PREVIEW

... negotiations have already begun. Alexander II is not a reckless man; the main reason for defaulting is a lack of funds, which does not mean he is unaware of the consequences of losing credibility.

Even if there is an intention to default, it must be done with the least possible impact, for the Tsarist Government will have to rebuild its credibility one day in the future.

The more negative the impact now, the harder it will be to make amends in the future. The Russian Empire stil ...

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