No formal debt restructuring existed for debt owed to multilateral institutions.

But the debate about austerity and the cost of high public debt levels misses a key point Public debt owed to foreigners is different from debt owed to residents.

Most of this debt is owed to multilateral financial institutions.

We have cancelled 2.8 billion of debt owed by African countries.

A substantial part of the debt was owed to multilateral institutions.

Dominican Republic a Including debt owed to the International Monetary Fund.

Some of Greece s national debt is owed to Greeks, by the way.

The restructuring of debt owed to private creditors was also an important aspect of external debt crisis resolution.

This burden includes both public debt (owed by the government) and external dent (owed by the country as a whole to foreigners).

Almost 80 per cent of Africa's debt is owed to official institutions, about one third of which is multilateral debt owed mainly to the International Monetary Fund (IMF) and World Bank.

The 305 billion owed by Africa and even more, the 152 billion owed by sub Saharan Africa are well beyond their debt carrying capacity.

I've never asked for money from anyone, but I have debt owed to Muslims.

India did its part by writing off the debt owed by African countries under the HIPC Initiative and by restructuring commercial debt.

The debt owed to multilateral financial institutions is the only category of developing country debt that has no formal framework of restructuring.

Furthermore, the debt owed by HIPCs to other multilateral banks is not covered by the plan.

A third important class of foreign debt of developing countries is that owed to multilateral institutions.

These terms treat the debt owed by lower middle income countries and do not involve any write off of debt or reduction in net present value of debt servicing.

The Paris Club, the major forum for restructuring debt owed to official bilateral creditors, takes a different approach than is used by the bank advisory committees (also called the quot London Club quot ) which renegotiate the debt owed to commercial banks.

The debt owed to such institutions accounted for some 28 per cent of the region apos s debt stock but consumed some 45 per cent of total debt service payments.

In a number of cases, substantial reductions in the debt owed to official creditors would be required to reduce debt service payments to manageable levels.

Creditor Governments offer assistance through Paris Club restructuring of debt owed to them and by extending export credits.

In fact, the debt owed to the multilateral financial institutions represented a growing share of the ODA debt of low income and lower middle income countries.

They reiterated the critical need for a reduction in the external debt and debt servicing burdens of the heavily indebted CARICOM countries, much of which debt was owed to multilateral financial institutions.

To achieve this, there should be a full cancellation of all bilateral official debt and substantial reduction of debt stock and debt service burden owed to multilateral financial institutions and commercial creditors.

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.

No formal debt restructuring exists for debt owed to the multilateral institutions, although countries may find that the disbursements of concessional, multilateral loans and bilateral assistance may help to service outstanding multilateral debt.

Regarding situations in which there was significant external debt owed to private creditors, many participants encouraged continued efforts to establish an appropriately designed, independent debt restructuring framework.

There is no secondary market for debt owed to official creditors, but a strict assessment of repayment prospects on this debt would in principle be of the same nature as for commercial bank debt.

I wish to highlight the serious debt relief measures that Slovakia took earlier this year, forgiving several hundred million dollars in debt owed by heavily indebted poor countries.

Furthermore, whether additional debt relief should be provided on bilateral debt owed to official creditors should best be left to discussions among the members of the Paris Club.

Also stresses the need for the implementation of additional debt relief measures, including further reduction and cancellation of debt and debt service related to official debt, and for more urgent actions with regard to, inter alia, the remaining commercial debt owed by the developing countries

Of 50 billion in external debt owed by Russian banks and firms in 2008, the government refinanced only 10 billion.

The African countries, whose commercial bank debt was small, owed large amounts to Governments or multilateral institutions and the realistic prospects of their repaying their debt were considered slim.

The G 8 finance ministers have agreed to cancel 40 billion of debt owed by eighteen of the world s poorest countries.

Indeed, the gap would have been even greater had the sub Saharan African countries not rescheduled significant quantities of debt owed.

We recognize that the agreement does not cover bilateral debt and debt owed to other multilateral credit institutions, and we call for measures to address those issues in order to address the debt burden in Africa comprehensively.

India s external debt burden is even more favorable, at only 21.2 of GDP (much of it owed by the private sector), while short term external debt is only 5.2 of GDP.

For the middle income countries, in other words, the Brady Plan mechanism seems to have provided a practical framework for reduction of the debt and debt service owed to commercial banks.

To achieve this, there should be a full cancellation of all bilateral and official debt, as well as a substantial reduction of the debt stock and the debt service burden owed to multilateral financial institutions and commercial creditors.

The frequent and spectacular early modern bankruptcies of the French and Spanish monarchies concerned for the most part debt owed to foreigners.

Public debt includes not only the federal government s current 13.2 trillion, but another 3 trillion owed by America s states, counties, and cities.

The child maintenance payable by the father shall not be offset against any debt owed to him by the woman holding custody.

They included the recent G 8 decision on the cancellation of debt owed by 18 heavily indebted poor countries, among them Mali.

Some of these countries thus have a severe debt overhang and it is unclear that it could be removed in all cases by restructuring their debt if the debt owed to the multilateral institutions still had to be excluded.

Italy also supports the swift implementation of the recent G 8 initiative to cancel all debt owed to multilateral financial institutions by African countries of the Heavily Indebted Poor Countries Debt Initiative.