We seize this occasion to urge creditors, from both developed countries and international institutions, to cancel the debts of poor countries.

The obligations of certain organizations, such as the World Bank, are defined as quasi sovereign by the credit ratings agencies.

Invite the Bretton Woods institutions to consider the issue of debt sustainability and the implications of an HIPC initiative for Haiti.

So that brings the idea of some kind of rating agency, Morningstar type.

Another breakthrough was the debt relief for HIPC countries agreed at the annual meetings of the Bretton Woods institutions.

DMFAS pays for itself by making debt servicing procedures more efficient and by checking inconsistencies in the claims of creditor agencies.

They have also accumulated large protracted arrears with the international financial institutions.

One important challenge is to reduce external debt with respect to bilateral agencies and to certain countries.

Governments and international financial institutions could consider providing bond guarantees to those municipalities.

A better solution would be to create a new, independent fiscal body to establish borrowing targets for individual member states, together with a European debt agency to issue eurobonds (up to a certain level) on their behalf.

The Legislature may also issue bonds, levy customs duties (up to 6 per cent) and oversee executive departments.

Besides these cost savings, the active use of DMFAS in debt offices ensures that countries have an up to date database on debt, allowing more effective debt management and better preparation for loan and rescheduling negotiations.

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

The international community should identify a mechanism that allowed debt to be cancelled or reduced without compromising the stability of the international financial institutions.

Specific measures for administration shall be formulated by the securities regulatory agency under the State Council.

We recognize that the agreement does not cover bilateral debt and debt owed to other multilateral credit institutions, and we call for measures to address those issues in order to address the debt burden in Africa comprehensively.

Banks and other financial institutions had doubts about the value of various asset backed securities on their own balance sheets and on those of potential counterparties. No one knew the real value of credit default swaps and of the various tranches of collateralized debt obligations.

38 For example, through strengthening institutions that provide long term finance, such as development banks and, where appropriate, bond markets.

If the secured creditor and the depositary institution are the same person, the law should provide that the secured creditor automatically has control upon the creation of the security right.

(c) To bring international debtors and creditors together in relevant international forums to restructure unsustainable debt in a timely and efficient manner, taking into account the need to involve the private sector in the resolution of crises due to indebtedness, where appropriate

Reiterates its view that, in order to find a durable solution to the debt problem and for the consideration of any new debt resolution mechanism, there is a need for a broad political dialogue between creditor and debtor countries and the multilateral financial institutions, within the United Nations system, based on the principle of shared interests and responsibilities

Fifth, debt burdens that cannot be eased by growth, savings, or inflation must be rendered sustainable through orderly debt restructuring, debt reduction, and conversion of debt into equity. This needs to be carried out for insolvent governments, households, and financial institutions alike.

The CDO market, however, was concentrated six or seven issuers controlled most of the market, and this market ended up representing 50 of the entire revenues to be gained through ratings. All of a sudden, issuers had much more influence on the rating agencies, which, like any good seller, were ready to bend a little not to alienate important customers.

Relevant studies have shown that Chinese households' debts in financial institutions are dominated by consumer loans, which account for about two thirds of residents' debts, which is about twice that of business loans.

The welcome proposal of the Group of Eight to have the international financial institutions cancel 100 per cent of the outstanding debt of eligible heavily indebted poor countries should be implemented immediately.

We intend to promote new efforts in matters of foreign debt that transcend our bilateral obligations in the framework of the Heavily Indebted Poor Countries (HIPC) Debt Initiative and to contribute decisively to the solution of the problem of the external debt of these countries with the multilateral financial institutions.

10. Emphasizes the need to help bring about initial recovery in heavily indebted poor post conflict countries, in coordination with the international financial institutions, to help clear, as appropriate, the arrears of those countries vis à vis international financial institutions

13. Emphasizes the need to help to bring about initial recovery in heavily indebted poor post conflict countries, in coordination with the international financial institutions, to help clear, as appropriate, the arrears of those countries vis à vis international financial institutions

When a large financial institution is insolvent, the IMF should take it over, guaranteeing its short term obligations, but wiping out the shareholders and repaying the long term creditors only after all the other creditors (including the IMF itself) are repaid. Some people would scream that this is tantamount to nationalization, but it is no more a nationalization that the US Chapter 11 bankruptcy process is.

I call on the international financial institutions and donor countries to show understanding and to arrange as soon as possible a general cancellation of the multilateral and bilateral debt which is currently drowning our economies.

His delegation supported the proposal by the Group of Eight, endorsed by the Bretton Woods institutions, calling for full cancellation of the debt of some countries participating in the Heavily Indebted Poor Countries (HIPC) Initiative.

We urge G8 nations and international financial institutions to implement a fair and democratic debt cancellation process as quickly as possible.

Where an enterprise transfers any of its assets used for repaying its financial liabilities into any institution or to establish a trust, and the prevailing obligations to repay the liabilities remain to exist, it shall not terminate the recognition of the said financial liability and the transferred asset.

(c) To continue to bring together international debtors and creditors in relevant international forums to restructure unsustainable debt in a timely and efficient manner, taking into account the need to involve the private sector in the resolution of crises

In establishing a credit rating on a United Nations bond issue, the credit rating agencies would focus on the source and probability of timely debt service payments, in accordance with the terms applicable to the bond issue.

A third point of view is that, given the massive financial crisis, Europe s debt problem should have been diagnosed as an insolvency problem from the start, and treated with debt restructuring and forgiveness, aided by moderately elevated inflation and structural reform. This has been my viewpoint since the crisis began.

Japan, too, can finance its deficits, despite astronomical public debt, because it borrows in yen and overwhelmingly from Japanese institutional investors.

In this respect, the determination of the terms of development assistance cannot be based uniquely on a debt sustainability analysis framework developed by international financial institutions inputs from debtor countries should also be taken into account.

Almost 80 per cent of Africa's debt is owed to official institutions, about one third of which is multilateral debt owed mainly to the International Monetary Fund (IMF) and World Bank.

In order for the Organization to be in a position to make a bond offering to capital markets, Member States would have to agree to the establishment of certain financial mechanisms geared to assuring investors (i.e., the bond holders) of the return of their investment.

The objective of the Directive is to ensure, where a credit institution with branches in other Member States fails, that a single winding up procedure is applied to all creditors and investors.

Principal and interest on outstanding debt have been left intact. Thus, creditors mainly German and French banks are not expected to suffer losses on their existing loans, while borrowers gain more time to put their houses in order.

We believe that the international community is capable of finding a formula to bring about debt cancellation without jeopardizing the stability of international financial institutions.

We will work with other institutions to establish a concrete framework to deliver on the G 8 initiative on debt.

(i) To welcome consideration by all relevant stakeholders of an international debt work out mechanism, in the appropriate forums, the adoption of which should not preclude emergency financing in times of crisis, to promote fair burden sharing and minimize moral hazard, which will engage debtors and creditors to come together to restructure unsustainable debts in a timely and efficient manner