Iraq's Odious Debts

Iraqi debt debate

Moscow Times, Russia
June 26, 2003

LISBON, Portugal — Russia will not cancel Iraq’s debt accumulated during the rule of ousted leader Saddam Hussein, the speaker of the State Duma, Gennady Seleznyov, said in remarks published Wednesday.

Russia “will not wipe out the debt,” he told the Portuguese daily Diario de Noticias.

“We would love to discuss the total amount of the debt with the legitimate Iraqi government, but unfortunately that does not exist any more,” he said.

“I am convinced however that we will reach an agreement in the future on how this debt is to be reimbursed,” he added.

The debt built up during Hussein’s rule is now estimated at some $8 billion.

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