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India Thinks It Can Persuade China to Take Big Losses on Its Loans to Poor Countries

India plans to use its presidency of the G20 this year to try and find a solution to the current impasse on debt relief for the world's poorest countries. Sajjad HUSSAIN / AFP

The Indian government, in its role as rotating head of the Group of 20, is drafting what will no doubt be a controversial proposal that calls on all major international creditors, namely China, to take large losses on its loans to poor countries.

Sources tell Reuters that the proposal will be presented at next week’s meeting of G20 finance ministers and central bank leaders in Bangalore.

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