Did the Germans think they were going to have to protect Turks or Greeks in the case of definite news from Athens? Was it Germany's intention to protect the European population, who had nothing to do with the impending political decision, although they might sympathise with it--was it Germany's intention to protect them, at any rate in this instance, from the Turkish lust of extermination? Had these two ships, now known as the _Jawuz Sultan Selim_ and the _Midilli_, not belonged for a long time to the Imperial Ottoman Navy? When Rumania flung off her shackles, there was great rejoicing in Pera, and even the greatest pessimists believed that relief was near and would be accomplished within two months at latest. But another and more terrible reverse absolutely destroyed the last shred of anti-Turkish hope, and the victories in Rumania, especially the fall of Bucharest, combined with the speech of the Russian minister Trepoff, had the effect of sending over solid to the side of the Government even the few who had hitherto, at least in theory, formed an opposition, although a powerless one. Victories shared with the Bulgarians, too, did away with the last remains of unfriendly feelings towards that people and consolidated the Turko-Bulgarian Alliance. Indeed, one may say that for Turkey the third great phase of the war began with the removal of all danger of the fall of Constantinople through the collapse of the Rumanian forces. The first comprised the time of the powerful attacks directed at the very heart of the Empire, its most vulnerable point, and ended with the English-French evacuation of Gallipoli. The second was the period of alternate successes and reverses, almost a time of stagnation, when practically all interest was centred on the Russian menace in Asia Minor and the efforts made to withstand it. It ended equally successfully with the removal of the Russian menace from the Balkans. The third will be the phase of increasing internal weakness, of the dissipation of strength through the sending of troops to Europe, of the successful renewal of the English offensive in Mesopotamia, perhaps even of an English-French offensive against Syria and of the final revolt of all the Arabian lands, ushered in by the events in the Hedjaz and the founding of a purely Arabian Caliphate. The third phase _cannot_ last longer than the year 1917; it will mean the decision of the whole European war. CHAPTER V The economic situation--Exaggerated Entente hopes--Hunger and suffering among the civil population--The system of requisitioning and the semi-official monopolists--Profiteering on the part of the Government clique--Frivolity and cynicism--The "Djemiet"--The delegates of the German _Zentraleinkaufsgesellschaft_ (Central Purchases Commission)--A hard battle between German and Turkish intrigue--Reform of the coinage--Paper money and its depreciation--The hoarding of bullion--The Russian rouble the best investment.