Word: moratoriumed
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Dates: during 1930-1939
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...Ballroom of the Hotel Beau-Rivage. Around an oblong table the delegates of 14 nations* faced each other with a great calm. Prime Minister Ramsay MacDonald, Premier Edouard Herriot, Chancellor Franz von Papen and the rest knew that their action must be to postpone action, adopt a temporary European moratorium and lay plans for drawing the U. S. into general cancellation of Reparations & Debts-after the U. S. elections next November...
...carried by storm and cannot be conquered by long siege." Putting on sham speed, the Conference adopted at once an agreement to "reserve . . . during the period of the conference . . . the execution of payments due to the powers participating." In effect this extended the European end of the Hoover Moratorium (which is to expire June 30) for as long as the delegates care to keep the Conference going...
...With this good-as-gold advice to hearten them, Europe's leading statesmen set off again for Switzerland last week, planned to resurrect the moribund Geneva Disarmament Conference and to convene June 16 the Lausanne Conference which must take quick action on Reparations & War Debts because the Hoover Moratorium expires June...
...inspired rumors that the two Premiers had reached sufficient agreement to present a united Franco-British front to Germany. As the German Delegation left Berlin, Chancellor von Papen's position was that Germany can pay nothing more in Reparations and cannot even accept an extension of the Hoover Moratorium, under which the principle of German payment is upheld by having the Reich pay comparatively small sums into the Bank for International Settlements which are then re-loaned to Germany. The German demand to be presented at Lausanne was for total cancellation of Reparations with no strings attached...
Prospects at Lausanne were that M. Herriot and Mr. MacDonald would induce the Conference to declare a so-called "short moratorium" on Reparations & Debts until after the U. S. elections. Members of the British Delegation made clear that the French had listened coldly to the following typical MacDonald proposal: Let the Allied Powers make a great gesture at Lausanne by relinquishing their right to German Reparations, trusting that this example would move the U. S. to relinquish its right to repayment of the Allied War Debts...