|
London Club
The London Club is an informal group of private creditors on the international stage, and is similar to the Paris Club of public lenders. The London Club is not the only informal group of private payables. The first meeting of the London Club took place in 1976 in response to Zaire's debt payment problems. The London Club of commercial banks has been responsible for rescheduling countries debt payments to commercial banks.Richard P. C. Brown and Timothy J. BulmanThe Clubs: Their Roles in the Management of International Debt.INTERNATIONAL ECONOMICS, FINANCE AND TRADE – Vol. I. UNESCO – EOLSS sample chapter, 4pp A meeting of the London Club took place in 1976 in response to Zaire's debt payment problems. See also *Paris Club of public lenders another informal group of private payables. *Debt of developing countries The debt of developing countries usually refers to the external debt incurred by governments of developing countries. There have been several historical episodes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paris Club
The Paris Club (french: Club de Paris) is a group of officials from major creditor countries whose role is to find co-ordinated and sustainable solutions to the payment difficulties experienced by debtor countries. As debtor countries undertake reforms to stabilize and restore their macroeconomic and financial situation, Paris Club creditors provide an appropriate debt treatment. Paris Club creditors provide debt treatments to debtor countries in the form of rescheduling, which is debt relief by postponement or, in the case of concessional rescheduling, reduction in debt service obligations during a defined period (flow treatment) or as of a set date (stock treatment). The Paris Club was created gradually from 1956, when the first negotiation between Argentina and its public creditors took place in Paris. The Paris Club treats public claims (that is to say, those due by governments of debtor countries and by the private sector), guaranteed by the public sector to Paris Club memb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zaire
Zaire (, ), officially the Republic of Zaire (french: République du Zaïre, link=no, ), was a Congolese state from 1971 to 1997 in Central Africa that was previously and is now again known as the Democratic Republic of the Congo. Zaire was, by area, the third-largest country in Africa (after Sudan and Algeria), and the 11th-largest country in the world. With a population of over 23 million inhabitants, Zaire was the most-populous officially Francophone country in Africa, as well as one of the most populous in Africa. The country was a one-party totalitarian military dictatorship, run by Mobutu Sese Seko and his ruling Popular Movement of the Revolution party. Zaire was established following Mobutu's seizure of power in a military coup in 1965, following five years of political upheaval following independence from Belgium known as the Congo Crisis. Zaire had a strongly centralist constitution, and foreign assets were nationalized. The period is sometimes referred to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt Of Developing Countries
The debt of developing countries usually refers to the external debt incurred by governments of developing countries. There have been several historical episodes of governments of developing countries borrowing in quantities beyond their ability to repay. "Unpayable debt" is external debt with interest that exceeds what the country's politicians think they can collect from taxpayers, based on the nation's gross domestic product, thus preventing it from ever being repaid. The debt can result from many causes. Some of the high levels of debt were amassed following the 1973 oil crisis. Increases in oil prices forced many poorer nations' governments to borrow heavily to purchase politically essential supplies. At the same time, OPEC funds deposited and "recycled" through western banks provided a ready source of funds for loans. While a portion of borrowed funds went towards infrastructure and economic development financed by central governments, a portion was lost to corruption and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007–2008, and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public debt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
