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In page Baltic Germans:
"After the coup of May 15, 1934, all associations and independent business organizations had to shut down. This affected the German community especially hard, as they lost their ancient communal centers – guilds, and all of their property was nationalized. A wave of takeovers of Jewish, Russian and German businesses then followed; banks, factories and trading companies were purchased by state-owned banks at set rates in order to reduce minority control over businesses.[citation needed]
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