The Credit-Anstalt Bank of Austria Fails
At a glance:
- Series: Great Events from History II: Business and Commerce Series
- Categories: Economics
- Subcategories: Business, Banks, Banking, Finance, Depressions, Recessions
- Curriculum: 20th & 21st Century European History
- Geographical Location: Vienna
- Date: May 8, 1931
Article abstract: The first of a series of European bank failures and restructurings, the failure of the Credit-Anstalt shook international financial markets and led to a worsening of the worldwide depression.
Summary of Event
The failure of the Credit-Anstalt Bank of Austria, of which the Austrian government was informed on May 8, was announced to the world on May 11, 1931. The Credit-Anstalt was one of the leading banks of Austria, both before and after World War I. Its failure precipitated a rush by international lenders to repatriate loans made...
[The entire page is 2365 words long]
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