It sometimes happens on the international scene that debtor countries do not honour their debts (consider recent cases such as Argentina). Once defaulting, they can negotiate their re-schedule in

Paris:          those insured by government agencies
London:       those not insured and trade debts by nature.

In both cases (in the first relating solely to the uncovered portion) there is a new commitment that is structured in various forms, but which as a rule involves a further extension. These debts thus generate a market on which R&M plays an active role. Companies which have overdue sovereign credits in their portfolios can enter into negotiations by means of selling on the market at prices applied by the same.