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:
“If Paris lived now, and preferred beauty to power and riches, it would not be called his Judgment, but his Want of Judgment.”
—Horace Walpole (1717–1797)
“In another year I’ll have enough money saved. Then I’m gonna go back to my hometown in Oregon and I’m gonna build a house for my mother and myself. And join the country club and take up golf. And I’ll meet the proper man with the proper position. And I’ll make a proper wife who can run a proper home and raise proper children. And I’ll be happy, because when you’re proper, you’re safe.”
—Daniel Taradash (b. 1913)