Paris Club

Paris Club

The name given to the arrangements through which countries reschedule their official debt; that is, money borrowed from other governments rather than banks or private firms. The club is based on Avenue Kléber in Paris. Its members are the 19 founders of the OECD as well as Russia. Other institutions such as the World Bank attend in an informal role. Rescheduling requires the consensus agreement of members and must not favor one creditor nation over another. Private debt re¬scheduling takes place through the London Club.

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Industry/Domain: Economy
Category: Economics
Company: The Economist
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