Word: moratorium
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...Since the Paris negotiations have now arrived at a conclusion, and the one-year moratorium proposed by you has begun, I desire to express the thanks of the German people to you and to the American people...
France it was true had agreed to the moratorium in principle. Great Britain had called an international conference of financial experts for July 17 to settle the final technical details of the Plan. France would send five delegates to that conference. In the meantime she expected to be paid the Young Plan annuities due her from Germany on July 15 ($17,860,000). Last week she punctiliously placed to Great Britain's credit in the Bank for International Settlements the amount ($3.808,000) she would owe Great Britain at the same time (which the British Treasury hastily announced it would...
Hysteria. As the week progressed it became blazingly apparent that whether the Holiday was in effect or not, a moratorium alone would not save Germany from bankruptcy. She needed cash, lots of it, at once. Germany was growing hysterical. Foreign investors were withdrawing money from Germany to the tune of nearly $20,000.000 a day. German citizens remembering all too vividly the black days of inflation in 1923, were putting all their savings in foreign money, francs, pounds, dollars, and they wanted gold. Bank tellers reported that even paper dollars were spurned by the timorous. Wealthy German families were heading...
...making a last-minute appeal to the Federal Reserve Board for funds. Unless an immediate credit of $300,000.000 was forthcoming collapse was unavoidable. Germany had a potent threat to hold over the heads of Reserve Board Members. The Cabinet was seriously discussing the advisability of declaring a moratorium on all private debts. U. S. investments in Germany since the War total $3.000,000,000. Am- bassador Sackett stayed up all Sunday night waiting to be helpful...
...that he had received "favorable answers" from Washington, Paris, London and Rome to his appeals for aid. For its part, Germany was taking three measures toward self-preservation: 1) restriction of credit within the Reich; 2) closing the Boerses and thereby checking foreign withdrawals of capital?a sort of moratorium which might be maintained for weeks if necessary, until the "collaboration of governments" is effected; and 3) the guarantee of foreign depositors in German banks...