When an institution declares that under no circumstances will it reform you can be sure it faces a rocky future. The idea that any economic player, public or private, can carry on acting in the same old way, regardless of external changes, strikes most people as absurd. Yet this is what the Paris Club believes. Events will surely force it to shape up or wind up.
The Paris Club is the informal group of sovereign creditors that meets to reschedule the official debts of developing countries.
Thanks for your interest in Euromoney!
To unlock this article:
