They hope that rivalry between rich countries will bring both debt write-offs and pledges of new money.
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Despite high expectations, large-scale debt write-offs or generously-priced purchases of the state-owned Irish banks are unlikely to occur.
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The future, perhaps for the next 10 to 20 years, will be a story of debt cancellation, restructuring, write-offs, defaults and foreclosures.
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Investment banks have been suffering from heavy write-offs from subprime mortgage debt and their falling stock prices have made it harder for them to raise money.
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The write-offs will come in parts: 30% of the debt now, another 30% in 2005 and a final 20% in 2008.
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