Word: moratorium
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Dates: during 1920-1929
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...President Luis strove to avert catastrophe. Timorous coffee brokers announced that the coffee exchanges of Santos and Rio de Janeiro would suspend trading '"indefinitely." Came urgent messages from President Luis. The exchanges reopened. Frenzied coffee speculators begged the President to save the coffee situation by declaring a general moratorium. This he flatly refused to do, patiently explained how ruinous to Brazil's commercial credit such action would be. The result of the week's alarums and pronouncements seemed to leave President Luis, like Atlas, supporting Brazil's top-heavy coffee market on his own slight shoulders...
...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...