Iraq Wants 90-95 Percent Debt Forgiveness

[Barrett808]

Iraq Wants 90-95 Percent Debt Forgiveness
By Doug Palmer

WASHINGTON (Reuters) - Iraq hopes to reach a debt forgiveness deal with leading creditor nations by the end of the year, and views as a "starting point" a proposal by France to initially relieve 50 percent of its debt, Iraq's Finance Minister said on Tuesday.

"What we are saying is we want a cut off of 95, 90 to 95 percent. That's why there is negotiations," Adil Abdul Mahdi told reporters after a signing ceremony to make a $500 million credit program from the U.S. Export-Import Bank operational.

The United States also wants a 90 to 95 percent debt write-off for Iraq's $120 billion of debt. But it has faced opposition from France, which argues that Iraq should not expect the same treatment as impoverished African nations since it has the world's second largest oil reserves.

France, host country for the 19-member Paris Club of creditor nations, has proposed forgiving half of Baghdad's debt and revisiting the issue in three years.

(more)

http://story.news.yahoo.com/news?tmpl=story&u=/nm/20041005/wl_nm/economy_iraq_debt_dc

[saigon68]

1. And they'll get it from the Neocon and Bush Criminals

In exchange for an unfettered access to the natural resources.

[sfecap]

2. I thought Iraq's oil was going to pay...

Oh, waitaminut....that money goes to the idiots buds...

[Owlet]

3. I don't get it

Iraq has a population of 25 million with a debt of 120 billion, which works out to $4.8 million per capita. The US has a population of 294 million with a debt of $7.4 trillion, or $25 million per person. So why
aren't we asking for debt relief?

US Debt
http://www.brillig.com/debt_clock/


Iraqi Debt
http://story.news.yahoo.com/news?tmpl=story&u=/nm/20041005/wl_nm/economy_iraq_debt_dc

[Xipe Totec]

4. Off by three orders of magnitude

120,000,000,000 / 25,000,000 = 120,000 / 25 = $4,800 per capita.

7,400,000,000,000 / 294,000,000 = 7,400,000 / 294 = $25,000 per capita.

[Owlet]

5. Oops..

Dang..and I had it figured right...don't know why I typed 'million' instead of 'thousand'. Good catch! Anyway, my question remains.:-)

[Xipe Totec]

6. Yes, I agree, the question is still valid

Here's what I don't get. When did the Republican party become:

- The party of bleeding heart liberals saving the planet.
- The party of big government.
- The party of budget busters.
- The pork barrel party.

Isn't this why the right wing HATED the Democrats? What ha-ha-happened? :crazy:

[Barrett808]

7. Why, 9/11 happened, of course

9/11 "changed everything" according to Bush apologists.

[Atman]

8. Me too.

Where do I sign up?