American international finance was practically dormant in the 1930s and 1940s. By 1936, over three-quarters of all American loans to Latin America, and half of those to Europe, were in default, and the bondholders and debtors did not reach final settlements until the late 1940s and early 1950s. In the meantime, there was no interest in making new loans to the already bankrupt, and all that was left to do on the international financial front was to limit damage and prepare for better days.