Probe International

(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.

(November 22, 2004) The decision of G7 countries to write off up to 80% of Iraq’s Paris Club debt will not have effect on Bulgaria, since the country is not a member of the club, Finance Minister Milen Velchev said.

(November 22, 2004) Australia will cancel 1.1 billion-dollar (858 million US dollars) debt owed by Iraq.

(November 21, 2004) The Paris Club press release announcing its decision to cancel 80% of its portion of Iraq’s US$120-billion external debt.

(November 21, 2004) Germany, France and Russia have agreed to eliminate 80% of Iraqi debt.

(November 19, 2004) Smuggling oil provided the main source of corrupt revenue.