800.51W89 Hungary/89
The Hungarian Legation to the Department of State
Aide-Mémoire
The Minister of Hungary has been instructed to bring the following to the attention of the American Government:
[Page 781]The so-called Hoover Moratorium having expired, there will be due on December 15, 1932, the amount of $40,729.35 on the funded indebtedness of the Hungarian Government to the United States, representing payment on principal and semi-annual interest.
On account of insurmountable difficulties in procuring the necessary foreign exchange for the service on Hungary’s foreign loans, the Hungarian Government was forced to put certain measures into effect on December 23, 1931, with a view to accumulating the required foreign exchange for the payment of its foreign obligations. These measures, however, have not brought the hoped for results and no improvement can be noted as yet in this condition. Consequently, the Hungarian Government does not have at its disposal the necessary foreign exchange and it regrets exceedingly its inability to make the payment due on December 15, 1932.