Debt relief is, however, dependent on all creditors spreading the burden fairly among themselves.

Emphasizing the important role that private sector creditors play in debt relief and debt sustainability,

Even former creditors benefited from this rebound.

A policy of concessions from creditors therefore remained necessary.

The economic and financial argument against direct debt relief by multilateral creditors is that these institutions rely for funds for the most part on the willingness of other creditors to place resources with them.

Creditors of a corporation cannot recover debts from a shareholder.

This problem is today still as widespread and as acute as it was before, despite the relief measures undertaken by some creditors.

We hope that the G8 can help finalize these arrangements, and can help us ensure that the costs of debt relief are shared among all creditors, including those from the private sector.

We urge all creditors to support the call for intensified debt relief, without jeopardizing the long term viability of the international financial institutions.

There was no competitive pressure and little focus on how the losses in debt relief operations were spread across different types of creditors.

Judgement creditors

Transition from relief to development

Transition from relief to development

(v) Relief from provisional measures

Transition from relief to development

The granting of such relief may need to be balanced against potential detriment to the interests of creditors generally or to the debtor's assets.

Statutory (preferential) creditors

From the early days of the developing country debt crisis, official and private creditors have sought to restructure debt in collective creditor forums the Paris Club for official bilateral creditors and bank advisory committees for bank creditors.

D. Transition from relief to development

The transition from relief to development

B. Transition from relief to development

The US is gradually transferring resources from creditors to debtors through financial repression.

Creditors in insolvency proceedings

Protection of secured creditors

Debt to official creditors

II. ENSURING THE CONTINUUM FROM RELIEF TO

(d) Relief of refugees from South Africa.

Furthermore, whether additional debt relief should be provided on bilateral debt owed to official creditors should best be left to discussions among the members of the Paris Club.

Member countries are now divided into two classes creditors and debtors with the creditors in charge.

(a) The court grants relief from the measures

II. ENSURING THE CONTINUUM FROM RELIEF TO REHABILITATION

3. Conclusion on the Continuum from Relief to

So was the international community s sigh of relief after the latest financial rescue additional money from Greece s creditors in exchange for structural reforms premature? Will Greece, the twenty first century s sick man of Europe, persist in refusing to reform?

It would refrain from claiming interest and repayments from post conflict countries and hoped that other creditors would follow suit.

Sovereign debt restructurings with private creditors

Operations are now moving from relief to recovery efforts.

The continuum from emergency relief to rehabilitation and development

B. Transition from relief to development . 77 83 20

As the indebtedness of some missions continued to mount with no end in sight, it had become very difficult to persuade creditors not to seek relief in the civil court system.

Bailing in creditors will exacerbate these trends.

Inflation would clearly make creditors worse off.

Creditors take a loss on the rest.

East African Refugees Strength from Love Lutheran World Relief

( Which yet is ) no relief nor shelter from the flame .

The current debt relief measures have been far from effective.