Under pressure from America, France withdraws its reservations on the Hoover Moratorium with the result that the moratorium is officially announced on 6 June. The year’s war debt suspension is due to begin on 1 July.
[Büttner, p. 431]
The Darmstädter and National Bank (Danatbank), the second-largest German bank after the Deutsche Bank, collapses. Consequently, the Reich government assumes the absolute guarantee for Danat clients’ deposits. Despite this, it is not possible to stop the run on the other savings institutions and banks. The government therefore closes all banking institutions via emergency decree on 14 and 15 July. The collapse of Danatbank is widely regarded as the beginning of the German banking crisis of 1931.
[Winkler, p. 416-417]