In July 1825, King Charles X of France, during a period of restoration of the French monarchy, sent a fleet to reconquer Haiti. Under pressure, President Boyer agreed to a treaty by which France formally recognized the independence of the nation in exchange for a payment of 150 million francs. By an order of 17 April 1826, the King of France renounced his rights of sovereignty and formally recognized the independence of Haiti. The enforced payments to France hampered Haiti's economic growth for years, exacerbated by the fact that many Western nations continued to refuse formal diplomatic recognition to Haiti; Britain recognized Haitian independence in 1833, and the United States not until 1862. Haiti borrowed heavily from Western banks at extremely high interest rates to repay the debt. Although the amount of the reparations was reduced to 90 million in 1838, by 1900 80% of Haiti's government spending was debt repayment and the country did not finish repaying it until 1947.