Then they suggested a rescheduling of debt payments to German banks.
The sharply increased use of bonds and other securities has actually compounded the problem of moving such governments toward disciplined, transparent financing methods and made more difficult the rescheduling of such debt instruments during periods of financial distress.
"a generous rescheduling of official debt and reductions of 50% or more of the principal on official debt" in Paris Club arrangements.
An international outcry is no less in order now regarding the incipient EU rescheduling of Syria's external debt.
Details of the debt rescheduling will now be announced on August 24th.
The banking laws introduced at the beginning of the month were intended to buy time while the second stage of the debt-rescheduling plan is completed.
They artificially lower the interest rates and increase the size of credits as the risk of any future debt rescheduling or default is transferred from private commercial banks to Western taxpayers.
The reconfigured Soviet center is also collaborating with Western governments to stave off an imminent Soviet debt rescheduling by quick infusions of taxpayer-guaranteed funds.
"The Soviet Union is already in a piecemeal debt rescheduling 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.
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 rescheduling of principal payments already agreed for 1992.
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.
The bottom line is that the Soviet Union should reschedule its debt now, rather than have such a rescheduling artificially staved-off at the expense of Western taxpayers.
What is called for now is expanded debt rescheduling covering several years beyond 1992 (including the debt contracted after 1 January 1991), to say nothing of debt forgiveness.
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