It seems to occur first before the Diplomacy period. And of course, a Dave Woods comment, the text font is smaller for some of the Optional Rules. With the use of Op pts, forces sweep across the map. Some of the Optional rules are nice. The turn order of major powers can be determined by the number of Treasury and Dipl.
Players can happily default on loans.
Overall, a nice, simple multiplayer game in the Miranda style with a deceptive amount of depth and strategic play in it.