Number: RL30617
Title: Russia's Paris Club Debt and U.S. Interests
Authors: John P. Hardt, Foreign Affairs, Defense, and Trade Division 
Abstract: Russia faced both fiscal and external debt crises in August 1988. Russia's external debt became unmanageable as the servicing of the debt would have required 80-90 percent of the anticipated federal revenue. Relief came from a new IMF program, a short-term rescheduling "framework agreement" that suspended principal payments for Russian Paris Club debt through the year 2000, and substantial forgiveness of the Soviet era commercial London Club debt.
Pages: 24
Date: Updated June 6, 2001