Everything about The Paris Club totally explained
The
Paris Club is an informal group of financial officials from 19 of the world's richest countries, which provides financial services such as debt restructuring, debt relief, and debt cancellation to indebted countries and their creditors. Debtors are often recommended by the
International Monetary Fund after alternative solutions have failed.
It meets every six weeks at the
French Ministry of the Economy, Finance, and Industry in
Paris. It is chaired by a senior official of the French
Treasury, currently the Director General of the Treasury and Economic Policy Department
Xavier Musca .
The club grew out of crisis talks held in Paris in
1956 between the nation of
Argentina and its various creditors. Its principles and procedures were codified at the end of the 1970s in the context of the North-South Dialogue.
In the 1990s, the club began to treat the
HIPC (Highly-Indebted Poor Countries) and non-HIPCs differently. The club began to grant increasingly larger
debt reductions for the HIPCs. For the non-HIPCs, the club engaged less in debt reductions and moved towards encouraging the absorption of non-HIPCs' financial losses by bondholders and other private creditors.
In
2004, the Club decided to write-off the debts of
Iraq, as the rebuilding of Iraq is incomparable. After the 2004
Indian Ocean earthquake, the Paris Club decided to suspend temporarily some of the repayment obligations of the affected countries.
As of
April 2006,
Nigeria became the first African country to fully pay off its debt (estimated $30 billion) owed to the Paris Club.
The permanent member-nations of the club are:
Australia,
Austria,
Belgium,
Canada,
Denmark,
Finland,
France,
Germany,
Ireland,
Italy,
Japan, the
Netherlands,
Norway,
Russia,
Spain,
Sweden,
Switzerland, the
United Kingdom, and the
United States.
Former Chairmen
Incomplete list:
The complete list of Paris Club Chairmen, and much other useful information about the Paris Club's history and operations, can be found in "Sovereign Debt Restructuring: the Case for Ad Hoc Machinery", by Lex Rieffel (Brookings Institution Press, 2003).
Current Chairman
Xavier MuscaFurther Information
Get more info on 'Paris Club'.
|
External Link Exchanges
Do you know how hard it is to get a link from a large encyclopaedia? Well we're different and will prove it. To get a link from us just add the following HTML to your site on a relevant page:
<a href="http://paris_club.totallyexplained.com">Paris Club Totally Explained</a>
Then simply click through this link from your web page. Our crawlers will verify your link, extract the title of your web page and instantly add a link back to it. If you like you can remove the words Totally Explained and embed the link in article text.
As long as your link remains in place, we'll keep our link to you right here. Please play fair - our crawlers are watching. Your site must be closely related to this one's topic. Any kind of spamming, dubious practises or removing the link will result in your link from us being dropped and, potentially, your whole site being banned. |
