the “debt crisis” of the 1980s. 1987: First Paris Club Agreement under the Venice terms (Mauritania) 1988: First Paris Club Agreement implementing the Toronto terms (Mali) 1990: First Paris Club Agreement implementing the Houston terms (Morocco). First debt swap clause in a debt treatment agreement 1991: Exceptional exit treatments granted to Poland and Egypt. First Paris Club Agreement implementing the London terms (Nicaragua) 1992: First Paris Club Agreement with Russia (deferral) 1995: First Paris Club Agreement implementing the Naples terms (Cambodia) 1996: Heavily Indebted Poor Countries Initiative (HIPC) 1997: Russia joins the Paris Club. First early repayment operation (Argentina) 1998: First Paris Club Agreement implementing the Lyon terms under the HIPC initiative (Uganda) 1999: Enhanced HIPC Initiative. First Paris Club Agreement implementing the Cologne terms under the HIPC initiative (Mozambique) 2000: Uganda is the first HIPC-eligible country to reach the Enhanced HIPC Initiative Completion Point 2001: Exceptional debt treatments granted to the Former Republic of Yugoslavia 2003: Paris Club creditors approve the Evian Approach 2004: First debt treatment under the Evian Approach (Kenya). Phased exit treatment granted to Iraq 2005: Exceptional treatment granted to countries hit by the tsunami (Indonesia and Sri Lanka). Exit treatment granted to Nigeria 2006: 50th anniversary of the Paris Club 2007: First buyback operations at market value below par (Gabon, Jordan) The Paris Club granted in November 2004 a cancellation of 80% of the stock of debt owed by Iraq, cancelling nearly 30 billion of dollars of claims, while also granting a moratorium payment until 2008. In February 2006, the United States announced a relief of Afghanistan's debt of $108 million. In 2005, after the tsunami which affected the countries bordering the Indian Ocean, the Paris Club decided to temporarily suspend some repayments of affected countries. In January 2010, the Paris Club also cancelled Haiti's debt to help it overcome the consequences of the earthquake of 12 January. Russia had, in May 2005, begun to repay its debt to Paris Club countries. On 21 August 2006, Russia repaid the remainder of its debt to the Paris Club. Gabon and Jordan both bought their debt back in 2007 at market value. In January 2013, the Paris Club treated $10 billion of debt owed by Myanmar to the Paris Club, cancelling 50% of arrears and rescheduling the rest over 15 years, including 7 years of grace. There are many other contributions of Paris Club which are deemed