This will perpetuate the division between creditor and debtor countries.

Creditor developed countries should adopt the Trinidad and Tobago terms for low income countries.

His country welcomed the initiatives taken by certain creditor countries with a view to reducing or writing off the debt of the least developed countries and of low and middle income countries, and other creditor countries should consider analogous measures.

Risk premiums widened, and the eurozone was divided into creditor and debtor countries.

What recourse do creditor countries have if the debtor countries become the majority and decide to increase spending?

Reflecting the divergence in economic performance, Europe became divided into creditor and debtor countries.

(d) Secured creditor means a creditor that has a security right.

Noting, while addressing the debt problems of developing countries, the situations in some creditor countries with economies in transition,

Forgiving the disproportionate debt that continues to cripple developing economies will not make creditor countries poor.

Positive trends in that area were indisputably linked to greater cooperation between debtor and creditor countries.

Why not creditor rights?

Furthermore, consideration should be given to expanding the number of eligible countries as well as creditor institutions

(c) Resolving the debt crisis of developing countries should be recognized as the common responsibility of both debtor and creditor countries and institutions.

The fundamental problems have not been resolved indeed, the gap between creditor and debtor countries continues to widen.

It had, for example, appealed to the creditor nations to recycle developing countries apos debts through environmental projects.

This will fuel more global deflation and private and public debt defaults in debtor countries, which will ultimately undermine creditor countries growth and wealth.

By contrast, turning creditor country citizens tax payments into forced subsidies of other countries debts would undermine European cohesion.

But any solution will be unacceptable unless it finds broad acceptance across Europe, in debtor and creditor countries alike.

But China is a net creditor.

As the largest creditor, Germany could dictate the terms of assistance, which were punitive and pushed debtor countries towards insolvency.

The division between debtor and creditor countries will become permanent, with Germany dominating and the periphery becoming a depressed hinterland.

Under this approach, each case is dealt with separately, depending on the situation faced by debtor countries and creditor banks.

And the burden is unequal, because there is much more pressure on deficit countries to adjust via deflation than on creditor countries to allow higher inflation.

It complements the substantial efforts we and other creditor countries have made to forgive the concessional debts of the poorest countries which have undertaken economic reform.

(ii) A creditor of the assignor or

That approach should emerge from a dialogue among debtor countries, creditor countries, commercial banks and multilateral financial institutions and should cover all types of debt and all categories of debtor countries.

But, in the case of the euro crisis, price stickiness caused inflation to increase more in debtor countries than in creditor countries, making adjustment even more painful.

quot 4. Also calls upon the international community, in particular the developed creditor countries, to write off the official bilateral debt owed by the least developed countries

A global and coordinated approach must be taken to the problem, involving the participation of the creditor countries, the debtor countries, commercial banks and multilateral financial institutions.

Creditor Governments have also taken a number of steps to assist severely indebted poorest countries, including substantial reduction of payment obligations.

Debt relief measures should be apolitical in nature unfortunately, some creditor countries had tried to use debt relief for political leverage.

But it is a risky proposition if investors exit nonetheless, the required funds might be so large that creditor countries taxpayers revolt.

The various attempts of creditor countries to address this problem have been limited in scope and have failed adequately to deal with the debt problem of middle income countries.

In the insolvency of a non grantor debtor, the creditor is an unsecured creditor with an unsecured claim against the non grantor debtor.

We would encourage other major creditor countries to adopt our policy of providing financial assistance to the poorest through grants rather than loans.

That is why we recommend the adoption of a debt swap mechanism that will enable developing countries to make use of resources that normally flow out to the creditor countries.

39. Another strategy would be to renew the purchasing power of the poorest and low income countries, for that would be in the interests of both creditor and debtor countries.

It may be that, as between the grantor and the secured creditor, the secured creditor has agreed to treat the proceeds as encumbered assets.

As an immature creditor lender, the trade balance and current account are in surplus as well as a mature creditor lender, the trade balance returns to deficit finally, as a creditor borrower, the country s current account swings into deficit.

This has pushed them into a deflationary tailspin and put them at a substantial and potentially permanent competitive disadvantage vis à vis creditor countries.

The extent of creditor countries losses would depend on the extent of the depreciation, giving them an interest in keeping the depreciation within bounds.

There is nevertheless a widely shared view among creditor Governments that even these terms are inadequate to relieve the debt overhang of most countries.

44. The approach taken to the debt was to consider each case separately, taking into account the situation of debtor countries and creditor banks.

In every currency union, there are creditor and debtor regions.

Rights and obligations of the grantor and the secured creditor