Plan B would extend the maturity of Greece s debt.

Ireland s authorities have conducted similar recent operations, exchanging short maturity paper for longer term debt.

Twin current account and fiscal deficits (and or currency and debt maturity mismatches) were the rule.

Moreover, the debt is denominated in rupees and has an average maturity of more than nine years.

The capacity of developing countries to manage the maturity structure and currency composition of debt needs further improvement.

One obvious objection to this strategy is that it would reduce the average maturity of Italian and Spanish debt.

These countries existing foreign debt, by contrast, carried an average interest rate of 1.6 with an average maturity of 28.7 years.

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With too big to save countries like Spain in the clear, the debt of highly indebted peripheral countries like Greece could be written down through interest waivers, maturity extensions, and debt exchanges.

But that is unlikely, given the Fed s general anti inflationary consensus and the very short average maturity roughly four years of the national debt.

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This means extending the maturity dates of debts and reducing the interest rate on the new debt to levels much lower than currently unsustainable market rates.

This is particularly the case today, when, after sustained massive quantitative easing by major central banks, many governments have exceptionally short maturity structures for their debt.

In the current situation, the US cannot reduce the real value of its government debt significantly by indulging in a bout of inflation, because the average maturity on existing debt is very short only about four years.

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With practically half of Italy s debt financed by European Treasury Bills producing an effect similar to a reduction in the average maturity of its debt a successor government would be all the more responsive to any punishment imposed by the EFA.

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(c) An allocation to emerging market debt may be an optimal method of achieving exposure to the potentially high risk high return profile of developing countries

The issue was not only the aggregate level of debt it was also a question of balance between private and public sector debt, their maturity structure, the level of contingent liabilities, reserve management and pursuit of macroeconomic policies consistent with development objectives.

Even if the face value of the Greek debt were not reduced, a maturity extension would still provide massive debt relief on a present value basis to Greece as a euro of debt owed 30 years from now is worth much less today than the same euro owed a year from now.

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