Creditors to Write Off Most of Iraq's Debt

[Tab]

BERLIN - Germany's finance minister said Saturday that he and the U.S. Treasury Secretary have reached an agreement under which Iraq (news - web sites)'s creditors would write off up to 80 percent of Iraq's debt, capping a months-long U.S. push for debt forgiveness.

Finance Minister Hans Eichel said a meeting with Treasury Secretary John Snow "created the basis on which the forgiveness of Iraqi debt can be settled mutually in the Paris Club" of creditor nations, which is owed about $42 billion by Iraq.

"We agreed that there should be a write-off of debts in several stages amounting to 80 percent in total," Eichel told reporters on the sidelines of a meeting of ministers from the Group of 20 major economies.
...
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 its debt.
http://story.news.yahoo.com/news?tmpl=story&cid=514&e=6&u=/ap/20041120/ap_on_re_eu/germany_iraq_debt

[Deja Q]

1. Gee, will the rest of the world allow us to write off OUR debt?

I'm happy for Iraq. According to Bush, their debt is being cleared for free, their people are getting free elections, health care, and all sorts of wonderful things that more Americans here at home are losing. :-(

[StopThief]

2. This will certainly help the new government. . . .

in establishing itself. Every little bit helps.

[bullimiami]

3. BULLSHIT BULLSHIT BULLSHIT

We own freaking iraq now. Its not iraqs debt they are writing off, its the lien against our profits.

[PATRICK]

6. Too true IMHO

Now the meager oil flow can line our pockets and not some other creditor.
On the other hand they wouldn't get much and if Iraq ever gets free they will remember the Europeans first.

[jwirr]

14. You mean the oil profits will

line the bushie oil cartels pockets - not ours. I would rather see Germany forgive the debt of some of the third world countries in Central and South America and Africa than Iraq. I think that American creditors should look forward to forgiving credit card debt here for individuals also - they keep up their policies and they won't have much choice.

[Kellanved]

17. FWIW: this is a compromise

Germany offered 50%, the US demanded 95%.
Iraq is not the only country that got debt waived recently; Nicaragua and other countries were also forgiven.

[ooglymoogly]

7. the spelling is bushit, bushit, bushit and

its haliburtan and bectels profits that are being protected and it is they who own the country. we are simply doing the dirty work to make it safe for them, the killing and all the really dirty stuff.

[jody]

4. That gives Bush's proxy Iraqi government more money to pay

Halliburton and other multinational companies that control Bush's administration.
:shrug:

[SoCalDem]

5. Make debts public.. privatize profit.. It's the Bush Doctrine

The American taxpayers shoulder the COST for the damage, destruction, and restoration.... The private contractors get paid in "new money" that we will also provide..

It's a win win..

It's like your neighbor taking a sledge hammer to your new car, then having a judge say he does not have to pay you for damages..and YOU are ordered to "loan" him the money so HE can buy a new car for himself...and you are still making payments for your damaged car..:)

[dArKeR]

8. When the "Revolution" is over and America withdrawls and the Baath Party

returns to power, with the Bush Crime Family unforgive the forgive?

[Zerex71]

9. The oil payments aren't cutting it, are they?

[Kill Radicalism Now]

16. Hmm...Oil payments. Wonder who they're going to? nt

[VivaKerry]

10. Putin must be thrilled!!!

*

[colonel odis]

11. what would the first george w. -- washington think?

[Kenneth ken]

12. Bad news

for Iraq:

" Eichel said 30 percent of Iraq's debt would be written off immediately, another 30 percent in a second stage "tied to a program of the International Monetary Fund" and a further 20 percent "linked to the success of this program," he said. "

IMF programs typically privatize pretty much everything of value, in Iraq's case, that would be the oil. So this whole thing is just a cementing of the oil-grab that has underlied the whole invasion/occupation.

[TahitiNut]

13. Yep. The IMF puts the country jewels...

... into the company store.

[daleo]

15. What's the quid pro quo?

Why would Germany bother doing this? Bush must have promised them something.