Hjalmar Schacht resigns as President of the Reichsbank in protest against the terms of the Young Plan.
[Winkler, p. 367]
The Grand Coalition led by Reichskanzler Müller is dissolved due to internal discord. The main decisive factors in the coalition failure are the dispute on cuts to unemployment benefits and the increasingly hostile attitude of right-wing forces towards the SPD within the coalition. All attempts to find a compromise fail due to resistance from the right wing of the DVP and the left wing of the SPD.
[Winkler, p. 370-371]
The first presidential cabinet of the Weimar Republic is formed under Brüning (Center Party). All bourgeois parties in the Reichstag are represented in the government. Brüning was previously commissioned by Hindenburg to form a government (at the suggestion of Kurt von Schleicher) and agreed to form a mainly right-wing government that excluded the SPD. Brüning makes it clear from the start that he will dissolve the Reichstag in the event of a successful motion of no confidence and will govern with the use of emergency decrees.
[Kolb, p. 132-133]