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jan 1, 1931 - Failure of Credit Anstalt (Austria)

Description:

Credit Anstalt lost 85% of its equity, causing a series of bank runs (depositors pulling their money out) in Hungary and Germany.
Hoover (US Pres.) tried to stop by allowing war debts to be suspended for a year but this didn't work

Added to timeline:

Economic History

ByEdoardo Raoul Falco
29 Aug 2021
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307

Date:

jan 1, 1931
Now
~ 94 years ago
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