Iraq's Odious Debts

G8 to welcome OPEC move, focus on Iraq debt-source

June 3, 2004

London: The leaders of the Group of Eight industrial nations next week will be sure to welcome OPEC’s decision to raise oil output and will discuss reducing Iraq’s debt burden, a European diplomatic source said on Thursday. The source said OPEC’s decision on Thursday to raise output by two million barrels a day, effective July 1, would “certainly be welcomed”.

The Organisation of Petroleum Exporting Countries has promised to add a further 500,000 barrels a day from August 1.

The diplomatic source, who asked not to be identified, said: “On the economic front, the heads of state and government will concentrate overall on Iraq’s debt. The percentage to cancel and restructure will be in a range of 60 to 90 percent.”

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