Iraqi debt write-off
Very nice -- the USA has been behind a big push to get other nations to write off the debt's that Iraq incurred under Saddam Hussein's regime.
The
NY Times has the story:
bq.
Plan Cancels Some of Debt Owed by Iraq
Germany and the United States have agreed on a proposal to cancel 80 percent, or about $33 billion, of the debt owed by Iraq to a group of creditor nations known as the Paris Club, capping an American effort for debt forgiveness, the German finance minister said Saturday.
bq. The creditor nations, which are owed $42 billion by Iraq, must now accept the accord worked out by the German minister, Hans Eichel, and Treasury Secretary John W. Snow.
And more:
bq. The United States has been pushing for a generous debt write-off for Iraq, trying to win support for wiping out as much as 95 percent of the debt.
bq. But Germany and other nations have questioned whether a country like Iraq with rich oil reserves should benefit from huge debt reduction.
Very cool - Saddam and his cronies did little with the money flowing in except to fund terrorism and line their pockets. The infrastructure in Iraq was in shameful condition and is now being built up to world standards. The people of Iraq didn't ring up this debt, it's nice that they aren't having to pay it all...
Posted by DaveH at November 20, 2004 5:21 PM