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

Both debtors and creditors bear responsibilities for mismanagement of external finances.

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

Emphasizes that creditors and debtors must share responsibility for preventing unsustainable debt situations

Emphasizes that creditors and debtors must share responsibility for preventing unsustainable debt situations

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

Creditors and debtors must share the responsibility for preventing and resolving unsustainable debt situations.

Creditors and debtors should share the responsibility to prevent and resolve unsustainable debt situations.

4. Emphasizes that creditors and debtors must share responsibility for preventing unsustainable debt situations

3. Also emphasizes that creditors and debtors must share responsibility for preventing unsustainable debt situations

3. Also emphasizes that creditors and debtors must share responsibility for preventing unsustainable debt situations

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

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

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.

Efforts should continue to reach agreement on a mechanism that ensures fair burden sharing between debtors and creditors.

It was thus recommended that civil society, as well as debtors and creditors, be involved in the debt resolution process.

Europeans, both debtors and creditors, must address the banking problem forthrightly, and simultaneously with the euro, sovereign debt, and fiscal adjustment issues.

That will save the euro, but it is also a step toward the permanent division of Europe into debtors and creditors.

Default teaches creditors and their governments a lesson, just as it does the debtors mistakes cost money, and your mistakes are your own.

Eighth, an extended period of negative real interest rates implies a redistribution of income and wealth from creditors and savers toward debtors and borrowers.

But, if financing were to become easier, it would be unclear how both creditors and debtors would perceive the risk of excessive imbalances.

Finally, it is important to recognize the contribution that efficient and equitable burden sharing between debtors and creditors can make to alleviating unsustainable debt burdens.

The voluntary code of conduct is perceived by debtors as a framework in which they can formally engage creditors and provide information to them.

A sovereign debt restructuring mechanism, collective action clauses in sovereign bond contracts and a code of conduct for private creditors and sovereign debtors have all been proposed.

The US is gradually transferring resources from creditors to debtors through financial repression. And Germany is slowly acquiescing to a prudent relative expansion in domestic demand.

As international capital markets developed in the early nineteenth century, state governments borrowed on a large scale, quickly turning them from creditors into debtors.

In the process, a basic principle of modern capitalism that when debtors cannot pay back creditors, a fresh start is needed has been overturned.

The broader message from the Greek and French elections is that the attempt to impose a benevolent creditors dictatorship is now being met by a debtors revolt.

Both creditors and debtors should manage capital flows better, and international cooperation can help developing countries identify the liberalization measures and development strategies best suited to their national circumstances.

Some sovereign debtors and private creditors have been attempting to develop voluntary Principles of stable capital flows and fair debt restructuring in emerging markets , but progress has been slow.

Throughout, the Guide seeks to establish a balance among the interests of debtors, creditors (whether secured, privileged or unsecured), affected third persons, buyers and other transferees, and the State.

The introduction of collective action clauses and the development of a voluntary code of conduct by private creditors and sovereign debtors were the major ongoing initiatives in that area.

After initial dislocations, the eventual outcome would fulfill John Maynard Keynes dream of an international currency system in which both creditors and debtors share responsibility for maintaining stability.

Both sides will have to make an effort Creditors must accept some risk, and debtors must enhance their creditworthiness through structural fiscal adjustment and reforms that improve their growth prospects.

Philosophically, the debt forgiveness approach rests on the belief that creditors share culpability for defaults with debtors, since they made the bad loans in the first place.

It is unclear how States that have frozen the assets of listed entities have dealt with parties who hold contracts with such entities, such as creditors, debtors, employees and joint owners.

First, France is an indispensable link between southern and northern Europe at a time of growing economic and financial division between creditors and debtors (a fissure that has begun to assume a cultural dimension).

Debates within eurozone member states typically converge on what legal scholars call herrschende Meinung ( dominant opinion ), which, in turn, appears to reflect their countries status as creditors or debtors.

The details differ, but the idea is the same creditors are shifting the entire burden of adjustment onto debtors, while the center avoids its own responsibility for the imbalances.

The lessons learned pointed to the need to reach an international understanding on debt restructuring modalities which would bring together official and private creditors in a collaborative and constructive dialogue with a view to resolving debt problems in an expeditious and timely manner and equitably protecting the interests of debtors and creditors alike.

The International Monetary and Financial Committee of the IMF Board of Governors and the Group of Seven finance ministers encouraged sovereign debtors and private creditors to continue their work on the voluntary code of conduct.

The defaults proved to be costly. The 1840 s were a period of slow growth, and continued pressure from foreign creditors forced most of the official debtors to resume payments after a while.

After initial dislocations, the eventual outcome would fulfill John Maynard Keynes dream of an international currency system in which both creditors and debtors share responsibility for maintaining stability. And Europe would avert the looming depression.

70. With regard to the external debt crisis and development, although some countries appeared to have resolved the problem, it could not be dismissed so long as it remained a concern to creditors and debtors.

The creditors stand to lose large sums should a member state exit the monetary union, yet debtors are subjected to policies that deepen their depression, aggravate their debt burden, and perpetuate their subordinate position.