯哭丧脸汇报道:“陛下,这是最近一个月的支出报告,如果不采取措施的话,最多三个月我们就会破产。” The finance goes bankrupt, the Tsar government the first time was not happened. If the ordinary period, the bankruptcy went bankrupt, at the worst announced repudiates a debt. 财政破产,沙皇政府不是第一次发生了。如果是平常时期,破产就破产好了,大不了宣布赖账。 The opening up wasteland movement that the present issue just organized cannot stop, otherwise these more than ten million people will have an empty stomach. Not only when the time comes the reform is destroyed in a moment, the sand Emperor national capital has the possibility therefore to collapse. 现在的问题是刚刚组织起来的开荒运动不能停下,不然这上千万人就会饿肚子。到时候不仅改革毁于一旦,就连沙皇帝国都有可能因此而崩溃。 Received the report form to take a fast look around one, Alexander II lost in the one side, set out to pace back and forth in the room. 接过报表扫视了一眼,亚历山大二世就丢在了一旁,起身在屋子里徘徊了起来。 The plan has not changed forever quickly, participates in the people number of opening up wasteland actually, must in many compared with Tsar government estimate. Person many strengths are big, the expenses are also big. 计划永远没有变化快,实际参与开荒的民众数量,要远比沙皇政府预计中的多。人多力量大,开销也大。 Hesitant for a long time, Alexander II opens the mouth to ask: „If from now on, we suspend the international debt payment, can pass this crisis?” 犹豫了许久,亚历山大二世才开口问道:“如果从现在开始,我们暂停国际债务支付,能够度过这次危机？” Repudiating a debt is not a choice, but the issue was the Tsar government really does not have money. Continues the international loan, was the issue debentures, the Tsar government has attempted. 赖账不是一个的选择,可问题是沙皇政府真的没钱了。无论是继续国际贷款,还是发行债券,沙皇政府都尝试过了。 No one is willing to lend the poor devil money, even if the Russia person can put out the collateral, everyone was still worried unable to fulfill the commitment. 没有人愿意把钱借给穷鬼,即便是俄国人能够拿出抵押品,大家也担心兑现不了承诺。 Because of the reason of war, discarded some fertile soil of Eastern Europe, the financial revenue of Tsar government is also the large scale shrinkage. 因为战争的缘故,丢掉了东欧地区的部分沃土,沙皇政府的财政收入也是大幅度缩水。 If not confiscating family's property to send one, the Tsar government has gone bankrupt. The war consumes, reform in a big way commits suicide the beast similarly, leaves the leeway that Alexander II chooses is not big. 如果不是在抄家中发了一笔,沙皇政府早就破产了。战争消耗大、改革同样是吞金兽,留给亚历山大二世选择的余地已经不大了。 First Lord of the Treasury Yevgen Kiess thinks, replied: „If suspends some projects, the guarantee opening up wasteland movement, should the issue not be big full power.” 财政大臣叶夫根基斯想了想后回答道:“如果暂停部分项目,全力保证开荒运动,应该问题不大。” Presented the choice question the time to arrive, after suffering hard-to-reach, Alexander II made the ambitious Russian railroad project. 做选择题的时间到了,吃了一次交通不便的亏后,亚历山大二世制定雄心勃勃的俄罗斯铁路计划。 On all fronts as high as 150000 km, once completes this plan, very soon was Eastern Europe to be connected, almost can announce that Prussia and Poland were finished. 全线高达150000公里,一旦完成这个计划,俄属东欧就被串联了起来,几乎可以宣布普鲁士和波兰完蛋了。 Alexander II made decisively decided: „Good, that manages!” 亚历山大二世果断的做出了决定:“好,那就这么办！” The issue of development first lags, the solution present issue is important. On the surface, opened up wasteland to increase the land quantity greatly, making the farmers have the land, was a good deed. 发展的问题先滞后,解决眼下的问题要紧。表面上看来,大开荒增加了土地数量,让农民都有了土地,是一件好事。 