It needed creditors representing at least 75 percent of its debt to accept the plan.
Large banks have set aside enough reserves to cover about 47 percent of their bad debt.
But Western governments and their agencies account for about 80 percent of the countries' total foreign debt.
In recent years, Chile has converted $6 billion, or 40 percent of its foreign commercial debt.
Analysts estimated that some $1.3 billion would be needed to pull the airline through, about 25 percent of its current debt.
Western officials said around 50 percent of Poland's debt would be forgiven.
So 70 percent of our debt is five years or less.
Countries that pay 60 to 75 percent of their debt by year's end may get discounts.
The Government has more than 50 percent of its debt scheduled to mature over the next two years.
You may have to pay up to nearly 67 percent of your debt if it goes to a private collection agency for collection.