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WAR: Iraq to Be Relieved of 80 Percent of Debt

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posted on Nov, 20 2004 @ 08:33 AM
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The finance minister of Germany and the U.S. Treasury Secretary have reached an agreement that if enacted would relived Iraq of up to 80 percent of its foreign debt. The Paris club of creditor countries, Austria, Australia, Belgium, Britain, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, Norway, Russia, Spain, Sweden, Switzerland and the United States is owed $42 Billion dollars. The United States has been aggressively pushing for debt forgiveness, Iraqs total foreign debt is $122 billion, as it may hinder reconstruction. Several countries most notably France and Germany have questioned the need because of the countries extensive oil reserves.

 



story.news.yahoo.com
BERLIN - Germany's finance minister said Saturday that he and the U.S. Treasury Secretary have reached an agreement under which Iraq's creditors would write off up to 80 percent of Iraq's debt, capping a months-long U.S. push for debt forgiveness.

Finance Minister Hans Eichel said a meeting with Treasury Secretary John Snow "created the basis on which the forgiveness of Iraqi debt can be settled mutually in the Paris Club" of creditor nations, which is owed about $42 billion by Iraq.

"We agreed that there should be a write-off of debts in several stages amounting to 80 percent in total," Eichel told reporters on the sidelines of a meeting of ministers from the Group of 20 major economies.

"Within this framework, the necessary decisions can now be taken in the Paris Club," Eichel said. He did not elaborate and took no questions.

The German-U.S. agreement was being discussed Saturday by the Paris Club and "our expectation is that it will be accepted," said Eichel's spokesman, Joerg Mueller.


Please visit the link provided for the complete story.


Forgiving debt will allow Iraq to get back on its feet without the crippling debt payments that would otherwise eat up its oil income. However, strict oversight should be maintained to ensure that oil profits are used for the people of Iraq and not to line the pockets of politicians and the like. The last thing we need is another oil for food scandal.

[edit on 11/20/04 by FredT]




posted on Nov, 20 2004 @ 08:36 AM
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Maybe they can forgive ours too so WE can get back on our feet also.....



posted on Nov, 20 2004 @ 09:03 AM
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Originally posted by dgtempe
Maybe they can forgive ours too so WE can get back on our feet also.....


Amen to that sister, nobody is forgiving us any time soon, US is financing Iraq war and paying with our tax dollars but we here in the US are getting more and more in a hole, thanks to our God chosen president and now the congress, I tell you, our government is not longer for the people but to screw the people.



posted on Nov, 20 2004 @ 02:32 PM
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Why are they going to pay back any of Saddam's debt? They should just announce that they aren't connected to Saddam's government, and do a de facto default. If they did that, in the future dictators would fnd it a lot harder to borrow money in the future.

However, I suppose it would make it harder for the US support other dictators. I guess Bush wants to join Europe in supporting dictators in other countries around the world.



posted on Nov, 20 2004 @ 10:24 PM
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Countries are by and large obligated even if the previous regime was like Saddam. Recall if you will when the Soviet Union dissolved, Russia assumed obligation for all treaties and debts / assets that the Soviet Union held. If that was the case, everytime there was a leadership change, countries would refuse to pay any debts.



posted on Nov, 20 2004 @ 10:25 PM
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Can you say "Invest in the Iraqi Dinar"??? Cha-ching!!!!



posted on Nov, 21 2004 @ 12:59 AM
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The Great Satan forgiving 80% of Iraq's debt? How can that be?

Seriously, it figures

I think 80% is a little high tho. Maybe 20%?

Freedom isn't Free



posted on Nov, 21 2004 @ 01:11 AM
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I seem to remember many months ago when the Axis of Weasel was dead set against debt relief for Iraq along with the Russians.

Well looks like given time and diplomatic work even the Bush administration can do something right, I don't see how those with a left lean in their step can argue with this very good news for the Iraqis.



posted on Nov, 21 2004 @ 01:54 AM
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Originally posted by Phoenix
I seem to remember many months ago when the Axis of Weasel was dead set against debt relief for Iraq along with the Russians.


I wonder if its related to the Oil for Saddam debacle. Maybe the Germans / French were worried that the reason for the debt would be looked into ie. selling weapons to the Iraqi's on the eve of the war? This way they aviod any further scandals (the oil for food is plenty big IMHO) and get to be the good guys. However it comes about its good for the Iraqi people.



posted on Nov, 21 2004 @ 02:03 AM
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The way these "loans" usually work is that the country loans the money to another country. Then, the country is influenced to use the country of origin's companies to do the reconstruction. The country gets its money back through its company's involvement. Then, the loanee country is still indebted to the loaner. So, relieving Iraqi debt doesn't hurt our country, but there is a reason why they want Iraq to recover quickly.

Iraq Dinar? I don't know.



posted on Nov, 21 2004 @ 02:44 PM
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People who care would be doing more than a perfunctory check on exactly what Iraq "owes" to whom for what.

At least in the case of US taxpayer funds paid on your behalf for recosntruction, they have been paid in no-bid contracted payments to the Bush administration's cronies at exorbitant rates. That kind of thing seems all above board to many people.

Incidentally the US foreign debt of $8.2 trillion works out over $28,000 per US man, woman and child. Are you paying your bit or do you think forgiveness is in order for this too?



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