billion 1999-2000  4.081  2000-2001  2.795  2001-2002  2.243 9.119  This strategy of debt reprofiling of Paris Club debt over a period of next 38 years, early and pre-payments of commercial and short term debt and substitution of soft term loans by international financial institutions for hard term loans has gradually led to lowering of our external debt indicators.
The issue cannot be BIS Review 114/1999  2  resolved simply by removing bank guarantees: no government, anywhere, will stand idly by while a systemic problem destroys its banking system, so absence of guarantees (no matter how vigorously asserted) is simply not credible.