where did the great depression take place during the 1930's
Great Depression
The Great Depression hit Germany hard . The impact of the Wall Street Crash forced American banks to end the new loans that had been funding the repayments under the Dawes Plan and the Young Plan . The financial crisis escalated out of control and mid-1931 , starting with the collapse of the Credit Anstalt in Vienna in May . This put heavy pressure on Germany , which was already in political turmoil with the rise in violence of Nazi and communist movements , as well as with investor nervousness at harsh government financial policies . Investors withdrew their short - term money from Germany , as confidence spiraled downward . The Reichsbank lost 150 million marks in the first week of June , 540 million in the second , and 150 million in two days , June 19 -- 20 . Collapse was at hand . U.S. President Herbert Hoover called for a moratorium on Payment of war reparations . This angered Paris , which depended on a steady flow of German payments , but it slowed the crisis down and the moratorium , was agreed to in July 1931 . An international conference in London later in July produced no agreements but on August 19 a standstill agreement froze Germany 's foreign liabilities for six months . Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England . The funding only slowed the process . Industrial failures began in Germany , a major bank closed in July and a two - day holiday for all German banks was declared . Business failures became more frequent in July , and spread to Romania and Hungary .
The Great Depression hit Germany hard . The impact of the Wall Street Crash forced American banks to end the new loans that had been funding the repayments under the Dawes Plan and the Young Plan . The financial crisis escalated out of control and mid-1931 , starting with the collapse of the Credit Anstalt in Vienna in May . This put heavy pressure on Germany , which was already in political turmoil with the rise in violence of Nazi and communist movements , as well as with investor nervousness at harsh government financial policies . Investors withdrew their short - term money from Germany , as confidence spiraled downward . The Reichsbank lost 150 million marks in the first week of June , 540 million in the second , and 150 million in two days , June 19 -- 20 . Collapse was at hand . U.S. President Herbert Hoover called for a moratorium on Payment of war reparations . This angered Paris , which depended on a steady flow of German payments , but it slowed the crisis down and the moratorium , was agreed to in July 1931 . An international conference in London later in July produced no agreements but on August 19 a standstill agreement froze Germany 's foreign liabilities for six months . Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England . The funding only slowed the process . Industrial failures began in Germany , a major bank closed in July and a two - day holiday for all German banks was declared . Business failures became more frequent in July , and spread to Romania and Hungary .