Overcoming this problem, however, requires the involvement of the private creditors. Their participation is the backbone of our activity”. Clearly, not every case is identical. It is naturally easier to perform the role of moderator if - as in some Asian cases - the creditors are in the main commercial banks.
In some cases in Asia the IMF seems to have been rather late in seizing that chance. If the groups of creditors - as in the Mexico case - are more widely spread and heterogeneous, it may be more difficult to bring all the interested parties together around one table.