WASHINGTON : U.S. Treasury Secretary Janet Yellen said on Tuesday she is optimistic China will agree on certain technical aspects of debt restructuring for poor countries during the first full-fledged meeting of a sovereign debt roundtable of creditor and debtor countries.
China would be an active participant in the meeting on Wednesday on the sidelines of the gathering in Washington, Yellen said, adding that she would continue to press Beijing to help improve the Group of 20 Common Framework set up to provide debt relief for low-income countries. The IMF, World Bank and India, current president of the G20, are co-chairing the Global Sovereign Debt Roundtable with a goal of accelerating debt relief for countries in need. The co-chairs are expected to issue a statement after Wednesday's meeting.
U.S. officials and others blame the delays largely on foot-dragging by China, now the world's largest bilateral creditor, and reluctance by private-sector creditors to join in, but hope to address some of the underlying questions at the roundtable.
Source: Loan Digest (loandigest.net)
China has finally dropped its demand for debt restructuring for poor countries. Now we can focus on the REAL problem - US debt.
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