loan conversion

He added that the loan conversion plan, through so-called "exit bonds," would now be voluntary.

Therefore, Mr. Bresser Pereira's loan conversion proposal took many bankers by surprise.

Mr. Perreten, 39, is a director in New York in the commercial mortgage group of Fitch Ratings, the credit agency, analyzing loan conversions.

During times of famines, droughts and other natural calamities, NABARD provides loan rescheduling and loan conversion facilitates to eligible institutions such as State Cooperative banks and Regional Rural Banks for periods up to seven years.

Over two years, Bruce negotiated with the Westminster Bank and the British Government for loan conversions worth £84 million, which saved Australia millions of pounds in interest over several years and along with the Ottawa Agreements were significant in helping alleviate Australia's financial difficulties.

Combined with a mass loan conversion that would reduce the interest rates paid on government bonds by 22.5%, Australia now had a consensus as to how to reduce the annual deficit from some £41.08m to £14.65m. Although he had finally secured parliamentary and state approval for a plan, Scullin now faced a revolt from his own party.