In chapter 6, Guarantee at last? (May 26 - June 1), it becomes clear that even though the Austrian parliament passed a law authorizing the government to guarantee Credit Anstalt’s deposits, the struggle is far from over. It is difficult to get information from Credit Anstalt and nervousness about Germany and reparations grows as the Austrian crisis is also developing into a currency crisis. International bankers set up an International Creditors Committee, while the BIS and the Bank of England insist on controllers being associated with the Credit Anstalt and the Austrian National Bank (ANB). Norman confesses to have difficulty separating cause and effect and he grows impatient with the BIS and the ANB.

Chapter 8, Surrounded with trouble (June 5 - June 10). The BIS board decides to grant a second credit to the BIS, but only after a prolonged discussion and it is made conditional on the placement of the Austrian government loan. There is increasing concern about the schilling as capital flows out of the country and the government issues take increasing priority, without being placed. At the same time, Germany’s reparations issues become ever more present as the German Chancellor Brüning meets with Prime Minister MacDonals at Chequers. Shortly before, Brüning published a statement saying that the burden on the German people has reached its limit. The international creditors too become increasingly nervous about the Austrian situation.