Russia ministers says Moscow won't drop Iraq debt

Reuters | 4/12/03

[Illbay]

I don't think they're concerned about what happens to Iraq. They're concerned about what happens to Russia.

That's consistent.

[DannyTN]

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".

[phothus]

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.

[Enterprise]

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."

[Steve Eisenberg]

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.

[Mr. Lucky]

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.

[Mr. Lucky]

Gosh, I hope you meant to say boatload.

[Paleo Conservative]

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.

[tophat9000]

Fine.. Sue Saddam suckers!

[Jhoffa_]

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?

[whadizit]

LOL!! Let the Russians be as-es!! They ain't gonna git their $$$ anyway!!

[A. Pole]

Do you know if we required Russia to pay Soviet Debt?

Yes, even after the regime was changed.

[demosthenes the elder]

well, considering how much of the loaned money got embezzled or otherwise flushed down the toilet...

[patriot5186]

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?

[SuziQ]

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.

[laz17]

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.

[RusIvan]

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.

[snopercod]

Thanks. I wasn't aware of the 7% cut.

[JasonC]

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.