On June 20, 1931, President Herbert Hoover, a Republican, took an action that benefitted Western Europe, but was devastating, economically to America. He called for a one year moratorium on the war debts owed by several nations in Europe to the United States. He did this at a time when America really needed the money. Most Americans were outraged by his actions. In the end, only one nation in Europe paid its entire war debt back to the United States, Finland.


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