Europe with a more mild 'Great Depression'

  • Thread starter Deleted member 1487
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Deleted member 1487

What if Europe had acted smarter around the Austrian Creditanstalt bank crisis and bailed it out before it declared bankruptcy, preventing the series of bank failures that came with it and the official start of Depression in Europe?
https://en.wikipedia.org/wiki/Creditanstalt#First_Republic
Too late after the fact the institution was backstopped by the Austrian government, but the damage was done and spread to the rest of the banking institutions of central Europe and initiating the German Banking Crisis that helped lead to the rise of the Nazis.
So if the bankruptcy was averted by vigorous action by either Austria or a European consortium, would this have averted the Great Depression in Europe as we know it and prevented the rise of the Nazis and WW2 or not? If it does dramatically lessen the impact on Europe while the US continues to screw up and get worse, what impact does it have on the world as a whole?
 
If the US, the world's largest economy, screws up as badly as it did, I honestly don't see how Europe can keep itself from falling into the same hole. Maybe Europe will see a somewhat milder Depression, but insufficiently to avoid the rise of the far-right (though this may mean a non-Nazi far-right party rises.
 
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