UN General Assembly
1987

Our shared responsibility with regard to the rising tide of debt imposes an obligation to undertake direct concerted action between debtors, grouped together in a club of debtors, so to speak, on the one hand and their creditors on the other. If the restructuring of the debt is to be viable it requires an amendment of the rules of the Paris Club and the London Club, a one-year moratorium on interest modelled on the practices of the International Development Association and the fixing of the percentage of the export earnings to be devoted to debt servicing on the basis of the figures for several years. In this connection we have proposed the following alternatives; either to request or decide upon the freezing of debt repayment for the next 10 years or to limit the payment to a maximum of 10 per cent of the value of the export earnings of each country. The basic objective is to postpone payment of most of the debts to the year 2000.