The Paris Club is an informal group of major creditor nations that coordinates the restructuring and rescheduling of sovereign debt owed to its members, formed in 1956 when Argentina convened its public creditors in the French capital. Its secretariat is based in Paris, it draws twenty-two permanent members alongside thirteen ad hoc participants and nine observers, and it has reached roughly 478 agreements with 102 debtor countries rescheduling about 600 billion dollars of debt, distinct from the London Club that has coordinated commercial bank debt since 1970.
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