Discussion

I am pleased to see considerable convergence of Mr. Bosshard's paper with what I have said yesterday when I spoke of a need for more symmetry. I understand that commercial banks would prefer any discrimination between them and public creditors to be avoided. I would, however, make the reservation that the special role of both the IMF and multilateral development banks be acknowledged. These institutions have a special role to play in monetary stability and development policy respectively. That role may, in appropriate cases, justify preferential treatment in the restructuring of foreign debts.