In fact, in this also has very big hidden danger. The biggest problem is the future will definitely present the grain yield is too many, hurting famers with low grain price truth everyone understands. 实际上,这里面还有很大的隐患。最大的问题就是未来必然会出现粮食产量太多,谷贱伤农这个道理大家都是懂的。 Perhaps to the capitalist economy, the grain yield increases is a good deed, can reduce the cost of supporting the worker. 或许对资本主义经济来说,粮食产量增加是一件好事,可以降低养活工人的成本。 Then, to the farmer and aristocrat, this is a disaster. Many aristocrats are holding back, the primary cause is the worry the self-interest will be damaged in the future. 然后,对农民和贵族来说,这就是一场灾难。不少贵族在扯后腿,主要原因就是担心未来自己利益受损。 Russian Empire is the grain export great nation, if continues to increase the capacity, the internal affirmation could not consume, the exit|to speak becomes the only choice. 俄罗斯帝国本来就是粮食出口大国,要是继续增加产能,内部肯定消耗不了,出口就成为了唯一选择。 From the beginning, the Tsar government prepared for that hits the European grain price. Various countries can dump the manufactured products to them, they can also dump the agricultural product reverse. 从一开始,沙皇政府就做好了把欧洲粮价打下来的准备。各国可以向他们倾销工业产品,他们也可以反向倾销农业产品。 If can monopolize the food supply of continental Europe, that was good. Must achieve this step, must first make the grain of Russian Empire be able to transport. 如果可以垄断欧洲大陆的粮食供应,那就再好不过了。要做到这一步,首先就要让俄罗斯帝国的粮食能够运出去。 The railroad is essential one point, if cannot solve the traffic problem, the plan stays on the paper surface forever. 铁路就是必不可少的一环,如果不能解决交通问题,计划永远都停留在纸面上。 No one opposed that the plan of Alexander II, compares the great plan, passed the present difficult problem to be important. 没有人反对亚历山大二世的计划,相比伟大的计划,还是度过眼前的难题要紧。 So long as has supported the first year, output on land can guarantee the people livelihood, then behind was good to solve. 只要撑过了第一年,土地上的产出能够保证民众基本生活,那么后面就好解决了。 This age Russia farmer quite supports, just turned into the freeman from the serf, so long as can fill the belly, other request they have not dared to have. 这个年代俄国农民好养活,刚刚从农奴变成自由民,只要能够填饱肚子,别的要求他们都还不敢有。 So long as passed the time of most crisis, the following issue was easy to do. 只要度过最危机的时刻,后面的问题就要好办了。 On July 7 , 1869, the Tsar government sent out the note to the major creditors, announced: The Russian Empire finance goes bankrupt, is incapable of continue fulfill the debt. 1869年7月7日,沙皇政府向各大债主发出照会,宣布:俄罗斯帝国财政破产,无力继续履行债务。 European world in an uproar, many years did not have the European country to repudiate a debt recently, gave a people misconception, think that the moral integrity of all governments enhanced. 欧洲世界一片哗然,最近好些年都没有欧洲国家赖账了,都给了民众们一种错觉,认为各国政府的节操提高了。 The Russia person breaks everyone's fantasy now, has not repudiated a debt that is everyone finance situation is good, has not arrived must repudiate a debt. 俄国人现在打破了大家的幻想,没有赖账那是大家财政情况不错,没有到必须赖账的时候。 If really did not have money, that said that repudiated a debt must repudiate a debt. Asks for money not to have in any case, does not give awfully, other everyone look at the office! 真要是没钱了,那说赖账就得赖账。反正要钱没有,要命不给,其余的大家看着办吧！ Besides the creditor, the European People turned ate the melon people, looked at Vienna, the mean expression can be seen in speech and appearance. 除了债主之外,欧洲民众都变成了吃瓜群众,将目光投向了维也纳,幸灾乐祸的表情溢于言表。 Austria benefits more recent good of very development, naturally also makes many people envy. As the Russia person biggest creditor, many people are looking joke that now Austria benefits. 