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6 - Guarantee at Last? (May 26–June 1)

Published online by Cambridge University Press:  21 December 2024

Per H. Hansen
Affiliation:
Copenhagen Business School
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Summary

In chapter 6, Guarantee at last? (May 26 - June 1), it becomes clear that even though the Austrian parliament passed a law authorizing the government to guarantee Credit Anstalt’s deposits, the struggle is far from over. It is difficult to get information from Credit Anstalt and nervousness about Germany and reparations grows as the Austrian crisis is also developing into a currency crisis. International bankers set up an International Creditors Committee, while the BIS and the Bank of England insist on controllers being associated with the Credit Anstalt and the Austrian National Bank (ANB). Norman confesses to have difficulty separating cause and effect and he grows impatient with the BIS and the ANB.

Type
Chapter
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There Will Be the Devil to Pay
Central Bankers, Uncertainty and Sensemaking in the European Financial Crisis of 1931
, pp. 96 - 112
Publisher: Cambridge University Press
Print publication year: 2025

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