Word: moratorium
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...cried the politicians. "Maybe things will get better." Faced with the necessity for doing something about Reparations at the Lausanne Conference, the London Observer announced last week that Britain, France, Italy, Belgium had agreed privately that conference delegates will submit a proposal to Washington to extend the Hoover Moratorium from July to Jan. 1, 1933, arrange to resume discussions before that time and adjourn the Lausanne Conference as soon as possible. This was typical of other decisions. Postponement had become a policy-and a hope...
From Sofia came rumors of a general Balkan moratorium. Premier N. Muchanoff of Bulgaria blurted out that his country must default on its debts if it did not receive more money from the League of Nations (Bulgaria owes the U. S. some $27,000,000). Greece had already made such an announcement. Two days later Premier Muchanoff thought better, denied that he had "said anything concrete on the subject." Harried Albania set up not one but five separate commissions to think of ways of raising more money. Rumania's Finance Minister, Constantine Argetoianu, was in Paris, begging. Spectacled King...
...committee of U. S. bankers, trying to work out an agreement between Hungarian banks and their private creditors, gave up in discouragement last week. Month ago Hungary declared a moratorium on most of its foreign debt, excepted the short term loans of foreign bankers but at the same time begged that a "stillstand" agreement could be reached to freeze these for another six months. U. S. short term credits to Hungary total about $35,000,000. New York bankers agreed to the "stillstand" provided Hungarian bankers would at least pay interest and commissions on the loans falling...
Year ago the announcement would have caused more of a stir, but since the Hoover Moratorium it has become increasingly evident that it will be a Herculean task to force resumption of Reparations when the year of grace is ended. London and New York took the news calmly; only the French Press screamed in anguish...
Bristle-whiskered U. S. Senator James Hamilton ("J. Ham") Lewis defined "moratorium'' by its Latin roots thus: mora from " 'mors' meaning death; 'torium' from 'taurus,' a bull, or the 'dead bull...