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Sanierung#

Economic Reconstruction, term for the austerity programme in the First Republic which Austria was obliged to introduce under the Geneva Protocols in 1922; implemented by Federal Chancellor I. Seipel, monitored by the Dutch controller general A. Zimmermann, who was appointed by the League of Nations. The consequences were a reduction of public expenditure, dismissal or retirement, of 84,000 civil servants (36 %) and a drastic increase in taxation. The Economic Reconstruction programme put an end to the high inflation which had got out of hand by June 1922, and achieved the stabilisation of the Austrian currency, but failed to improve the economic situation (increased unemployment), so that political tensions within Austria increased considerably.

Literature#

G. Ladner, Seipel als Ueberwinder der Staatskrise im Sommer 1922, 1964.

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