Читать книгу Retos y desafíos de las garantías reales - Abel B. Veiga Copo - Страница 76

Accordingly, a state’s need for money can rarely if ever be satisfied by such internal sources alone. Additional sources have to be tapped which are necessarily external and which are loans not necessarily in the legal technical sense but which imply receiving money from someone else which has to be repaid together with interests at a certain later time. That “someone else” can be categorized into four different types – other countries, banks, multilateral institutions, and what is commonly called “the private sector”20. This categorization is the consequence of existing institutions: The Paris Club, the London Club, and the nowhere really enacted or founded understanding of the multilateral institutions such as the IMF, the World Bank, but also the ESM21 and all the others to rank above all other creditors in the repayment priority order.