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We have a lower budget deficit than many creditor countries.
He said the creditor countries were not considering fundamental changes in the plan.
"But it is not in the interest of the creditor country that the debtor cannot recuperate its economic vitality."
They want the Administration at least to talk to other big creditor countries about creating a mechanism to relieve the debtors' burden.
This has allowed China to become a creditor country in relations to current accounts and the largest in terms of foreign reserves.
Some creditor countries had initially balked at forgiving Iraq's debts because of its vast untapped oil reserves.
America was the world's largest creditor country, and its earnings on overseas investments were enough to offset perennial deficits in merchandise trade.
"Growth in the big creditor countries, Japan and West Germany, is going like gangbusters," he said.
The presidents pledged to act jointly to secure better terms of payment and demanded quicker results from discussions with creditor countries.
In recyling some of its huge trade surpluses, Japan is so far the only creditor country to make a contribution to the program.
The real difference is that domestic borrowing falls under the laws of the borrowing country rather than the creditor country.
While it is commonly thought sovereign defaults have large costs for the creditor countries, evidence of these costs is hard to find.
Firstly, this commitment obliges creditor countries either to reach into their foreign exchange reserves or to go into debt.
Should losses on loans to poorer countries which are guaranteed by sovereign governments be socialized to the people of the creditor countries?
Both debtor and creditor countries must now face the consequences of the initial mistake, and of how it was compounded over the years.
The communique said that both sides would "seek comparable treatment from all other creditors including commercial banks, other creditor countries and suppliers."
Beyond Europe, we must encourage creditor countries to expand demand and debtor countries to make the painful adjustments necessary to repay them.
In the early to mid-1970s, a return to a gold anchored system was advocated by gold rich creditor countries including France and Germany.
Rescheduling agreements granted by the Paris Club have allowed the individual creditor countries to apply very soft terms to the rescheduled debt.
Iraq also owes countries like Russia about $60 billion, not counting interest, and creditor countries want assurances that their debt will not be ignored.
The Club of Paris brings together 19 creditor countries owed money by Russia and the former Soviet Union.
"We have to think of the idea of a summit with the President of the United States and the leaders of other major creditor countries."
Not all creditor countries are ready to go beyond fifty percent and we do need to move forward multilaterally but there is increasingly widespread support for our proposals.
Meanwhile, essential elements of the new approach have yet to be negotiated among creditor countries, the World Bank and the International Monetary Fund.
If so, currencies of net debtor countries would be expected to fall (as more is pulled out than returns home); those of creditor countries to rise.
But the price of these products is controlled by the creditor nation.
The interest rate is to be worked out in Egyptian talks with each of its creditor nations.
The United States used to be the biggest creditor nation.
It was a creditor nation investing in neighboring African countries.
Ten years ago, the United States was the largest creditor nation.
That made Japan, with its huge trade surpluses, the world's largest creditor nation.
Japan, a creditor nation, saves nearly 20 percent of its gross domestic product.
It warned that further debt relief measures would be needed from creditor nations.
The question of how to deal with Iraq's foreign debt will be taken up next week at a meeting of creditor nations.
And this is only possible through debt relief authorized by the governments of leading creditor nations.
In addition, creditor nations may use up to 25 percent of some new loans to buy back debt titles on the secondary market.
The creditor nations said that they gave Poland "extraordinary terms" to help ease its transition to a market economy.
Even with the decline, in 1914 London was still the centre of international payments, and a large creditor nation, owed money by others.
Indeed, Japan remains the world's largest creditor nation.
The Soviet Union is now a net creditor nation.
For the plan to succeed, the creditor nations will have to confront their own economic difficulties, not least America's budget deficit.
Lisa later meets with the leaders of America's creditor nations, who demand that America pay them back.
In addition, the sacrifice proposed in the plan applies only to the creditor nations, not to Russia itself.
It is important because over time it measures the demand for American assets by private enterprise in the world's creditor nations.
They are both creditor nations, while we have the unenviable distinction of being the largest debtor nation in the world.
Once one of the world's biggest borrowers, South Korea is expected to turn the tables next year and become a creditor nation.
Having turned trade deficits into surpluses, Korea now expects to retire its debt next year and become a creditor nation.
Western creditor nations gave Russia 10 extra years to repay $15 billion of debt and interest coming due this year.
We have gone, during his two terms, from being the world's largest creditor nation to its largest debtor nation.
Between 1985 and 1989 the dollar value of exports more than doubled; planners excitedly began to talk about Korea becoming a creditor nation.