d that he is
a republican, and that the destinies of monarchy would not be safe in
his hands. By these means German organization, which finds work and
room for kings and for poisoners, for theologians and assassins, has
transformed Greece into a Prussian satrapy which avails itself of the
freedom of the seas, established by the Allies, to carry on contraband
to their detriment and give help and encouragement to Austrians,
Bulgars and Turks. And the Turks were meanwhile extirpating the Greeks
of the coast of Asia Minor.

[102] _Gazette de Lausanne_, July 6, 1915, and _Corriere
della Sera_, July 8, 1915.

Bulgaria's attitude underwent no momentous change during the interval
that elapsed between the outbreak of the war and the close of the
first year. Symptoms of a new orientation had, it is true, often been
signalled and commented, but Ferdinand of Coburg and his lieutenants
remained steadfastly faithful to the policy of quiescence which had
conferred more substantial benefits on Germany and Austria than could
have been bestowed by the active co-operation of the whole Bulgarian
army. This tremendous effect could never have been obtained if
Bulgaria had entirely broken with the Powers of the Entente. It seemed
as essential to its success that these should never wholly give up the
hope of winning her over, as it was that her important movements
should be conducive to the interests of their enemies. Hence every
secret arrangement with Berlin and Vienna was emphatically denied, and
every overt accord declared to be devoid of political significance.

It was thus that Europe was directed to construe the negotiations
between the Sofia Cabinet and the Austro-German financial syndicate
respecting the payment of an instalment of the L20,000,000 loan
contracted shortly before the war. That Germany, whose financial
ventures are invariably combined with political designs, would not
part with her money to Bulgaria at a moment when gold is scarce,
unless she were sure of an adequate political return, could not be
gainsaid. And that the retention by Bulgaria of her freedom of action
would be incompatible with the interests of Austria and Germany is
also manifest. However this may be, the twenty millions sterling
demanded by Sofia were accorded, and the legend was launched that the
transaction was purely financial.

Towards the end of July[103] King Ferdinand's ministers made another
momentous move, the consequences of which