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Chapter 274 - Chapter 269: Negotiation and Game Theory

The forces from Haystack Hall and Copper Gate had finally joined those from The Horn and Stonehelm, gathering together to await the arrival of Storm's End's main vanguard.

The banners of the Stormlands fluttered proudly in the cold wind.

Haystack Hall's standard displayed a yellow haystack upon an orange field, while Copper Gate's banner bore three brass buckles against a sky-blue background.

"Thank the gods."

The voice belonged to Naho Bruun, the Braavosi banker, who hurried into the command tent outside Copper Gate to meet Prince Gendry.

The banker was a short, stocky man whose unusual purple three-tiered felt hat made him appear taller than he really was.

As he entered, his sharp eyes quickly assessed everyone present.

Standing around Gendry were several figures of considerable importance.

There was Melisandre, the mysterious Red Woman whose crimson robes seemed to drink in the light around her. Beside her stood Ser Barristan Selmy, the legendary knight of the Kingsguard. Anguy, the red-haired archer with his freckled face, leaned casually nearby, while Jon Snow stood silently in the background, observing everything.

The two female guards who usually accompanied Gendry—the Maid of Tarth and the Bear Maiden—had remained behind on Dragonstone to protect Daenerys.

Several Stormlords sat upon folding chairs around the command table. Among them were Justin Massey of Stonehelm, Lord Durran of The Horn, and a number of lesser nobles who had pledged themselves to Gendry's cause.

Naho understood something immediately.

Robert Baratheon had been straightforward.

His son was not.

According to every report the Iron Bank's agents had gathered, Gendry was significantly more difficult to negotiate with than his father had ever been.

The young prince was known for three things.

His victories.

His ruthlessness.

And his intelligence.

Many warriors could win battles.

Very few could win wars.

Gendry appeared capable of both.

At that moment, the young prince was cutting into a large plate of roasted lamb using a Valyrian steel dagger.

The blade had once belonged to Petyr Baelish.

Now it served a much more practical purpose.

Wearing black scale armor beneath a golden surcoat embroidered with dragons and stags, Gendry looked every bit the conquering prince.

He devoured the roasted meat with the same determination he showed on the battlefield.

"Lord Naho," Gendry said after swallowing another bite, "you are the first foreign envoy to seek me out after my recent victories."

He offered a faint smile.

"By all rights, I should feel honored."

The smile vanished.

"However, before we celebrate anything, we need to discuss the matter of your terms."

Naho bowed slightly.

"I dare not call myself a lord, Your Highness. I am merely a humble servant of the Iron Bank of Braavos."

The humility sounded convincing.

It was also completely false.

Any man who could demand repayment from kings was far from humble.

Gendry studied him carefully.

Braavosi bankers loved gold more than life itself.

And among all bankers, those of the Iron Bank were the most dangerous.

A sword could solve many problems quickly.

A banker often created problems that lasted generations.

Fortunately, the amount involved remained manageable.

For now.

"Tell me," Gendry said. "How did you find me so quickly?"

Naho smiled politely.

"I sailed with three ships to Tarth. Originally, I expected to meet you at Storm's End."

His smile widened.

"Instead, I discovered that Your Highness had already defeated Renly Baratheon, brought Lord Stannis into your service, and advanced toward King's Landing."

The banker spread his hands.

"Your campaign has moved faster than a summer storm."

His eyes gleamed.

"The title of Triumphant Storm seems well deserved."

"The Iron Bank certainly knows how to flatter people," Gendry replied with a laugh.

"I almost believe every word."

Naho chuckled.

"The journey was not without hardship, Your Highness."

"Crossing the Narrow Sea at this time of year is dangerous."

"That is why I brought three vessels. If one encounters disaster, the others may offer assistance."

He shrugged.

"The Iron Bank prefers caution whenever possible."

Gendry nodded.

Then his expression became more serious.

"Let's begin with a simple fact."

"The debts owed to Braavos were incurred by the late king."

His voice hardened.

"I have not enjoyed a single coin of those loans."

He stood slowly.

The atmosphere inside the tent changed instantly.

The casual mood disappeared.

The gathered lords straightened in their seats.

The young prince suddenly seemed much larger.

More dangerous.

Like a storm waiting to break.

"Worse," Gendry continued, "much of that money vanished into the pockets of traitors and thieves."

The banker remained calm.

"The debt belongs to the Iron Throne, Your Highness."

His words were careful and precise.

"Whoever sits upon the throne inherits both its authority and its obligations."

The statement hung in the air.

Naho continued.

"At present, the Iron Bank considers your chances of victory extremely favorable."

"That is why we deemed it necessary to speak directly with King Robert's heir."

He folded his hands.

"If Your Highness proves reliable, the Iron Bank would be delighted to continue supporting your reign."

A faint smile appeared.

"After all, our relationship with King Robert was profitable for both parties."

Gendry leaned back against the table.

"Then perhaps you'll forgive the interest?"

Naho laughed.

"An amusing joke."

"Or perhaps reduce the principal?"

The banker laughed again.

"A more amusing joke."

Gendry grinned.

Naho's expression became serious.

"The purpose of banking is profit."

"The Iron Bank does not forgive debts."

"We may discuss repayment terms."

"We may discuss timelines."

"We may discuss interest."

"But debt itself remains debt."

Gendry sighed dramatically.

"What a disappointing answer."

The Braavosi merely smiled.

Gendry suddenly changed the subject.

"Exactly how much does the Crown owe?"

Naho spread his hands.

"That depends on how one calculates accumulated interest."

Before the banker could continue, Ser Barristan stepped forward.

"I know the figures, Your Highness."

Gendry nodded.

"Proceed."

"The Crown's total debt exceeds six million gold dragons."

The tent became noticeably quieter.

"The largest creditor is House Lannister."

"After them come Lord Tyrell, the Iron Bank of Braavos, the Tyroshi Trading Company, and the Faith."

Ser Barristan paused briefly.

"The Crown owes House Lannister approximately three million one hundred thousand gold dragons."

"The Iron Bank is owed roughly one million two hundred thousand."

"The Faith is owed nine hundred thousand."

"The remaining debts are divided between Lord Tyrell and the Tyroshi Trading Company."

Naho nodded approvingly.

"An excellent summary."

Then he looked toward Gendry.

"The good news is that some of those creditors are unlikely to collect."

The implication was obvious.

If Gendry defeated the Lannisters, their claims would become irrelevant.

Likewise, the Tyroshi interests had already been severely weakened.

Only Braavos remained persistent.

And patient.

Very patient.

"It's only the interest that concerns us most," Naho said.

Gendry laughed.

"Only the interest?"

"You're asking for enough gold to fund an army."

The banker remained silent.

Because it was true.

And because he intended to collect every coin possible.

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