Page 9 of 11  The increased reliance on non-traditional creditors has raised borrowers’ exposure to market risk, at the same time posing additional challenges to the sustainability of external debt in the region.
For instance, where countries find themselves in debt distress, it may be more difficult to come to rescheduling agreements with a large number of private creditors than when you had, in the past, a relatively small number of public creditors (Paris Club) and/or commercial bank lenders (London Club).