Probe International

(November 26, 2004) After supporting the Paris Club decision to write off 80 per cent of Iraq’s debt, Russia expects to come to a "mutual understanding" concerning its debt to the Paris Club.

(November 25, 2004) Russian President Vladimir Putin announced Moscow had committed itself to writing off 90 percent of Iraq’s debts, more than the 80 percent of forgiveness agreed by the Paris Club of sovereign debtors.

(November 23, 2004) By agreeing to forgive 80% of Iraq’s debt, Russia has gained nothing and Russia’s chances of securing access to Iraq’s mineral wealth look very bleak, say experts.

(November 23, 2004) Rich nations’ decision to forgive part of Iraq’s debt will help the occupied country but also saddle it with a burdensome economic programme that threatens to take decision-making power from Iraqis and put it in the hands of IMF officials, say critics.

(November 22, 2004) Debt forgiveness for Iraq demonstrates how foolhardy it is to lend money to tyrants.

(November 22, 2004) The Paris Club of creditor nations have agreed to cancel 80 percent of the debt Iraq owes its members, ending a trans-Atlantic dispute and probably setting the framework for debt pardons from other creditors.

(November 22, 2004) Patricia Adams, executive director of Probe International, writes: "Most debts created by Saddam Hussein in the name of the Iraqi people would qualify as ‘odious’ according to the international Doctrine of Odious Debts.

(November 22, 2004) The world’s leading industrial nations agreed Sunday to cancel 80 percent of the nearly $39 billion debt owed them by Iraq, a critical step in rebuilding the country’s devastated economy and an important precedent for its other creditors to follow.

(November 22, 2004) Political and economic experts in Iraq are at odds as to whether the move will help bring greater stability to the country, where insurgents wage daily attacks throughout Iraq.

(November 22, 2004) US President George W. Bush has applauded the decision by the so-called Paris Club of creditor nations to slash 80 per cent of the money Iraq owes them, and urged non-member countries to do the same.