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The Hoover Moratorium was a public statement issued by US President Herbert Hoover on June 20, 1931, who hoped to ease the coming international economic crisis and provide time for recovery. Hoover's proposition was to put a one-year moratorium on payments of World War I and other war debt which would postpone the repayment of both capital and interest. Many were outraged by this idea.
The statement was met with disapproval from France and many US citizens but went on to gain support from 15 nations by July 6. It was approved by the US Congress in December.
However, it did not do much to slow the economic downturn in Europe. Germany was caught in a major banking crisis, Britain left the gold standard (the US would follow suit in 1933 as part of President Franklin Roosevelt's New Deal), and France would make sure to address the issue again once this year suspension ended.
A few of the former Allies continued to make payments to the United States after the moratorium expired. However, only Finland was able and willing to meet all obligations. Following the Lausanne Conference of 1932, Germany was relieved of its reparation payments. Although the US Congress voted against the proposition to relieve France and the United Kingdom of their debt, they never started paying their debt again as the German payment had been used for it before.