The Russo-Austrian negotiations had begun. Alexander II was no fool; his default was mainly because he lacked money, not because he failed to understand the consequences of losing credibility.
Even if he intended to default, he had to minimize the impact as much as possible. One day in the future, the Tsarist Government would still need to rebuild its reputation.
The worse the impact now, the harder it would be to clear its name in the future. The Russian Empire still needed to export grain, so its relations with the European countries could not be allowed to deteriorate completely.
Otherwise, even if its grain were sold at cabbage prices in the future, no one would want it. That would be a tragedy. After all, overcapacity in grain production could also trigger an economic crisis.
The Russian Empire's domestic market alone did not have the strength to sustain an economic cycle. The era of shutting the doors and playing by oneself had ended with the Industrial Revolution.
Austria was not only Russia's largest creditor, but also its part-time ally and the most important link in Russia's foreign relations.
If they could not even settle things with Austria, there would be no point in doing any of the work that followed. Russia would have no place in future affairs on the European Continent.
In this era, quite a few people still believed Russia was an Asian country. After all, the seven continents were a man-made division, and the boundary between Asia and Europe had yet to gain worldwide recognition.
Most of the Russian Empire's territory lay in Asia, while its European portion accounted for only a little over a quarter. There was not much wrong with calling it an Asian country.
Of course, Russians would never admit that they were an Asian