1945

The Paris Club: A group of debt collectors or a development-oriented institution?

The Paris Club was created in the late 1950s to deal with the liquidity problems then faced by a small number of debtor countries, mostly in Latin America. The debt crisis of the 1980s caught the Paris Club unprepared and its response was slow. Until 1987, it operated, by and large, under the tenet of "business as usual". It continued to apply virtually the same terms to all rescheduling countries, insisting on a short-leash approach and directing relief toward meeting immediate cash flow requirements. Non-concessional debt was consistently rescheduled at market interest rates.

Related Subject(s): International Trade and Finance
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