Foreign debt was US$ 27.5 billion in the end of 2001, while long term debt with public warranty was US$ 18.8 billion, of which US$ 14.7 billion belonged to oficial creditors. Of the total, 11% is short term debt. Peru restarted its payments during the nineties and restructured its debt with the Paris Club for a 20 years period, with reduced service of US$ 450 million, or half, in 2000. In March 1997 the restructuring with comercial creditors begun following the Brady Plan, and it was applied to US$ 10.6 billion of commercial debt and debt to suppliers, with a principal of US$ 4.4 billion and US$ 6.2 billion in interests, while US$ 2.6 billion were rebought by the government. For the first time in seventy years, sovereign debt was issued in February 2002, as US% 500 million were placed in global bonds, allowing to exchange US$ 1.2 billion in Brady bonds for US$ 930 million in global bonds. The same year an additional US$ 500 millions were issued and in 2003 US$ 1.5 billion were issued.