Lets all pray that it becomes a reality…
KARACHI (November 22, 2002): Pakistan will not need fresh aid from the International Monetary Programme after the current programme ends in 2004, thanks to a surge in remittances and debt-rescheduling, said the Governor of State Bank of Pakistan, Dr Ishrat Hussain, on Thursday.
http://www.brecorder.com/
Precisely, right!
debt-rescheduling
oh my god do you know that is ten times worse than takign the loan in first place.
debt-rescheduling means you will pay of the same loan but with multiple intrest over extra years.
So as an example i borrow $100
originally i promised to pay $150 after 2 years
with debt-rescheduling the original $100 is now gonna be $800 over 3 to 4 years.
This is not good this is worse!
there is no other happy way to end indebtedness than by repaying it. one pays either principal and interest or sovereignty.
Our governments have made a life-style in borrowing and reschedulings.
According to my plan, the whole external debt can be absolved in one year. :)
absolutely - just look at your magical subline math! good one
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*Originally posted by balram: *
absolutely - just look at your magical subline math! good one
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Yes! Yes! The exponential phenomena. You know what I mean? :)
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*Originally posted by ak47: *
debt-rescheduling
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If they can pay it off, they won't reschedule the debt. Problem is, can they pay it off? I don't think they can pay it all off rightaway. So what is the choice? Despite your great math, re-scheduling is the only option.
They should have learnt the invaluable lesson of "jitni chaddar ho utnay hi paon phailanay chahiyay" in the first place. Now, its too late.
exactly, rescheduling takes placw when you cant or dont want to pay it off under original terms.
I guess ak47's magical formula is to declare all such loans illegal and refuse to pay it :) Am I right
whether original terms or 'acceptable' terms. its a lot simpler than that. neither the creditor nor the defaulter want to use the terms "default" until no other terms of endearments are possible. the creditors would rather admit as later as possible that pakistan defaulted and pakistan in turn would rather that they admit so as later as possible. Hence the coinage neither a lender nor a borrower be!
Note: not editted the post. error made in pressing edit rather than quote. last sentence mistakenly cleared, please repost if needed. My apologies.
Has any country in the recent past unilaterally declared their inability to pay back international loans?
I think some sovereign country in Africa or South America had done it. Am not sure. Or may be their loans were waived off by all their donors. Does anyone remember?
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*Originally posted by Faisal: *
Has any country in the recent past unilaterally declared their inability to pay back international loans?
I think some sovereign country in Africa or South America had done it. Am not sure. Or may be their loans were waived off by all their donors. Does anyone remember?
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If I recall it right, there were two South American countries who are on verge of defaulting, one is Brazil, and the second one is Argentina... Please correct me if I'm wrong though.
fraudia
keep assuming lost boy
zulfi yes argentina does'nt want to pay the loan back good for them but the IMF with its backers like america and european states are keen to make argentina buckle to its knees for not paying back the loans.
while you guys are at it...please do tell me how not paying back the loans will enable pakistan to conduct trade, finance infrastructure projects, develop industry, and improve fiscal solvency.
Why do people think that remittances are the saviors of pakistan. Can someone explain that to me? I have seen this idiocy posted atleast 10 times. And in all those cases we have resident economic experts agreeing with it. If the Pakistani rupee isn't fully convertible how the hell can pakistan use the forign reserves to raise capital from issuing any kind of paper? Who is willing to take a chance on the pakistani rupee against the dollar? For the last time...this is not the gov'ts money. Sheesh!!!!!!!
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*Originally posted by ak47: *
fraudia
keep assuming lost boy
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ak47, oh can you please confirm that the ideology of your loony toon group does not suggest defaulting on loans? :)
lets hear you say it :) and if thats not teh case what exactly is your suggestion oh wise one :P
P.S. assuming makes an ass out of you and ming (the dude from flash gordon)