奥地利最近一些发展的很不错,自然也让很多人嫉妒。作为俄国人最大的债主,现在很多人都在看奥地利的笑话。 The Russia person must pay the principal and interest of 3,068,400 aegises now every month, every year is 36,820,800 aegises. 要知道,现在俄国人每个月都要支付306.84万神盾的本息,每年就是3682.08万神盾。 This astronomical figures, have made suddenly Austria Union be disillusioned sufficiently. Good relations, cannot withstand devastation of benefit. 这个天文数字,已经足以令俄奥同盟破灭了。再好的关系,也顶不住利益的摧残。 Franz does not have in the imagination is so terrified, when refuses to provide the loan to the Tsar government, he prepares that at heart the Russia person repudiated a debt. 弗朗茨并没有外界想象中那样惶恐,早在拒绝向沙皇政府提供贷款的时候,他就做好了俄国人赖账的心里准备。 It is not right, should say, when is earlier, had this mental preparation. After all the financial conditions of Tsar government continuously not much, can support to the present is not very easy. 不对,应该说在更早的时候,就有这个思想准备了。毕竟沙皇政府的财政状况一直都不咋地,能够支撑到现在都很不容易了。 The preparation, the aftermath must be done. Most loans, are the Vienna government provide the guarantee, but otherwise few banks dare to order. 再充分的准备,善后工作也必须要做。这其中大部分贷款,都是维也纳政府提供担保的,不然可没有几家银行敢接单。 Except for the issue, the Vienna government also needs to shoulder the responsibility. Is good has the mortgage because of overwhelming majority loans, now the work of Vienna government is urges the Russia person to carry out the collateral. 除了问题,维也纳政府也是需要承担责任的。好在绝大部分贷款都是有抵押的,现在维也纳政府的工作就是督促俄国人落实抵押品。 Prime minister Felix is frowning the report saying: „ Your majesty, the contract of fundamental signing, we estimated initially, even if the Russia person fulfilled the mortgage, we must in guaranteeing the range undertake the indemnities of 38 million aegises. 首相费利克斯皱着眉头汇报道:“陛下,根本签订的合同,我们初步估算了一下,就算是俄国人履行了抵押,我们也要在担保范围内承担3800万神盾的赔偿金。 This sum of money cannot undertake by us directly, must Russia to be responsible for this reason. Now the finance does not have money, makes them postpone the repayments, the Tsar government is impossible to go bankrupt. ” 这笔钱不能直接由我们承担,必须要让俄国人为此负责。现在财政没钱,就让他们延期还款,沙皇政府不可能一直破产下去。” Franz nods, others' debt can, no matter, own account must always receive. Even if no money, must make the Tsar government first acknowledge mistakes, otherwise the Vienna government is also very difficult to confess to the people. 弗朗茨点了点头,别人的债务可以不管,自己的账总是要收回来的。就算是没钱,也必须要让沙皇政府先认账,不然维也纳政府也很难向民众交代。 „Ministry of Foreign Affairs and Russia person communicate, urging them to carry out the contract. The financial insolvency, can the postponement of payment.” “外交部和俄国人沟通,督促他们履行合同。无力偿还债务,可以延期支付。” The one who owes money is Sir, the present Tsar government is this Sir. 欠钱的是大爷,现在的沙皇政府就是这个大爷。 The military force pursues debt that is not possible, this money basic on insufficient military expenses expenses. Different is so good to bully from Mexico, Russian bear competent. 武力追债那是不可能的,这点儿钱根本就不够军费开销。不同于墨西哥那么好欺负,毛熊还是有实力的。 The Tsar government does not have money, was not equal to that the Tsar aristocrat does not have money, several hundred years of accumulation, how can also haunch a war again. 沙皇政府没钱,不等于沙皇贵族也没钱,几百年的积累,再怎么样也支撑得起一场战争。 The aristocrat and Tsar government is suffers if either one suffers a Rong Jurong, the foreign invasion, they quickly can as dear as if one of the family. 