Word: moratorium
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...debt of $400,000,000 owed by France for War stocks purchased from the U. S. after the Armistice. The only way to escape paying this huge sum now and in cash would be to ratify the general debt settlement, one clause of which virtually grants France a moratorium on what she owes for War stocks. Logically the Government's position was unassailable-either ratify or pay at once "through the nose." But to Propagandist Franklin-Bouillion logic is something which can always be worsted by appeals to passion. Working himself by degrees up to a whirlwind climax...
...annuities shall be paid in cash (Belgian paper francs), in exactly the same manner as Young Plan annuities. In case of a Young Plan moratorium, the Germany-to-Belgium payments shall continue, though in this event payment in kind will be accepted...
With the nation's fiscal structure thus buttressed, the Government abstained from extending its 21-day moratorium permitting Japanese banks to suspend payment (TIME, May 2). When the moratorium expired last week no runs were reported. Confidence had been restored...
...Greece, $15,000,000; Jugoslavia, $51,000,000; Liberia, $26,000; Russia, $192,000,000, which those at present in control have undertaken openly to repudiate; Nicaragua, $84,000, which is being paid currently, and Austria, $24,000,000, on which by act of Congress a moratorium of 20 years has been granted. The only remaining sum is $12,000,000, due from Armenia, which has now ceased to exist as an independent nation...
Payments are to be made on the now standard plan-over 62 years, with 3% interest for ten years and 3½% thereafter. A partial moratorium is, however, provided, so that the payment for 1926 is only $200,000 and successive payments increase gradually...