First, it aims to ensure that obligations are fairly and regularly met when a debtor becomes financially insolvent. Thus, it seeks to protect the lawful rights of both creditors and debtors.

Holders of both state and federal bonds were thus offered a basket of long dated bonds, some with an interest rate of 3 , and others with 6 (with a ten year grace period). The basket was designed in such a way as to result in an average debt service cost of 4 .

The average duration of these missions is two weeks.

The issue was not only the aggregate level of debt it was also a question of balance between private and public sector debt, their maturity structure, the level of contingent liabilities, reserve management and pursuit of macroeconomic policies consistent with development objectives.

3 failure to discharge due liability or

Debt and low per capita income adjustment with positive gradient

INDRA will provide that service only if creditors extend maturities of firms short term debt into loans with maturities of between one and four years.

The other six countries are all HIPCs treated under the Naples terms Ethiopia, the United Republic of Tanzania, Madagascar and Yemen obtained a 67 per cent reduction on the flow of debt service falling due during the consolidation period, while Guinea and Cameroon (with a relatively higher per capita income) had their debt service reduced by 50 per cent.

And what I read was that my median survival was 24 weeks.

Public deficits must be brought down to sustainable levels on a permanent basis, with a view to stopping the escalation of public debt.

Debt and low per capita income adjustment

Current period obligations related to peacekeeping operations remain valid for 12 months following the end of the financial period to which they relate.

In the current situation, the US cannot reduce the real value of its government debt significantly by indulging in a bout of inflation, because the average maturity on existing debt is very short only about four years. And the projected fiscal deficits imply that the additional debt that will be issued during the next decade will be as large as the total stock of debt today.

This reaching for yield has driven up the prices of all long term bonds to unsustainable levels, narrowed credit spreads on corporate bonds and emerging market debt, raised the relative prices of commercial real estate, and pushed up the stock market s price earnings ratio to more than 25 higher than its historic average.

During 2004, the average vacancy rates experienced by the Registry were 12.2 per cent for the Professional category and 9.1 per cent for General Service category.

Given all this, the recession will lead to a sharp increase in corporate defaults, which had been very low over the last two years, averaging 0.6 per year, compared to an historic average of 3.8 . During a typical recession, the default rate among corporations may rise to 10 15 , threatening massive losses for those holding risky corporate bonds.

Before the HIPC Initiative, eligible countries spent, on average, slightly more on debt service than on health and education combined. Now, debt in the 28 countries for which relief has been approved has declined by an average of two thirds, while their expenditures on health, education, and other social services have risen to almost four times the amount of debt service payments.

At the balance sheet date, all asset and liability balances are revalued using the United Nations official exchange rate as at 31 December.

That was particularly true of Africa, whose external debt had grown at an average annual rate of 1.5 per cent between 1990 and 1995.

Moreover, the Greek government s interest payments are exceptionally low. Given that its debt will still be about 170 of GDP this year, the 4.1 of GDP interest bill implies that the Greek government pays an average interest rate of just 2.4 far less than the nearly 9 rate that the market is now charging on ten year Greek government bonds.

Debt, low per capita income adjustment with positive gradient and LDC adjustment

a Average of United Nations operational rates of exchange through November 1998. Schedule 4

For interim periods, current year unliquidated obligations for UNDP, UNFPA and technical cooperation trust funds are reported as deferred charges and as liabilities

During the period, an average of 109 local staff were hired under special service agreement at an average rate of 920 per person per month.

Finally, it is important to recognize the contribution that efficient and equitable burden sharing between debtors and creditors can make to alleviating unsustainable debt burdens.

To put that task in perspective, in the last 25 years, Greece ran an average primary deficit of 2 per year. To reduce the debt to GDP ratio to 70 , Greece would have to maintain an average primary surplus of 4 for the next 30 years, a level that it has temporarily achieved in only four of the last 25 years. nbsp

To put that task in perspective, in the last 25 years, Greece ran an average primary deficit of 2 per year. To reduce the debt to GDP ratio to 70 , Greece would have to maintain an average primary surplus of 4 for the next 30 years, a level that it has temporarily achieved in only four of the last 25 years.

Average annual growth rates for service exports of developed countries increased from 4 per cent during the period 1995 2000 to over 7 per cent during the period 2000 2003.

The better than expected cash position resulted from additional voluntary contributions received, interest income earned, savings on prior period obligations as well as delays in the liquidation of current period obligations.

Noting with concern the continuing debt and debt servicing problems of heavily indebted developing countries as constituting an element that adversely affects their development efforts and economic growth, and stressing the importance of alleviating once and for all, where applicable, their onerous debt and debt service burden with the aim of attaining a sustainable level of debt and debt service,

By 2001, the average pension in the Federation was two thirds of the average income per capita, which is above average for transition countries.

Unliquidated obligations current period

In a report dated 29 December 2004, the Office of Internal Oversight Services indicated that although the mission electronic fuel accounting system had been implemented at UNAMSIL, it was not being used to monitor fuel issued for generators or for contingent owned equipment.

Table 1.4 Average life expectancy

major exporting African countries, 1973 1994 Average ratio in Country

Mozambique, classified as one of the world s most indebted countries, has been admitted to the Heavily Indebted Poor Countries (HIPC) Debt Initiative designed to reduce Mozambique s debt to a sustainable level.

In an environment of zero or near zero interest rates, creditors have an incentive to extend and pretend that is, roll over their maturing debt, so that they can keep their problems hidden for longer. Because the debt can be refinanced at such low rates, rollover risk is very low, allowing debtors who would be considered insolvent under normal circumstances to carry on much longer than they otherwise could.

The bulk of that amount comprised long term debt (80 per cent), while short term debt accounted for 18 per cent of the total.

(c) Ensure equitable burden sharing with private creditors

Life expectancy at birth is about 70 years (67 for men and 72 for women), as against under 60 years in 1980.

The new debt initiative for a group of heavily indebted poor countries responded to the need for a comprehensive framework based on equitable burden sharing among all creditors in order to bring the debt of such countries to a sustainable level.

Once a vulnerable country's debts are cancelled, if an attempt is made to run it without balancing the balance sheet, debt could easily reconsume it.

17. The basis for recosting can be either the average operational rates of exchange experienced so far in the biennium (the averaging method) or the operational rates in effect at the time of recosting (the latest rate).

Public and publicly guaranteed debt continued to account for the major share of long term debt, at 83 per cent of the total, but the volume of private non guaranteed debt accelerated by 18 per cent and its share rose from 15 per cent in 1996 to 17 per cent of the total.

The system had been in place for approximately 15 months and, according to the Mission, it had allowed for effective monitoring of fuel consumption.