Here and elsewhere in the paper we use the term 'capital gains' in its
accounting sense. Whether repurchases or swaps of foreign debt at a discount
yield economic capital gains to the domestic debtors is an altogether different
(and unsettled) question. On the other hand, such operations are excluded from
the Government's accounts in the model. This is due to the fact that all of its
external debt is official, and hence it has not been affected by debt conversion