I have 4 billion in residential CDOs, collateralized debt obligations.

And in particular, these CDOs.

There are other liabilities other than debt.

So maybe I have a a billion of these CDOs.

Let's say that these CDOs, and at least they used to be,

And all of these CDOs looked like these great high yielding instruments.

The terms of debt reduction had been too slow to take effect since they applied only to servicing obligations during the consolidation period.

Sri Lanka apos s debt repayment obligations had continued to increase.

Most of the debt servicing obligations to official bilateral creditors have been restructured in the Paris Club.

Commercial banks, for their part, agree to provide debt and debt service reduction (DDSR), although sometimes individual banks extend new loans instead of reducing the debtor apos s obligations.

Since the late 1980s, the international debt strategy has encompassed a variety of options that were made available to different categories of countries for restructuring the debt servicing obligations on several forms of debt.

This means no cross border sovereign debt (or esoteric instruments, such as collateralized debt obligations).

The Government of Iraq must conclude further debt relief agreements and must also find a comprehensive solution to the issue of reparation obligations, which significantly exceed the external debt stock.

Some analysts argue that, given guarantees of debt incurred by public corporations, the Greek government s obligations are even higher.

Priority attention should be given to bilateral debt, given its predominance in Africa apos s external obligations.

The Heads of Government also welcomed the reduction in the region apos s external debt as countries sought to limit new external borrowing and to service systematically existing debt obligations.

The implicit guarantees on this debt, too, suggest that the government s liabilities are much higher than its balance sheet indicates.

And then this is the thing that I really wanted to highlight, that it also had 4 billion of residential collateralized debt obligations.

For many countries, the greater probability is that the existing debt servicing obligations will not be met, despite several rounds of debt rescheduling in the Paris Club, the London Club or ad hoc arrangements.

Since private debts have a way of turning into public liabilities, a low government debt burden might not, in fact, provide these countries with the cushion that they think they have.

Liabilities.

Debt sustainability should be redefined as the level of debt consistent with achieving the Millennium Development Goals without creating new debt obligations.

But now, that debt that you have, your taxes are going to grow with inflation because they are a of your GDP but your actual debt obligations won't change.

Sometimes pension liabilities or some type of litigation

But it is also attributable to the non payment of unsustainably high debt servicing obligations and is manifested in the accumulation of arrears. C

Obligations of staff members

Shipper's obligations

Undertakings by Members

the obligations of both sides

But, while the debt was highly rated, how could anyone objectively assess unsecured and virtually unenforceable obligations?

The G 8 communiqué has not specified the sources of IMF resources for debt relief.11 In situations where other existing and projected debt relief obligations cannot be met from the use of existing IMF resources, donors commit to provide the extra resources necessary.

And you say, this group of the CDOs, they'll get the first payments. or if any payments that go, immediately go to this very senior tranche, right?

Innovative debt schemes could provide countries faced with staggering debt servicing obligations with adequate resources for specific development projects identified in their national development plans.

Funding commitments

Host country obligations

B. External debt and debt relief

8. Notes with concern the continuing existence of the debt and debt service obligations of middle income countries, including, in particular, those in Africa, and invites creditors, including multilateral financial institutions and commercial banks, to continue to address these obligations effectively

The resolution, moreover, calls for the treatment of multilateral debt to alleviate debt and debt service burdens.

Registration and accounting obligations

Their visions are our obligations.

Tegucigalpa Commitments on Peace and Development

Prior years obligat ions cancel led

As at the end of January 1993, 4.6 billion in debt service obligations owed to the Fund by 10 countries were overdue six months or more.

B. External debt and debt relief . 27 32 10

Debt