The Paris Club (French: Club de Paris) is an informal group of financial officials from 19 of some of the world's biggest economies, which provides financial services such as war funding, debt restructuring, debt relief, and debt cancellation to indebted countries and their creditors. Debtors are often recommended by the International Monetary Fund after alternative solutions have failed.
It meets every six weeks at the French Ministry of the Economy, Finance, and Industry in Paris. It is chaired by a senior official of the French Treasury, currently the Director General of the Treasury . The club grew out of crisis talks held in Paris in 1956 between the nation of Argentina and its various creditors. Its principles and procedures were codified at the end of the 1970s in the context of the North-South Dialogue.
Read more about Paris Club: Former Chairpersons, Current Chairperson
Famous quotes containing the words paris and/or club:
“Nowhere is one more alone than in Paris ... and yet surrounded by crowds. Nowhere is one more likely to incur greater ridicule. And no visit is more essential.”
—Marguerite Duras (b. 1914)
“He loved to sit silent in a corner of his club and listen to the loud chattering of politicians, and to think how they all were in his power—how he could smite the loudest of them, were it worth his while to raise his pen for such a purpose.”
—Anthony Trollope (1815–1882)