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Russia ministers says Moscow won't drop Iraq debt
Reuters
| 4/12/03
Posted on 04/12/2003 11:36:50 AM PDT by kattracks
Russia ministers says Moscow won't drop Iraq debt
MOSCOW, April 12 (Reuters) - Russia will not forgive Iraq some $8 billion in Soviet-era debt, Finance Minister Alexei Kudrin said on Saturday, a day after President Vladimir Putin said Moscow could consider wiping clean Baghdad's slate.
Speaking from Washington where he is taking part in a meeting of finance ministers from the Group of Eight leading industrialised nations, Kudrin said Moscow would not forgive loans granted to Iraq under Saddam Hussein until Russia's own Soviet debts were written off.
"No one has forgiven Russia's debt, regardless of what kind of regime it was and regardless of the country's clout," he told Russian state television.
"For this reason, international law and our membership of the Paris Club of creditor nations will allow us to press for the repayment of our loans."
Russia inherited some $100 billion in Soviet-era debt. It faces a debt repayment peak of $17 billion in 2003.
"We are acting on the basis of the same rules here: we are doing what is being done to us," Kudrin said.
Putin, speaking in St Petersburg at a joint press conference alongside his French and German counterparts, said on Friday Russia had no objection to a U.S. proposal that some or all of Iraq's debts be written off to help rebuild the country.
"On the whole the proposal is understandable and legitimate. In any event, Russia has no objection to such a proposal," Putin told reporters.
Most estimates put Iraqi debts to Russia and France at about $8 billion each, mostly for contracts concluded in the 1980s, but some analysts say Moscow could be owed up to $12 billion.
Germany's Finance Ministry said on Friday Iraq owed Berlin a sum just short of four billion euros ($4.3 billion).
Germany and France, members of the Paris Club alongside Russia, have given a cool response to the proposal tabled by U.S. Deputy Defense Secretary Paul Wolfowtiz, saying it is to early to discuss debt.
The Paris Club is an informal forum for 19 creditor nations to discuss rescheduling debts to developing countries.
Iraq is thought to face some $142 billion in enforceable debt claims as well as up to $300 billion in reparations outstanding from the invasion of Kuwait.
04/12/03 14:23 ET
TOPICS: Breaking News; News/Current Events; War on Terror
KEYWORDS: debt; iraq; postwariraq; russia
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To: kattracks
I don't think they're concerned about what happens to Iraq. They're concerned about what happens to Russia.
That's consistent.
61
posted on
04/12/2003 3:59:49 PM PDT
by
Illbay
To: snopercod
The UN want's to keep the sanctions in place, because they got 7% of the proceeds as an "administration fee" of all oil sales. That's why they were so quick to say the "Oil for food" program was to be reinstated. Because it's really the "Oil for food and UN fees program".
62
posted on
04/12/2003 4:27:29 PM PDT
by
DannyTN
(Note left on my door by a pack of neighborhood dogs.)
To: kattracks
I guess it's just too bad that the government that guaranteed that money no longer exists.... If they want to work with the NEW Iraqi government, they have to get in line and make open, honest bids like everyone else.
63
posted on
04/12/2003 4:42:11 PM PDT
by
phothus
To: CathyRyan
The Democrats are also a buncha wankers. On the one hand they try to undercut President Bush while maintaining that they "support the troops."
The Democrats are a bunch of "Wanky Doodle Dandies."
To: RusIvan
How are they going to enforce it? Invade Iraq?Countries repudiate debt from time to time (think Latin America), and there is no use of force, just as you don't get sent to jail any more for refusing to pay personal debts. However, national debt repudiation increases the interest rate on future borrowing since a country can get, in effect, a bad credit rating. Paying the debt or not should be based on Iraqi national interest considerations. I don't care what Iraq decides but hope the US won't pressure for a decision to be made on any basis other than strict economic analysis.
To: Kozak
Reichmarks and Confederate Dollars at least have some collector's value. The Saddam era Dinar is soon to become as worthless as...well.. the Canadian Dollar.
To: demosthenes the elder
Gosh, I hope you meant to say boatload.
To: kattracks
Well that's just too bad. Iraq could unilaterally renounce its debts to the "Axis of Weasles". How are they going to force Iraq to pay? Anyway there is a precedent for a country repudiating its debts after a government was overthrown. Putin should be able to remember his Soviet history where the Soviet Union renounced all the debts owed by the former Czarist government of Russia. Ain't payback a bitch.
To: kattracks
Fine.. Sue Saddam suckers!
To: kattracks
Russia will not forgive Iraq some $8 billion in Soviet-era debt, Finance Minister Alexei Kudrin said on Saturday..
If it's true that Putin was spying for Saddam and offering up lists of "hit men" in various parts of the world.. Then why should we care what Moscow thinks? Why should anyone? And how much of this "debt" was incurred in violation of UN sanctions?
70
posted on
04/12/2003 7:38:55 PM PDT
by
Jhoffa_
(It's called "adoption" Perhaps you've heard of it?)
To: kattracks
LOL!! Let the Russians be as-es!! They ain't gonna git their $$$ anyway!!
71
posted on
04/12/2003 7:47:12 PM PDT
by
whadizit
To: elfman2
Do you know if we required Russia to pay Soviet Debt? Yes, even after the regime was changed.
72
posted on
04/12/2003 7:54:55 PM PDT
by
A. Pole
To: Mr. Lucky
well, considering how much of the loaned money got embezzled or otherwise flushed down the toilet...
Comment #74 Removed by Moderator
To: kattracks
Sorry Russia. One of the looters ran off with Saddam's big screen TV, and another with his gold plated toilet. Financing a dictator is hell, huh? Tell you what, you can recoup some of your writeoff losses from your bad loans by confiscating all the burned out Soviet style tanks you can find. I'll even throw in Saddam's yacht. Whaddya say?
To: kattracks
Sir SuziQ says that the new government of Iraq should just repudiate the debt since it was contracted by the former dictator, and was not done with the good of the country in mind, only his own.
76
posted on
04/12/2003 11:19:10 PM PDT
by
SuziQ
To: kattracks
Who cares? Iraq doesn't owe Russia anything. Russia's dirty deals were with Saddam, not with the Iraqi people. Saddam is gone, and those dirty deals died with him. Russia's claims are illegitmate and unjust (to use two of the Left's favorite new words). What can Russia do to force the new Iraq to cough up the money? Absolutely nothing. Just think of it this way, Putin. You invested your money in a failed S&L.
The Axis of Weasels just won't get it through their heads that they are irrelevant and have no power, no leverage. They chose to back the losing side, Saddam's regime, and now they want to weasel their way into the winner's circle? No way. The Axis of Weasels must be completely shut out. Tough luck, idiots. You gambled and lost, now stop your whining or else we'll b*tch slap you.
77
posted on
04/13/2003 12:08:18 AM PDT
by
laz17
(Socialism is the religion of the atheist.)
To: laz17
Iraq doesn't owe Russia anything. +++
All the same. If iraq don't owe Russia then russia don't owe anything to US of old Soviet debts too. Those debts was given to tyrants no better then Saddam.
There was $17-20 billions.
78
posted on
04/13/2003 12:17:03 AM PDT
by
RusIvan
To: DannyTN
Thanks. I wasn't aware of the 7% cut.
To: Illbay
They haven't exactly paid their own. No, no one has forgiven their debt. No one has collected on it, either. They've just paid more borrowed money.
80
posted on
04/13/2003 7:53:48 AM PDT
by
JasonC
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