Salt Lake Telegram | 1931-12-22 | Page 1 | Hungary Declares Transfer Moratorium

Hungary Declares Transfer Moratorium BUDAPEST BUD PEST Hungary Dec Dee 22 2211 P JP- JP Phe The he Hungarian government tonight declared a transfer moratorium on foreign debts effective tom tomorrow Finance Minister Friedrich Koranyi Issued a a. a decree announcing that the available foreign currencies in Hun- Hun Hungary Hungary gary ary would be used first for tor service on n th the 1924 reconstruction loan amounting mounting roughly to and then then-If hen if any remained for remained for payment of other debts In substance the decree and the statement issued with it set forth that hat Since the foreign trade balance is insufficient to provide a a. a surplus of such uch foreign currencies as are arc acceptable ac ac- by Hungary's creditors in payment of ot debts it has been evident for or some time that the moment would come ome when Hungary would not have havethe the he means to cover service of all her foreign liabilities Foreign trade yields ields principally currencies of nearby neary near- near by y countries not acceptable to tD the creditors H Hungary has been some ome time to t take ke refuge in a mora mora- orium said the statement statement but but at the request of ot certain foreign has delayed as long as pos- pos possible possible sible ble and paid in fullup full up to now