§ Lynne JonesTo ask the Chancellor of the Exchequer what the obstacles are which stand in the way of debt rescheduling that he refers to on page 40 of the Treasury document "Tackling Poverty, A Global New Deal". [37942]
§ Mr. BoatengOver the past three years the international community has been working hard to develop a new framework of partnership between the
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Suicides1 by English counties2 and former counties, years of occurrence 1998 to 2000 1998 1999 2000 1998–2000 England 4,815 4,828 4,598 14,241 Bedfordshire, former county of 43 60 41 144 Berkshire, former county of 76 72 75 223 Bristol/Bath area 82 82 76 240 Buckinghamshire, former county of 62 54 67 183 Cambridgeshire, former county of 55 57 65 177 Cheshire, former county of 102 97 95 294 Cornwall (and Isle of Scilly) 59 63 63 185 Cumbria 68 63 50 181 Derbyshire, former county of 75 96 90 261 Devon, former county of 119 137 134 390 Dorset, former county of 67 83 71 221 Durham, former county of 60 62 54 176 East Sussex, former county of 90 94 103 287 Essex, former county of 153 127 136 416 Gloucestershire 56 60 57 173 Greater London (Metropolitan County) 734 685 616 2,035 Greater Manchester (Metropolitan County) 297 263 266 826 Hampshire, former county of 157 167 148 472 Herefordshire and Worcestershire 70 91 80 241 Hertfordshire 72 61 65 198 Isle of Wight, former county of 20 17 15 52 Kent, former county of 150 124 147 421 Lancashire, former county of 181 170 162 513 Leicestershire, former county of 77 92 91 260 Lincolnshire 70 68 62 200 Merseyside (Metropolitan County) 141 140 130 411 Norfolk 92 75 74 241 North Yorkshire, former county of 86 61 73 220 Northamptonshire 54 63 43 160 Northumberland 28 34 25 87 Nottinghamshire, former county of 99 101 109 309 Oxfordshire 52 53 54 159 Shropshire, former county of 28 54 43 125 Somerset 43 41 55 139 public and private sectors for preventing and managing balance of payments problems so that all parties that benefit from the international financial system play their part in maintaining stability.
However, the ability of minority creditors to litigate successfully against sovereigns in default is a serious obstacle to debt restructuring, and can exacerbate creditor co-ordination problems. Thus some form of international bankruptcy procedure may be necessary to prevent disruptive litigation by minority credits.
More generally, there is a need to clarify the roles of debtors, creditors and the official sector within the crisis resolution framework, in order to provide the right incentives for creditors to co-ordinate effectively during debt restructuring negotiations.