Category: Iraq’s Odious Debts

Treasuries are out, Iraq debt is in

(June 12, 2009) The portfolio manager of Templeton Global Bond Fund, Michael Hasenstab, says he’s investing in Iraqi bonds rather than treasuries, U.K. gilts or Japanese bonds. He believes the massive amount of debt occured by the U.S. and other governments over the past year will drive up inflation, weaken their currencies and hamper economic growth.

Legal scholars set to change the world

(October 20, 2007) In November 2004, Paris Club creditors canceled an unprecedented 80% of the debts they had lent to the regime of Saddam Hussein, catapulting the development of the Doctrine of Odious Debts forward. Now, legal scholars are identifying the many legal principles and precedents supporting lender liability and ensuring that odious debts are never created again.

An oil for food expose

(October 3, 2007) Texas tycoon, Oscar S. Wyatt Jr., pleaded guilty to conspiracy to defraud the United Nations’ former Oil for Food program for Iraq. The first major Oil for Food contractor to face a jury, Wyatt’s trial provided a glimpse "into the labyrinth of graft and greed in the U.N. program."

Iraqi anti-corruption head says graft worse than in Saddam’s time

(March 8, 2007) Corruption in Iraq is now worse than it was during Saddam Hussein’s regime, the Chairman of Iraq’s Commission on Public Integrity (CPI), Radhi Hamza al-Radhi, said in an interview published by the Arabic-language Asharq Alawsat newspaper. "There are eight ministers and 40 general directors against whom corruption charges have been brought and they [have] all fled abroad," he said.

Wolfowitz takes actions to gear up World Bank for Iraq

(February 16, 2007) The Government Accountability Project (GAP) has learned from inside sources that World Bank President Paul Wolfowitz is currently negotiating a contract with a new resident Iraq Country Director. This step strongly suggests that Wolfowitz intends to expand Bank-funded projects there dramatically in the near future, despite the deteriorating security situation and recent disclosures of massive corruption in "reconstruction" efforts.