Chapter 644: The Peaceful Southern Netherlands Walloon Region

As Emperor Franz II flipped open the financial report, his brow immediately furrowed.

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

According to Austrian propaganda, the total debt was only a little more than 70 million florins. Although Franz II had been able to understand the real data when he was the Crown Prince, he had never been too concerned about it.

Baron Tugut nodded helplessly. "I'm afraid that's the case, Your Majesty. You know, the reforms of Emperor Joseph II were met with resistance from the nobles... ahem, which made our finances a bit strained. Then we poured a significant amount of military expenses into the Silesian Wars, followed by the Serbian rebellion last year..."

Franz II replied irritably, "And then our trade faced competition from the French."

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