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

Paris Club debt rescheduling has been too little.

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

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

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.

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

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

The other option lets creditors restructure the debt at concessional interest rates so that the net present value of the debt servicing payments due on the debt will be reduced by half.

UNCTAD has continued to provide support to African and other debtor countries in preparing their negotiations on the rescheduling or restructuring of bilateral official debt in the framework of the Paris Club.

It seeks to provide comprehensive treatment of debt crisis countries by debt reduction in three stages rather than a simple rephasing of the debt servicing schedule.

The agenda for development also should devise a plan to alleviate debt overhang and place a ceiling on debt repayment, by scheduling debt on reasonable terms, writing off some debt and enhancing official development assistance.

The Russian Federation was prepared to honour its debt in its entirety once it had been restructured taking into account the nature and origin of such debt and other factors.

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 current regulations, that additional debt could not be rescheduled, thus, multilateral debt had not been affected by recent debt cancellation and rescheduling measures.

45. Mr. GUERRERO (Philippines) said that, while debt rescheduling schemes had benefited many countries, including the Philippines, they had not solved the external debt problem as a whole.

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

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

1. At the first part of its fortieth session, the Trade and Development Board examined debt issues in a development context, including the recent evolution of debt rescheduling.

With regard to bilateral debt, debt relief took the form of payment rescheduling, sometimes on concessional terms, sometimes coupled with new loan packages.

Restructuring Debt Restructuring

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

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.

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

Multilateral debt, which accounted for almost 25 per cent of total external debt and 40 per cent of total debt service payments of the sub Saharan African countries, should also be rescheduled.

ODA debt is rescheduled over 30 years, with no principal due for 12 years.

B. Debt restructuring

Only if the guarantees are called in does a full insolvency occur, with the entire public debt being rescheduled.

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.

Until December 1991, the only generally available treatment for non concessional debt servicing was to reschedule the payments due, albeit on terms that had been lengthened over the years.

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

BERKELEY Financial markets are increasingly certain that a Greek debt restructuring is coming, and European policymakers fear the worst.

Sovereign debt restructuring

Paris Club creditors cancelled US 823 million of debt, and US 737 million was rescheduled.

Greater coordination is called for between the Paris Club and donor forums or even the shift to such forums of official bilateral debt rescheduling for low income countries.

Indeed, a new Paris Club rescheduling is also contingent on maintaining the adjustment targets, as well as new loans from multilateral and other official creditors.

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.

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

But there is also a best case scenario, where Greek debt is restructured in a way that doesn t threaten the banking system.

To address the debt burden problem, many African countries at first resorted to repeated debt rescheduling which focused on debt service flows, resulting in steadily increasing debt stocks and related service payments.

The mechanics of debt restructuring are straightforward.

Expressing its concern that, despite repeated rescheduling of debt, developing countries continue to pay out more each year than the actual amount they receive in official development assistance,

At that point, the Europeans should get on with completing their monetary cordon sanitaire orderly debt restructuring in all countries with debt burdens that are too large to be credibly restructured in Merkel s new regime.

The Trinidad conclusions, which propose canceling two thirds of the eligible debt coupled with a rescheduling of the remainder over 25 years and an additional five year grace period, offer a promising and encouraging approach to easing the debt burden.