An InternationaDle bt Facility

Jul 5th, 2015
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A COMMONPR OPOSALd esignedt o deal witht he developingc ountries' debtp roblemi s thatt hereb e set up an "internationadl ebtf acility" that would buy debt at a discount and then mark down its contractual value, hence providingd ebtr elief.

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An International Debt Facility?Author(s): W. Max CordenSource: Staff Papers - International Monetary Fund, Vol. 35, No. 3 (Sep., 1988), pp. 401-421Published by: Palgrave Macmillan Journals on behalf of the International Monetary FundStable URL: .Accessed: 12/03/2014 11:48Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range ofcontent in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new formsof scholarship. For more information about JSTOR, please contact Macmillan Journals and International Monetary Fund are collaborating with JSTOR to digitize,preserve and extend access to Staff Papers - International Monetary Fund.http://www.jstor.orgThis content downloaded from on Wed, 12 Mar 2014 11:48:26 AMAll use subject to JSTOR Terms and ConditionsAn InternationalDebt Facility?W. MAX CORDEN*debtfacilityto buy the debt ofThe proposal to set up an internationalacountriesatdiscountandthenmark down its contractualdevelopingvalue is analyzed. The paper considersthe centralquestionof how thedebtorcountries,creditorbanks, and ownersof thefacilitywould beofgainsand lossestherewouldaffecte

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