Therefore, an agreement should be reached on both counts, namely, restructuring the Russian Federation apos s debt vis à vis other countries while restructuring the debts that other countries owed to the Russian Federation.

The Board does recognize that budget rephasing may have occurred subsequently.

For countries which face a liquidity problem but are considered to have sustainable debt, the Paris Club would apply the existing standard terms to a flow rescheduling.

On 3 June, FIA decided to reschedule the race for 30 October.

A week after its decision to reschedule the race, Formula One announced the cancellation of the race for 2011.

Paris Club debt rescheduling has been too little.

Indeed, any rescheduling of debt servicing obligations is expressly forbidden.

We welcome the efforts made so far to relieve or reschedule debt for developing countries.

10. The countries of the subregion persevered in their efforts to restructure their external debts.

However, a number of them were able to reschedule significant portions of their external debt. For example, Jordan has been able to reschedule most of its non commercial bilateral and multilateral debt during the last few years.

Table 3 Recent sovereign debt restructurings with private creditors main features

About one half of the sum is accounted for by debt rescheduling and other forms of special financing.

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At the end of this period, debtor countries may request a five year rescheduling of the deferred amounts.

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At the same time the Government was attempting to restructure the debt by deferring repayments until the country apos s economic situation had settled down.

Item 3. Debt issues in a development context, including the recent evolution of debt rescheduling

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The Secretariat and the External Auditor should also look at the possibility of adopting additional measures to expedite the settlement of arrears by former Member States.

Under these terms, consolidated concessional loans may be rescheduled over 20 years, with a 10 year grace period.

The debt restructuring measures had dealt primarily with commercial debt and debt servicing obligations to official bilateral creditors.

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Securitization made debt restructuring difficult, if not impossible.

With mortgages amounting to 95 or more of the value of the house, debt restructuring will not be easy.

But as debts mount, and global interest rates rise, investors will become rightly nervous about the risk of debt restructuring.

We intend to free up resources for development particularly in Africa by rescheduling and easing the debt burden of developing countries.

The terms reschedule ODA loans over 20 years with a grace period of 10 years.

Export credits and non concessional official loans can be rescheduled over 15 years including a grace period of up to eight years.

That measure would avoid frequent rescheduling and would reduce the debt stock to sustainable levels.

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