Program proposed by the IMF in 2001 after the financial collapse of South American states and endorsed by various international expert bodies, which contains the following steps on the basis of contractual agreements. – If a state suspends its payments, it is protected against legal action by private creditors until further notice. – The state in question guarantees creditors fair behavior during the payment suspension period. – Those who now inject fresh money into the indebted country are given preferential status. – The majority of creditors are given the right to make agreements on behalf of all creditors to repay the debt. – See European Stability Mechanism, London Club, London procedure, Prague pronouncement, debt management, debt cut, sovereign debt, denied, debt rescheduling clauses. – Cf. 2003 Annual Report of the Deutsche Bundesbank, pp. 110 ff.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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