On Saturday, June 20, Hoover’s plan was publicly announced. The United States would forgo one year’s principal and interest of $245 million on the war debts due from Britain, France, Italy, and some of the smaller European powers, provided, and only provided, that the Allies themselves suspend $385 million in reparations due from Germany. The effect was electric. The following Monday, the German stock market jumped 25 percent in a single day.
