The country agreed to pay the Paris Club US$12.4 billion while the remainder of its over US$30 billion official debts
was written off.
The troubled European economies and their sympathizers will demand more emphasis on growth, lower interest rates on their official debts and more transfers.
Now is the time for radical reductions in the rates charged by official creditors to European sovereigns, for a willingness to subordinate official debts -- not for the purpose of privileging private creditors but to offer a prospect for systemic preservation -- and for expansionary monetary policies in Europe that prevent deflation and encourage the growth that can create jobs and reduce debt burdens.
Reuters, quoting Western diplomats on the condition they not be identified, said their governments were notified that official debts needed to be renegotiated and that Cuba did not have the funds to fully meet August payments to them or their companies.
5 after Cuba failed to pay exporters and notified Japan that high fuel and food prices meant Havana needed to restructure its official debt.
Many analysts thus argued that Iraq appeared to be a better candidate for so-called "debt flow" treatment, involving rescheduling its official debts
until it had the capacity to repay instead of cancelling them completely as is done for the poorest countries lacking any natural resources that can be used to generate revenue.
States sometimes succeed in challenging the legitimacy of official debts
; however, the resulting relief is couched in terms of economic necessity (as in the case of Vietnam, infra note 76).
The City manager has already overseen the shock sale of skipper Graham Kavanagh to ease the crippling wage bill which has seen the club's official debts
rocket to nearly pounds 30m.
Indonesian Vice President Bacharuddin Jusuf Habibie on Thursday dispelled concerns regarding a rumored rescheduling of Indonesia's official debts
and appealed to Japan's ruling party to help his country regain its economic well-being.
The members of this committee were usually the major money-centre banks,(8) The steering committees required the debtor to complete, or enter into, a rescheduling of its official debts
. The term "official debts
" refers to debts to other governments(9) or international institutions such as the World Bank or International Monetary Fund [hereinafter IMF].(10)
, like taxes, can also carry severe penalties.
In Section 3 we use this model to analyze the implications of bond versus money financing of a government repurchase of official debts
. As long as domestic spending adjust to keep the budget in balance, debt-financed swaps have no real effects beyond those created by the wealth effects.