The Paris Club of official creditors has offered steadily better terms to poor countries.
Yet debts held by the Paris Club are only around a third of Iraq's total sovereign obligations.
At least a consensus has finally been reached by the Paris Club on reducing Iraq's crippling debt burden.
The Paris Club this week sent a cross letter, saying that Russia must pay, promptly and in full.
In addition, in 1999, the Paris Club of creditor nations granted Honduras a moratorium on debt service payments through 2002.
Settling with the Paris Club and the bondholders would enable Argentina to secure financing from the markets on relatively favourable terms.
But, apparently after the Paris Club made its disapproval known, Ishaq Dar, the finance minister, said Pakistan will not do this.
Between holdout bondholders and the Paris Club of rich nations, somewhere between 7% and 8% of the original amount remains outstanding.
In a further boost to Burma, the Paris Club of creditor nations has agreed cancel almost half of its debts to member countries.
It cannot tap the international capital markets, because it has still not settled with some bondholders nor its sovereign creditors in the Paris Club.
Grantham Mayo owns London Club debt, which was restructured in 1993. (The London Club and the Paris Club often clash when countries try to restructure their debts).
She led the Paris Club negotiations to reschedule her country's debt and earned rave reviews as managing director of the World Bank in 2007-11.
And the Kirchners, who govern as a couple, have made their defiance of the IMF, the Paris Club and the bondholders a point of pride.
They may not be the Paris Club has not said how Pakistan should respond to its rescheduling request and it is not clear how it intends to proceed.
On Tuesday, the Paris Club of creditor governments, including the US, UK, France and Germany, called on other nations to follow its lead in cancelling debts to Haiti.
Many bond investors still hope that, after a token effort, Pakistan will say a bond-rescheduling is impossible, and that the Paris Club will release it from the condition.
The Paris Club of official creditors recently told Pakistan that if it wanted more help, it should include Eurobonds not just bank loans in its renegotiation of its commercial debt.
Iraq's massive debts would be dealt with by multilateral systems such as the Paris Club - thus dispelling Russian fears that the US would invalidate some of its claims.
Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club.
There is also growing optimism that Pakistan will get generous terms for rescheduling its debt with the Paris Club - a club of rich states which lend money to less developed countries.
The last one occurred less than two years ago when Warsaw rescheduled its debts to the Paris Club of official creditors with a grace period extending through 1992 and repayments postponed until 1993-97.
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So now the government that heroically told the International Monetary Fund (read: Western bankers) to stuff it is apparently willing to work with the IMF and thus square things with the Paris Club.
The restructuring, done under the auspices of the Paris Club, an informal group of western creditor countries, came earlier than expected and just in time for the first round of Iraqi elections expected in January.
It is particularly important that a mechanism be set up both domestically (at the Federal Reserve or Treasury) and internationally (OECD or the Paris Club) to ensure that the same Russian assets used as collateral are not repeatedly pledged to different Western official and private bank creditors.
In a move that will help Nigeria attract much needed foreign investment, the Obasanjo government announced this month that it would pay off its remaining multi-billion debt to the Paris Club, a group of lenders including the U.K., Russia and Germany, becoming the first African nation to settle with its lenders.
But there are political risks: One creditor group, the so-called Paris Club of government lenders, would like the Nigerians to restructure debt owed to the so-called London Club of commercial creditors.
Vogue editor Anna Wintour made a stop at the All England Club before the Paris haute couture collections to catch a Federer match.
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Since Cuba owes billions of dollars to the former Soviet Union, to the Club of Paris, and to others, and has refused in the past to acknowledge or pay these debts, new loans will be wasted by Castro's inefficient and wasteful system, and will be uncollectible.
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Yet Russia's aspiration to membership, which in turn opened up the prospect of joining the Paris-based OECD club of rich countries, demonstrated its desire for integration into the global economic system.
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