贵族和沙皇政府是一损俱损一荣俱荣,外敌入侵的时候,他们很快就会亲如一家。 The creditor of Russia person are many, in the spirit of the principle of bullying the weak and fearing the strong, it is estimated that the debt of small country will be reneged, the great nation debt generally is the postponement of payment. 俄国人的债主很多,本着欺软怕硬的原则,估计小国的债务都会被赖掉,大国债务一般是延期支付。 Debt same minute/share of a motley collection of postponement of payment, definitely first repays, without folk commercial loan that the government that is guaranteed by all governments guarantees, can renege to renege mostly, cannot renege to tow. 延期支付的债务同样分三六九等,由各国政府担保的肯定是优先偿还,没有政府担保的民间商业贷款,多半是能赖掉就赖掉,赖不掉就拖下去。 After is choosy, this repudiating a debt moves, the Russia person at least reduced the foreign loans of 400 million aegises. If the Tsar government is strong enough, will be perhaps more. 挑挑拣拣过后,这次赖账活动,俄国人至少减少了四亿神盾的外债。如果沙皇政府够强硬,没准还会更多了。 Those who made Franz gratified was, the foreign loan of Near East in time of war, the Russia person must also 7788, not say the interest income, at least the capital took carry back. 令弗朗茨欣慰的是,近东战争时期的外债,俄国人已经还得七七八八了,不说利息收益,至少本金是拿回来了。 The debt in Prussia war, great has not naturally taken carry back. Professional ability strongest bank, received 30-40% costs at most. 普俄战争中的债务,没得说自然是没有拿回来。业务能力最强的银行,也顶多收回来了30-40%的成本。 The Austria Libyan government has not lost money, most loans have the supplemental condition, through these years two countries trades, drives the economic development, the increased tax revenue makes up for the loss sufficiently. 奥地利政府是没有亏损,大部分贷款都是有附加条件的,通过这些年的两国贸易,带动经济发展,增加的税收就足以弥补损失。 The financial institution was different, if there is the Vienna government to provide the guarantee, was easy to do, even if the Russia person repudiated a debt, the Vienna government was responsible for assuring the capital security. 金融机构就不一样了,如果有维也纳政府提供了担保,那么还好办,就算是俄国人赖账,还有维也纳政府负责保证本金安全。 Without obtaining guarantee commercial loan, that trouble was big. This type of loan, the financial institution must be responsible. 没有获得担保的商业贷款,那就麻烦大了。这种贷款,金融机构是要自行负责的。 Feilibote is such a unlucky egg, he is not the banker, merely is only a boss of securities company. 菲利波特就是这样一个倒霉蛋,他不是什么银行家,仅仅只是一家证券公司的老板。 Because seeks after the high quota that the Russia person gives to return, sold a number of bonds for the Tsar government, now the Russia person announces the finance to go bankrupt, according to Austria benefits the law to stipulate, his securities company must shoulder the joint and several liability. 因为贪图俄国人给出的高额返点,就替沙皇政府代销了一批债券,现在俄国人宣布财政破产,按照奥地利法律规定,他的证券公司就要承担连带责任。 A middle-aged fatty runs to say in a hurry: „Mr. Feilibote, the Russia person announced that the news of bankruptcy travelled certainly, now outside people request us to cash the bond ahead of time.” 一名中年胖子匆匆跑来说道:“菲利波特先生,俄国人宣布破产的消息一定传开了,现在外面的民众要求我们提前兑付债券。” The securities management system that this age Austria benefits might be considered as is crude, the securities company issue debentures, must be responsible for the people of purchase bond. 这个年代奥地利的证券管理体系堪称是粗暴,证券公司代为发行债券,必须要为购买债券的民众们负责。 Simple, the right of verification bond in securities company hand. This may not only be only the good deed, since attained the reviewing authority, similarly must shoulder the corresponding responsibility. 