Hoover Moratorium
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The Hoover Moratorium was a public statement issued by 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 Germany to France and of Allied war debts to the United States. While it gained support from fifteen nations by July 6, Congress did not approve it until December.
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