Posted on 11/22/2004 11:27:49 AM PST by Ernest_at_the_Beach
It was a hard decision for Russia to make, but it finally joined other creditors
The Paris Club of creditors decided to cancel 80 percent of the Iraqi debt to its members. Russia was the last country to support the decision: Russian Finance Minister Aleksey Kudrin released the adequate statement on Sunday night.
The question about the abolishment of the Iraqi foreign debt has been actual for several years already. The Iraqi foreign debt is estimated at the total of $120 billion; the war-torn country owes $42 of it to the Paris Club. The USA insisted on canceling almost the entire debt for the country, the economy of which the States will have to retrieve. Other creditors did not hurry to act so, though. Iraq owes about eight billion dollars to Russia, and it was highly inappropriate for the Russian government to meet such a proposition.
The members of the Paris Club held a meeting in Berlin yesterday (the club incorporates Australia, Austria, Belgium, Great Britain, Germany, Denmark, Ireland, Spain, Italy, Canada, the Netherlands, Norway, Russia, the USA, Finland, France, Switzerland, Sweden and Japan). It became known as a result of the meeting that all largest creditors, but Russia (France, Germany, Japan and the USA) agreed to cancel 80 percent of the Iraqi debt. The delegation of Russia, the second largest creditor, asked for more time to consult the government. Aleksey Kudrin, the Finance Minister, stated later than Russia would join the decision of the club. Kudrin added that Russia also hoped to participate in the contracts to recreate the Iraqi economy. The necessary documents have been signed in Berlin afterwards.
Pursuant to the plan, the procedure will take place in three stages. Thirty percent of the debt will be canceled without any conditions at all. Another thirty percent will be abolished later within the framework of the program of the International Monetary Fund. The remaining 20 percent will be cancelled in 2008, depending on the results of the program. The Iraqi debt will therefore reduce by $33.6 billion. Iraq owes the biggest part of the $120-billion debt to Kuwait and Saudi Arabia, not to the Paris Club members. If American diplomats manage to make them follow the club's example, the Iraqi economy will be given a rather powerful incentive for its recreation indeed.
I have a feeling we may have sold out Ukraine in exchange for this deal.
Doesn't matter. Iraq is doomed anyway.
Would you care to elaborate?
See this for major info on how we broke the back of the insurgents :
MAJOR LOAD OF INFO here:
Maps and Pictures ofWeapons factories, Fighting Sites, Atrocitie locations in Fallujah....Powerpoint may be required.....see the Links....
Operation Phantom Fury--Day 15-Mop Up Continues; Terrrorist Spread to Other Areas Iraq Live thread
Nice Hit and Run post-- why don't we get to the bottom of this with a follow up?
--Boot Hill
You remind me of that really funny commercial for Staples where every little thing that goes wrong in the office causes the staff to yell "WE'RE DOOMED" "WE'RE DOOMED"!
Relax pal. And, get some help for your P.E.S.T. (Post Election Selection Trauma)
ROFL!
Around 80 percent of the debt is late payment interest. All creditors will be getting 100% of their principal back. That's a pretty good outcome for them considering this is a bankruptcy case.
"Doesn't matter. Iraq is doomed anyway." Strong America persons help Iraq! I do know America strong persons, my country Poland, country Wlochy, country Brytania itp. help Iraq persons Iraq is free America help Iraq persons!!!! Be Strong America friend strong is good!!!
Must be related to Janine Garalfalo (If we invade Iraq WE'RE DOOMED!).
Horse Hockey. Democracy is working in Bangladesh and Turkey. In fact, Turkey gave women the right to vote before Great Britain did. Pakistan, for all of its problems, had a female Prime Minister. Afghanistan just had elections, and the first voter was a 19-year-old female.
There were undoubtedly lots of people who thought the Germans and Japanese didn't want freedom and democracy, either. Well, the United States and our "Band of Brothers" from those days "Great Britain, Canada, Australia, and New Zealand) fixed that!
GWB will be regarded decades from now as the liberator of the Middle East.
Horse Hockey. Democracy is working in Bangladesh and Turkey. In fact, Turkey gave women the right to vote before Great Britain did. Pakistan, for all of its problems, had a female Prime Minister. Afghanistan just had elections, and the first voter was a 19-year-old female.
There were undoubtedly lots of people who thought the Germans and Japanese didn't want freedom and democracy, either. Well, the United States and our "Band of Brothers" from those days "Great Britain, Canada, Australia, and New Zealand) fixed that!
GWB will be regarded decades from now as the liberator of the Middle East.
While crying uncontrollably.
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