What was the effect of Hoover's moratorium on wartime debt and reparation payments?

This statement was met with disapproval from France, as well as many US citizens. Despite this negative reaction, it went on to gain support from fifteen nations by July 6. The moratorium was approved by Congress in December.

However, this program did not do much to slow the economic downturn in Europe. Germany was caught in a major banking crisis, Britain deserted the gold standard (the US would also follow suit in 1933 as part of President Franklin D. Roosevelt's New Deal) and France would make sure to quickly re-address the issue after this year suspension ended.