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1 results

  • 8 - Surrounded with Trouble (June 5–June 10)

  • Per H. Hansen, Copenhagen Business School
  • Book:
    There Will Be the Devil to Pay
    Print publication:
    09 January 2025, pp 132-147

  • Summary

    Chapter 8, Surrounded with trouble (June 5 - June 10). The BIS board decides to grant a second credit to the BIS, but only after a prolonged discussion and it is made conditional on the placement of the Austrian government loan. There is increasing concern about the schilling as capital flows out of the country and the government issues take increasing priority, without being placed. At the same time, Germany’s reparations issues become ever more present as the German Chancellor Brüning meets with Prime Minister MacDonals at Chequers. Shortly before, Brüning published a statement saying that the burden on the German people has reached its limit. The international creditors too become increasingly nervous about the Austrian situation.