Early Life and Career
As the son of a foundryman, Vranitzky was born into humble circumstances in Vienna's 17th disttrict. He attended the Realgymnasium Geblergasse and studied economics, graduating in 1960. He financed his studies teaching Latin and English and as a construction worker.
As a young man, Vranitzky played basket ball and was a member of Austria's national team, which in 1960 unsuccessfully tried to qualify for the 1960 Summer Olympics in Rome.
In 1962 he joined the Social Democratic Party of Austria (SPÖ).
In 1962, Vranitzky married Christine Christen, with whom he fathered two children.
Vranitzky began his career in 1961 at Siemens-Schuckert, but within the year switched to the National Bank of Austria. In 1969, he received a doctorate in International business studies. The following year, Hannes Androsch, minister of finance under Chancellor Bruno Kreisky had appointed him economic and financial advisor. Vranitzky served as deputy director of the Creditanstalt-Bankverein (1976–1981), briefly as its director general and as director general of the Österreichische Länderbank (1981–1984).
In 1984, Vranitzky joined the SPÖ-Freedom Party (FPÖ) government coalition under Chancellor Fred Sinowatz as minister of finance. He was criticized for receiving multiple compensations from his various functions in government-run businesses.
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