an agreement between the borrower and the lender to replace the
obligation under the specified financial loan with another obligation.
Novation
•
is carried out in conditions when the further active development of
operations for the issue of new loans does not have financial activity.
For example, when the government has already issued too many
loans and the terms of their issue were not favorable enough for the
government.
Deferral of repayment of loans or all previously issued
loans
•
a measure as a result of which the state completely refuses
obligations on issued loans (internal, external, or for the entire public
debt as a whole). Cancellation is carried out due to the bankruptcy of
the state (default), or the coming to power of new political forces that
refuse to recognize the debts of the previous authorities.
Cancellation of public debt
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