Creditors to forgive up to 80 per cent of Iraq's debt,

TranceAddict Forums (www.tranceaddict.com/forums)
- Political Discussion / Debate
-- Creditors to forgive up to 80 per cent of Iraq's debt,

Posted by Fir3start3r on Nov-20-2004 15:13:

Creditors to forgive up to 80 per cent of Iraq's debt,

Something that will definitely be needed for the rebuilding of Iraq.
>> Source <<
Sounds much better than the devastating U.N. sanctions doesn't it?

Posted by St_Andrew on Nov-20-2004 18:15:

Good news i guess, kinda unfair to all other countries who would need it too tho.

Posted by Subey on Nov-20-2004 18:30:

quote:
Originally posted by St_Andrew
Good news i guess, kinda unfair to all other countries who would need it too tho.

Exactly... like all the developing world couldn't benefit from that sort of thing, and its not like they have Oil revenues to help them.

The best is Iran... we threaten to build nukes unless you give us aid. I bet most of the developing world wished they could make the same kind of threats

Posted by Fir3start3r on Nov-20-2004 22:45:

quote:
Originally posted by St_Andrew
Good news i guess, kinda unfair to all other countries who would need it too tho.

'All other' countries weren't as devasted by the U.N. santions either...

I say it's fair recompense...

Posted by St_Andrew on Nov-20-2004 22:53:

quote:
Originally posted by Fir3start3r
'All other' countries weren't as devasted by the U.N. santions either...

I say it's fair recompense...

Good point, but should that apply to all countries that goes from a "sanction country" to a "non sanction country" then?

Posted by Fir3start3r on Nov-21-2004 00:48:

quote:
Originally posted by St_Andrew
Good point, but should that apply to all countries that goes from a "sanction country" to a "non sanction country" then?

It would be nice to think that this could set a precedent yea

Posted by .montecarlo. on Nov-21-2004 01:00:

quote:
Originally posted by St_Andrew
Good news i guess, kinda unfair to all other countries who would need it too tho.

Actually, there has been some recent developments and on-going negotiations among G7 nations on the subject:

quote:
Last weekend Britain said it will write off debts owed by the poorest countries, an announcement that was strongly backed by several international non-governmental organisations (NGOs), who had urged the move for years. But differences remained between G7 countries over how to finance the plan, with some officials -- who are gathering in Washington this weekend on the sidelines of the IMF and World Bank annual meetings -- saying they cannot commit new resources because of budgetary constraints. World Bank President James Wolfensohn had welcomed the UK plan, but advised the rich nations to find alternative funds to replace the excused debt if they want his institution and the IMF to have the resources to be able to continue lending.

http://www.globalpolicy.org/socecon...002norelief.htm

Not quite as positive, but at least the issue is on the table:

quote:

Finance ministers from the world's richest nations have delayed a plan to write off 100 percent of debts owed by the planet's poorest countries, quashing hopes those nations could start spending more on services like health and education and work toward ending their extreme poverty. In a press release after a meeting Friday, officials from the Group of Seven (G7) countries said the issue needs further discussions and that they will report on those talks by the end of the year.

http://www.globalpolicy.org/socecon...002norelief.htm

Posted by Yoepus on Nov-21-2004 02:05:

In all reality, the EU should be thankful that the new Iraqi regime actually recongizes the debt incured under their former leadership and has taken responsibility for it.

Iraq had the power to simply wipe the books clean as it wiped so many other things clean during the change in regime.

Posted by wolverine16 on Nov-21-2004 23:02:

James Baker is getting a pretty sweet deal out of this, as he's been working both sides of the coin; U.S. special envoy to ask for debt relief and Carlisle Group envoy to protect debt owed to Kuwait.