简单的来说,审核债券的权利在证券公司手中。这可不仅仅只是好事,既然拿到了审核权,同样也要承担相应的责任。 For example: The surety bond can cope normally, ahead of time explained the risk to the purchase bond people, had the repudiating a debt situation, the securities company needs to shoulder certain payment responsibility. 比如说:保证债券能够正常对付,提前向购买债券民众说明风险,发生了赖账情况,证券公司需要承担一定的赔付责任。 This payment standard, was defined by the securities company and government together. The standard that the government formulates is not lower than the capital 50%, but the securities company to solicit the business, will often formulate a high standard. 这个赔付标准,由证券公司和政府共同确定。政府制定的标准是不低于本金百分之五十,而证券公司为了招揽生意,往往会制定一个高标准。 The Austria advantage was known as the securities company that suffers no loss of capital is not one two, Feilibote securities company exactly is also one of them. 奥地利号称保本的证券公司都不是一家两家,菲利波特的证券公司恰好也是其中之一。 According to the commitment, the Russia person repudiates a debt now, is incapable of cashing the bond normally, Feilibote securities company must repay the capital. 按照承诺,现在俄国人赖账,无力正常兑付债券,菲利波特的证券公司就要代为偿还本金。 Commitment that oneself give, that must cash. Feilibote regrets now, pulling out that the Russia person gives becomes Gundam/reaches as high as 15, originally is not normal, what a pity initially had not resisted the seduction. 自己给出来的承诺,那就必须要兑现。菲利波特现在后悔了,俄国人给出的抽成高达15,本来就不正常,可惜当初没有抵御住诱惑。 Asking that Feilibote cares about: „Bergues, in our account also how much money?” 菲利波特关心的问:“贝尔格,我们账目上还有多少钱？” Travelling is not possible to travel, the police have stared at him. If travels, it is estimated that cannot have Austria to benefit is grasped. 跑路是不可能跑路的,警察已经盯上了他。要是跑路的话,估计出不了奥地利就被抓了。 Thinks the means damage control is the kingly way, losing money must. Now these bonds were the not possible fair price to sell obviously, but after discounting, perhaps also some people dare to take over a business. 想办法善后才是王道,赔钱是必须的。现在这些债券显然是不可能平价卖出去了,不过打折之后没准还有人敢接盘。 After all this is the national debt that the Tsar government issues, even if goes bankrupt to be incapable of cashing now, in the future the Russia person will want to establish the prestige, still had the possibility buy-back. 毕竟这是沙皇政府发行的国债,就算是现在破产无力兑付,未来俄国人想要重新建立信誉,仍然有可能回购的。 The general public cannot see far, or cannot wait is so long. 普通民众看不到那么远,或者说等不到那么久。 Bergues thinks saying: „ In account total 3,894,600 aegises, but deducts the operation funds of securities company, can use only has 3.56 million aegises. 贝尔格想了想说:“账上共计389.46万神盾,不过扣除证券公司的运营经费,能够动用的只有356万神盾。 Mr. Feilibote, outside the people that request to cash ahead of time are many, perhaps this sum of money insufficiently pays damages. ” 菲利波特先生,外面要求提前兑付的民众很多,这笔钱恐怕不够赔付。” Feilibote sighs: „ I know, first sends people to comfort the people, told them us to agree that deferred to the contract promise to cash ahead of time. 菲利波特叹了一口气说:“我知道,先派人出去安抚民众,告诉他们我们同意按照合同约定提前兑付。 I remember that the initial sales contract has had the agreement, meets the force majeure to cause the bond unable to cope normally, we are indeed responsible. 我记得当初的销售合同有过约定,遇到不可抗力导致债券无法正常对付的,我们的确是要负责。 