Devaluation of the kroon and scandal in the country

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27. June 1933

Opponents quickly named the government of Tõnisson that had assumed office a "government of the overthrowers of the kroon" and at the night before 28 June 1933, the devaluation of the Estonian kroon by 35% was managed to push through at the Riigikogu with an extremely small majority.

This measure then helped Estonia overcome the economic crisis and established prerequisites for economic growth in the years to follow. On 28 June 1933, the decision of the Riigikogu created panic among people: early in the morning, especially in major towns, people started withdrawing their deposits and purchasing large amounts of often pretty useless goods.

The popularity of the government was definitely not increased by the devaluation of the kroon and another blow came at the beginning of July when it appeared that the government has sold two major warships "Vambola" and "Lennuk" (on the photo) from the time of the Estonian War of Independence to Peru. A great scandal broke out, in which the government was blamed of weakening the defence ability of the state and of extensive corruption.


Eesti ajalugu. VI, Vabadussõjast taasiseseisvumiseni. Tartu: Ilmamaa, 2005
Õie Elango, Ants Ruusmann ja Karl Siilivask. Eesti maast ja rahvast: Maailmasõjast maailmasõjani. Tallinn: Olion, 1998
Eesti ajalugu: kronoloogia. Tallinn: Olion, 2007

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