They would also incur losses on their claims and investments denominated in euros.

In Europe, the market for Greek debt has frozen, and interest rate spreads between Irish and German euro denominated debt recently reached alarming levels.

Some contracts denominated in euros would be subject to Greek law, some to European law, and others for example, derivatives contracts to British or US law.

(In euros)

Budgeting for non euro expenditures

The figures are expressed at 2006 2007 cost levels.

(a) Refund of prior year expenditures

(b) Sales of used equipment

(c) Net gain on exchange.

In that connection, two suggestions were made (a) the five successor States

By contrast, if Italy left the eurozone, its euro denominated debt burden would become unsustainable and would have to be restructured, plunging the global financial system into chaos.

The creditor countries, by contrast, would incur losses on their claims and investments denominated in euros and encounter stiffer competition at home from other eurozone members.

B. Introduction of the euro

Programme A.1 Meetings of the Governing Bodies

General description

Programme B.1 Executive Direction and Management

General Direction and Management

(j) Acting as the ICT focal point for the United Nations system

(d) Interact with other United Nations sister organizations on issues related to management and administration and particpate in meetings in conjunction with United Nations wide events.

Programmes H.1 and H.2 Common Buildings Management and Joint Buildings Management

Programme H.1 Common Buildings Management

UNCCD core budget expenditures denominated in euros include General Service staff salaries, most general administrative expenses, supplies and equipment, joint facilities management costs and travel agents bills (though daily subsistence allowance is denominated in dollars).

Inputs (resource estimates in euros)

If the dollar is likely to fall against the euro over the next several years, investments in euro denominated bonds issued by the German or French governments may provide higher safe returns.

Expanding local currency bond markets could expedite a shift from dollar denominated cross border loans to local currency loans, bringing benefits to both investors and borrowers.

(The unit of measure should not exceed one ten thousandth of the total military expenditures.

UNIDO has its accounts in euros.

(b) Euro presentation of technical cooperation activities

Annex I, table 1 euro statements

As holders of euro denominated assets recognized this situation, they turned to the ECB for insurance (which the ECB could not deliver under its previous president, Jean Claude Trichet, whose leadership was defined by his commitment to maintaining price stability).

The vast majority of expenses incurred by the Court are in euros.

Korea International Cooperation Agency grant performance in euros

Until the euro weakened recently, Chinese bankers had been buying more euro denominated assets, no doubt recognizing that, despite the frailty of the eurozone economy, Chinese exporters also need European consumers to keep buying their goods.

Parties could be asked to agree that annual contributions be fixed in euros and the equivalent of the euro amount be paid in any convertible currency.

Loan conditions

No. of loans

loan contracts

Accrued interest from the euro cash pool

Today, these assets and liabilities are all in euros.

The Danish peg now to the euro still holds.

Contracting and granting loans

Non performing loans

3. Loans and credits

A. Loan operations

Loans disbursed