The first Paris Club restructuring took place, as mentioned, in 1956, when Argentina and its official creditors agreed to reschedule payments due on officially supported credits. At that time, the Club had no formal rules or procedures and was only intended to provide pragmatic responses to specific problems.
Until 1980, Paris Club creditors on average signed no more than four agreements per year, applying the standard “classic terms”, whereby credits were rescheduled at the appropriate market rate. During these early years of the Paris Club, negotiations and agreements were more and more standardised, preparing this forum for the busy times that were to come.