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It meets every six weeks at the French Ministry of the Economy, Finance, and Industry in Paris . It is chaired by a senior official of the French Treasury , currently the Director General of the Treasury and Economic Policy Department Xavier Musca . The club grew out of crisis talks held in Paris in 1956 between the nation of Argentina and its various creditors. Its principles and procedures were codified at the end of the 1970s in the context of the North-South Dialogue. In the 1990s, the club began to treat the HIPC (Highly-Indebted Poor Countries) and non-HIPCs differently. The club began to grant increasingly larger debt reductions for the HIPCs. For the non-HIPCs, the club engaged less in debt reductions and moved towards encouraging the absorption of non-HIPCs' financial losses by bondholders and other private creditors. In 2004 , the Club decided to write-off the debts of Iraq . After the 2004 Indian Ocean Earthquake , the Paris Club decided to suspend temporarily some of the repayment obligations of the affected countries. The permanent member-nations of the club are: Australia , Austria , Belgium , Canada , Denmark , Finland , France , Germany , Ireland , Italy , Japan , The Netherlands , Norway , Russia , Spain , Sweden , Switzerland , The United Kingdom , and The United States . FORMER CHAIRMEN Incomplete list: The complete list of Paris Club Chairmen, and much other useful information about the Paris Club's history and operations, can be found in "Sovereign Debt Restructuring: the Case for Ad Hoc Machinery", by Lex Rieffel (Brookings Institution Press, 2003). EXTERNAL LINKS
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