The Peaceful Walloon Region of Southern Netherlands

As Franz II opened the financial report, his brow immediately furrowed.

He looked up at Baron Thugut. "Our debt has actually reached 110 million florins?"

According to Austria's official propaganda, the total debt was only a little over 70 million florins. Though Franz II had been able to learn the true figures when he was Crown Prince, he had never paid much attention to the matter.

Baron Thugut nodded helplessly. "I'm afraid so, Your Majesty. As you know, His Majesty Joseph II's reforms met with resistance from the nobility... ahem, which left the treasury somewhat strained. Then we poured enormous military expenditures into the Silesian Wars, followed by last year's Serbian Rebellion..."

Franz II picked up irritably, "And then our trade encountered competition from the French."

"Indeed. Last year, our trade revenue fell by more than 7 million florins."

Looking at the long string of zeroes after the debt figure in the report, Franz II suddenly felt somewhat uncertain. "With our country's dreadful financial condition, should we perhaps not be too forceful abroad? I mean, if war truly breaks out, we may have difficulty sustaining the military expenses."

Recalling the air of supremacy with which His Majesty the Emperor had looked down upon the world at the meeting just now, Baron Thugut could not help shaking his head inwardly.

He took a deep breath and said:

"Your Majesty, the French have even worse finances. Their debt stands at 800 million florins."

Franz immediately regained his confident smile. "You are right, so we must never show weakness before the French!"

Baron Thugut seized the opportunity. "Your Majesty, our country has been trialing paper money for several years now. If it could be fully implemented, it would greatly improve our finances."

"Paper money? Hmm, I know. The English and the French are