The main purpose of the article is to analyze the crucial thorny issue in US-French relations after the First World War. It was the question of regulations of the repayment of war debts and reparations. While the war debt taken out in the United States was considerably reduced, the French authorities treated this subject as the political one. They wanted the Americans to cancel it as they claimed the United States should have regarded it not as the money borrowed, but their contribution to the victory – the common aim of the allied nations. But the Americans had been refusing to fulfill those demands as they entered the war as the associated not allied state. In view of such a unequivocal repudiation, the French had been trying to make the repayment of their debt conditional upon reimbursement of the war reparations by Germany. But the Americans claimed those two issues were not interdependent. Their main goal was to help in the economic stabilization of Germany, which was perceived as the vital trade partner. To this end they exerted pressure on the Europeans to reduce the agreed amounts of reparations which were finally completely abandoned in July 1932. At the same time the Americans refused to prolong the payment of the French debt in December 1932. This led to the situation that the French ceased to repay the debt at all. It caused the dramatic exacerbation of French-American relations both on intergovernmental and social level. The public opinion from the both sides of Atlantic became outraged. It caused the mutual distrust which was particularly disadvantageous in the era of great economic depression when the international cooperation was crucial to diminish its fallouts

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