However, after this is responsible for the time is the bond expires. Now they request to cash ahead of time, are the breach of contract, needs to undertake 20% penalties, we only needed to pay 80% capital on the line. 不过,这个负责时间是债券到期过后。现在他们要求提前兑付,属于违约行为,需要承担百分之二十的违约金,我们只需要支付百分之八十的本金就行了。 Spreads the news, three days we will start to cash the bond from now on ahead of time, only opens a window, increases the verification step, protracted time as far as possible. 放出消息,三天过后我们开始提前兑付债券,只开设一个窗口,增加审核步骤,尽可能的拖延时间。 I must inquire the news, having a look at the matter to have the favorable turn. In such big matter, the Vienna government not possible not to have responded. 我还要去打探消息,看看事情有没有转机。发生了这么大的事情,维也纳政府不可能没有反应。 Relax, this matter cannot strike us. The Russia person bond that we provide also 8 million, do the not possible all people request to cash ahead of time? 放心吧,这件事情击不到我们的。我们发放出去的俄国人债券也就八百万,不可能所有的民众都要求提前兑付吧？ You also inquired, having a look in the market to have the person to purchase the Russia bond, that feared that hit to rebate, we also possibly accepted. ” 你们也打听一下,看看市场上有没有人收购俄国债券,那怕打个对折,我们也可能接受。” The profit of securities company has been very high, ten years ago organized this company time, Feilibote invested merely was less than 300,000 aegises, now the light/only floating capital is more than ten times of this number. 证券公司的利润一直很丰厚,十年前创办这家公司的时候,菲利波特仅仅投入了不到三十万神盾,现在光流动资金就是这个数字的十几倍。 These years he profit that screens out from the securities company draws bonus also over a million aegises, this crisis is very big to the loss that he incurs, so long as deals appropriately, passing this crisis was hopeful. 这些年他从证券公司抽走的利润分红也有上百万神盾,这次危机给他带来的损失很大,但是只要应对得当,度过这次危机还是有希望的。 Feilibote has to rejoice, Russia person prestige on difference, their bonds in market unpopular. Otherwise sold several million aegises one time, he can only jump rooftop. 菲利波特不得不庆幸,俄国人本身信誉就差,他们的债券在市场上不受欢迎。要不然一次销售出去了几千万神盾,他就只能去跳天台了。 Naturally, if really can sell several million aegises, this business he could not do. 当然,真要是能够销售出去几千万神盾,这笔生意他也做不下来了。 The law that Austria benefits is not the child's play, will surpass the debenture issue of its bearing capacity, the government will interfere. 奥地利的法律又不是儿戏,超过本身承载能力的债券发行,政府可是会干涉的。 Otherwise registers a handbag securities company, the issue debentures in the market amasses money, sells-out travels and announces on the donation the bankruptcy, can make one's own way rapidly? 不然注册一家皮包证券公司,在市场上发行债券敛财,卖完就捐款跑路、宣布破产,岂不是可以迅速发家致富？ Obviously, this type gets huge windfall wealth getting rich way, has written out clear/pain in the legal astronomy. 显然,这种一夜暴富的发财方式,在法律天文上已经写清楚了。 Different from other company, the securities company goes bankrupt to pursue the responsibility is strictest. The management and shareholders must be investigated rigorously, only if strict operates according to the stipulation completely, otherwise basically no one can run away. 不同于别的公司,证券公司破产追责是最严的。管理层和股东都要受到严查,除非全部都是严格按规定操作,不然基本上没人能够跑掉。 Strict, Feilibote for the bond that the Russia person issues, even played edge ball. 严格来说,菲利波特替俄国人发行的债券,就算是打了擦边球。 Not accident naturally does not have the issue, now has an accident, if not complete the aftermath as soon as possible, when the police involved, he wants the squatting prison mostly. 不出事自然没有问题,现在出了事,要是不尽快做好善后工作,等警方介入了,他多半要蹲监狱。