reschedule debt

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Revise a debt contract, by which interest and/or redemption payments are deferred to later dates than those originally agreed. This has been applied both to the private debts of companies in difficulties and the sovereign debts of nations, especially less developed countries. Rescheduling is accepted by lenders because the alternative may be outright default on the debt, and the consequent requirement to write it off in their own accounts.

Subjects: Economics.

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