Since the last report, six African countries have rescheduled their debt with Paris Club creditors.

Judgement creditors

Statutory (preferential) creditors

Creditors in insolvency proceedings

Creditors can agree to relax Greece s fiscal targets.

Member countries are now divided into two classes creditors and debtors with the creditors in charge.

When push comes to shove, domestic politics trumps foreign creditors.

Price inflation forces creditors to accept repayment in debased currency.

Creditors obviously support bailing out debtor countries to protect themselves.

Sovereign debt restructurings with private creditors

As a result, the eurozone has become divided into creditors and debtors, with the creditors in charge of economic policy.

This limits losses to stockholders and completely protects almost all creditors.

Even in those states where creditors have the legal authority to take other assets or wage income, the personal bankruptcy laws are so restrictive that creditors don t bother to try.

Even former creditors benefited from this rebound.

Bailing in creditors will exacerbate these trends.

Inflation would clearly make creditors worse off.

Because healthy competition among all potential creditors is an effective way of reducing the cost of credit, the Guide recommends that the secured transactions regime apply equally to various creditors, including banks and other financial institutions, as well as domestic and non domestic creditors.

The more Argentina grew, the more it paid to its former creditors.

But creditors don t have an incentive to place tough limits on banks.

The strategy worked Argentina has avoided making any payments to its creditors.

The US is gradually transferring resources from creditors to debtors through financial repression.

But the creditors are equally to blame they lent too much and imprudently.

Thus, it seeks to protect the lawful rights of both creditors and debtors.

Creditors in cases like that of Argentina need to be made to pay a penalty.

His son paid the debt, but Wilson went to North Carolina to escape other creditors.

The euro crisis is now turning the EU into something fundamentally different, dividing member countries into two classes creditors and debtors with the creditors in charge.

Reckless lending to the Greek state was based on European creditors terrible decision making.

But, despite foreign creditors threats, the federal government did not come to the rescue.

One is to exclude bank rescues altogether only creditors would have to pay for bankers mistakes.

The banks creditors or governments ultimately would bear any losses.

Creditors of a corporation cannot recover debts from a shareholder.

Similarly, debtors and creditors can rely on credible bankruptcy proceedings to determine their relative shares.

Two recommendations dealt with creditor participation in reorganization proceedings (a) to limit the number of creditor committees to a single committee, except in extraordinary circumstances and (b) in smaller reorganization cases where creditors might have little interest in forming a committee, to provide for the appointment of a creditors' representative to monitor the case and negotiate a reorganization plan on behalf of unsecured creditors.

They depended much less on foreign creditors than on domestic lenders.

For both borrowers and creditors, the risks and costs are enormous.

Greece, too, is a victim of its creditors misconceptions and taboos.

Too many creditors were reimbursed at par on their maturing claims.

Table 3 Recent sovereign debt restructurings with private creditors main features

Default was followed by nominally voluntary restructurings in which creditors were invited to take some losses.

Waiting to restructure unsustainable debts would only lead to disorderly workouts and severe haircuts for some private creditors.

After the war, bondholders and other creditors (especially in the North) wanted to return to a gold standard.

Under the Staff Monitored Programme, the Government developed a plan to clear its arrears to all external creditors.

Yet this process leaves the rights of creditors undefended, eliciting widespread criticism.

The recent experiences of debt restructurings with private creditors are very diverse.

The risk of default or debt restructuring induces creditors to be more careful in their lending decisions.