In February 1865, Count Richard Belcredi, as the Austrian minister of state, convened a meeting of Viennese bankers to find ways to finance projects. In June 1865, Emperor
Franz Josef I chose Belcredi, a declared Conservative, to become Prime Minister and Minister of State, replacing the government of
Archduke Rainer Ferdinand of Austria and
Anton von Schmerling, Against delaying actions by Belcredi, the Compromise was achieved after the Austrian defeat in the
Austro-Prussian War and the 1866
Peace of Prague, ending the monarchy's membership in the
German Confederation. On October 30, Foreign Minister Mensdorff-Pouilly was succeeded by
Friedrich Ferdinand von Beust who conducted the negotiations with Hungary and prepared a draft for the Cisleithanian
December Constitution. Beust's concept of a
Dual Monarchy finally prevailed against Belcredi's plans to implement a
federation of the Austrian crown lands, similar to later proposals of
United States of Greater Austria. On 7 February 1867, Belcredi handed in his resignation. In 1881 he was appointed president of the Imperial-Royal Administrative Court and life member of the Austrian
House of Lords. ==Orders and decorations==