As French government expenditure for the month of May 1938 alone totalled 4,500 million francs, the British historian Martin Thomas wrote, "Daladier's government was utterly reliant upon the success of its devaluation". To provide revenue, the government needed to sell more short-term bonds, but investors were highly reluctant to buy French bonds if Germany was threatening Czechoslovakia and put France on the brink of war. Because the franc was tied to the pound, France needed loans from Britain, which were not forthcoming, and so France was left "with its hands tied". British and American investors were unwilling to buy French bonds as long as the Sudetenland Crisis continued, which caused "severe monetary problems" for the French government in August–September 1938. Only when Daladier moved the "free-market liberal" Paul Reynaud from the Justice Ministry to the Finance Ministry in November 1938 did France regain the confidence of international investors, who resumed buying French bonds.