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. Last Updated: 07/27/2016

Paris Club: Debt Revamp on Hold

PARIS — Russia's calls for relief on $48 billion in foreign debts will stay on ice pending an assessment of Moscow's ability to pay in the coming years, the head of the Paris Club of creditor nations said in an interview.

"For the moment we do not have an analysis of the situation and we do not have any information to suggest we change the deal struck in 1999," Paris Club President Jean-Pierre Jouyet said.

Russia recently changed tack and said it will honor short-term interest payments following pressure from the United States the European countries in the Paris Club forum and, above all, the Group of Seven leading industrialized nations, he said.

"The Russian authorities have made major progress as far as honoring their obligations is concerned. We will take a final look at this aspect at next week's Paris Club meeting," said Jouyet.