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Yet there was a strong spirit of international cooperation in the Western world and, when Argentina voiced the need to meet its sovereign creditors to prevent a default, France offered to host an exceptional three-day meeting in Paris that took place from 14 to .Today, the Paris Club provides debt treatments to debtor countries in a totally different world.Most countries are active players in the world economy and are interdependent through goods and capital flows.Financial globalization has created new opportunities for developing and emerging countries but has brought with it new risks of crisis. ” scream the billboards and posters in the Pigalle Place area of Paris.
some of the shows have been compared to Las Vegas extravaganzas, not to be missed.
A similar process occurs for public debt held by private creditors in the London Club, which was organized in 1970 on the model of the Paris Club is an informal group of commercial banks meet to renegotiate the debt they hold on sovereign debtors.
Creditor countries meet ten times a year in Paris for Tour d'Horizon and negotiating sessions.
To facilitate Paris Club operations, the French Treasury provides a small secretariat, and a senior official of the French Treasury is appointed chairman.
In 1956, the world economy was emerging from the aftermath of the Second World War.