Hoover Moratorium

The Hoover Moratorium was a public statement issued by U.S. President Herbert Hoover on June 20, 1931, which he hoped would ease the coming international economic crisis, as well as provide time for recovery. Hoover's proposition was to put a one-year moratorium on payments of World War I and other war debt, postponing the initial payments, as well as interest. Many were outraged by this idea. This statement was met with disapproval from France, as well as many US citizens. Despite this negative reaction, it went on to gain support from fifteen nations by July 6. The moratorium was approved by Congress in December.