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Hoover Moratorium: Map

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The Hoover Moratorium was a public statement issued by U.S. President Herbert Hoover on June 20 1931 in order to deal with a very serious banking collapse in Central Europe that threatened to cause a world-wide financial melt-down. It called for a one-year halt in reparations payments by Germanymarker to Francemarker and of Allied war debts to the United Statesmarker. While it gained support from fifteen nations by July 6, Congress did not approve it until December.

However, this program failed to stop the economic downturn in Europe. Germany was caught in a major banking crisis, Britain deserted the gold standard (the US would also follow suit in 1933 as part of President Franklin D. Roosevelt's New Deal) and France would make sure to quickly re-address the issue after this year suspension ended.

See also



External links

  • http://www.u-s-history.com/pages/h1514.html



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