!!!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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