(May 22, 2003) Carlo Invernizzi introduces ‘Jubilee Iraq’ – a non-governmental organisation campaigning for the cancellation of Iraq’s debt that has called on creditors to demonstrate the legitimacy of their liabilities or otherwise drop their claims.
(May 22, 2003) The resolution envisages a rescheduling of Iraq’s debt through the Paris Club and establishes a moratorium on the debt by declaring Iraq’s oil revenues immune from legal proceedings until December 31, 2007.
(May 21, 2003) The main tenets of the plan for Iraq’s reconstruction should be: let Iraqis determine the future of Iraq, lift the U.N. sanctions, share the wealth and forgive the debt.
(May 21, 2003) A new draft of the UN Security Council resolution on Iraq envisages settlement of Iraqi debts within the framework of the Paris Club, Russian Deputy Foreign Minister Yuri Fedotov announced.
(May 21, 2003) "I personally would not favour paying in full the debts incurred by Saddam Hussein’s regime," George Soros said. "It would send a very healthy signal to the financial markets that extending credit to dictators is not without risk."
(May 21, 2003) The mass graves are enough evidence to explain why the culture of fear is rife among the Iraqi people. These graves bring suit against Saddam and his regime and condemn both of them for perpetrating crimes.
(May 20, 2003) "We must encourage the world community to address all outstanding debt and reparations claims against Iraq. If not addressed [they] will compromise Iraq’s future and undermine the prospects for democracy." says U.S. Senator Chuck Hagel.
(May 20, 2003) The debt and contracts look problematic, since any new Iraqi government will try to annul them on the grounds that it can’t be held responsible for the excesses of its former dictator.
(May 19, 2003) This is the latest version of a draft resolution introduced by the United States in the U.N. Security Council. Britain and Spain are co-sponsors.
(May 19, 2003) The United States on Saturday secured a commitment from the world’s wealthiest nations and Russia not to demand that Iraq begin paying off its huge debts before 2005, easing the country’s path to recovery.
(May 19, 2003) China and Russia, two of five members of the UN Security Council with veto power, have expressed major reservations about the U.S. draft resolution on ending sanctions and also said the fate of the text depended on working out the debt problem.
(May 18, 2003) Iraq should not have to service its debts until the end of next year at the earliest, finance ministers of the leading developed economies agreed at their meeting in Deauville, France, at the weekend.
(May 18, 2003) According to German Minister of Finance, Hans Eichel, he and his G-8 colleagues agreed in Deauville, France on Saturday, that they are not going to relieve any of Iraq’s debt.
(May 15, 2003) Russia and, incidentally, its allies have found themselves in an awkward situation. For the sake of maintaining their reputation they should cancel Iraq’s debts and show the world that they are genuinely concerned about the fate of the Iraqi people.
(May 15, 2003) U.S. Treasury Secretary John Snow will ask finance ministers of the world’s major industrialized countries meeting May 17-18 in France to aggressively search for illegal assets of the Saddam Hussein regime and repatriate them to the Iraqi people.