Moratory laws are usually passed at times of special political or commercial stress: for instance, on several occasions during the Franco-Prussian War, the French government passed moratory laws.
Their international validity was discussed at length, and was upheld in the English law case Rouquette v Overman (1875) LR 10 QB.
Nations which have, at one time or another, declared a debt moratorium include Peru, Pakistan,[2] Brazil, Ukraine, Mexico, Russia, and Argentina.
In 2008, President Correa of Ecuador declared a moratorium on foreign debt repayments, describing the obligations as "immoral" and "illegitimate".
[3] Several European countries introduced various debt moratoria in connection with the consequences of the COVID-19 pandemic.