The Finance Ministers of the G7 - Canada, France, Germany, Japan, Italy, the UK and the US - met in London on 4 and 5 February 2005. In their final communique, they agreed to review the debts of the countries within the Heavily Indebted Poor Country (HIPC) initiative, based on a "willingness to provide as much as 100% multilateral debt relief". They also referred to the possibility of using IMF gold reserves to fund debt cancellation. This is the first time that all the G7 nations have accepted that some countries may need 100% of their debts cancelled, rather than the limited - and woefully inadequate - relief so far offered through HIPC.