(December 19, 2003) Iraq is swamped by more than $120 billion in debt that clouds its economic future. Where did it come from? Why did so many Western democracies, including the United States, lend so much money to President Saddam Hussein.

(December 18, 2003) British Prime Minister Tony Blair joined the U.S., France, Germany and Italy on Thursday in calling for a "substantial reduction" of Iraqi debt using the framework of the Paris Club during the course of 2004.

(December 18, 2003) The exact percentage of debt reduction that would constitute ‘substantial’ debt reduction is subject to future agreement between the parties.

(December 18, 2003) Paris Club President Jean-Pierre Jouyet dismissed demands by non-governmental groups that Iraq’s debt be classified as "odious" debt contracted by an illegitimate leadership, a concept implying the debts would not even be considered as debts.

(December 18, 2003) Campaigners who are calling for Iraq’s debts to be recognised as "odious" yesterday denounced the process under way to reduce Iraq’s debts, saying the country would still be saddled with huge repayments.

(December 18, 2003) The Paris Club of creditor states can agree a debt relief deal for Iraq quickly but the agreement can be signed only when the country has an internationally recognized leadership.

(December 17, 2003) France and Germany agreed Tuesday to work with the United States toward a "substantial reduction" of Iraq’s towering foreign debt next year.

(December 17, 2003) The trial of Saddam Hussein must do several things at once. It must educate Iraqis and the world about the nature of his regime, adhere to the highest international standards of fairness, and provide a mechanism for appropriate punishment.

(December 17, 2003) By arranging a Paris Club debt restructuring James Baker is going against the will of Iraqis, who are demanding a fair arbitration tribunal on Saddam’s odious debt.

(December 16, 2003) Saddam Hussein will face war crimes charges in a special Iraqi court, despite international concerns that it will be a show trial leading to a death sentence.

(December 11, 2003) Former Secretary of State James A. Baker will visit Russia, Great Britain, France, Italy and Germany next week in an effort to persuade those countries to forgive Iraq’s debts.

(December 11, 2003) President Bush found himself in the awkward position of calling on the leaders of France, Germany and Russia to forgive Iraq’s debts, just a day after the Pentagon excluded those countries from $18 billion in U.S.-financed Iraqi reconstruction projects.

(December 10, 2003) Russia today maintained a sturdy silence on the reported decision by the United States barring its companies from competing for contracts to rebuild Iraq but said it will not write off the eight billion US dollars debt owed by Baghdad.