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The fact is that the position of the Germans in

the Balkans

is becoming very precarious, and, what is worse for them, the - force of circumstances will apparently oblige them to throw - good money after bad. This last statement is more than a metaphor. The way in which the Bulgarians slid - the Turks

are bleeding Germany, and bleeding her not in paper but in gold, is evidently appalling the better-instrubted classes in Germany. Both the Turks and the Bulgarians declare that they cannot move without cash down, and as there is nobody to produce gold except Germany, she has to part with money urgently needed at home. It is an Exchequer tragedy.

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