"The Soviet Union is already in a piecemeal debtrescheduling with a series of 'quiet' Western government 'refinancings' likely this year -- all in the interest of avoiding a more formal and debilitating Paris Club process, " Center Board member Robinson said.
There is also growing optimism that Pakistan will get generous terms for rescheduling its debt with the Paris Club - a club of rich states which lend money to less developed countries.
Inevitably, there will be strenuous efforts made by the Bush Administration, other Western governments and numerous private banks to stampede the former Soviet Union into a commitment to secure all debt obligations beyond the very limited reschedulingof principal payments already agreed for 1992.
The only difference as in the case of Donald Trump is that it saves embarrassed creditors the loss of face involved when imprudent lending results in an overextended borrower requiring a formal debtrescheduling.
The bottom line is that the Soviet Union should reschedule its debt now, rather than have such arescheduling artificially staved-off at the expense of Western taxpayers.