(October 24, 2003) "I rule out a complete cancellation of the debt," run up by former president Saddam Hussein’s regime and estimated at $130 billion (110 million euros), Heidemarie Wieczorek-Zeul, Minister for Cooperation and Development, said.
Scaling the Iraq debt mountain
(October 24, 2003) Why cancel Saddam’s debts and not those accumulated by former Congolese dictator Mobutu Sese Seko, to name just one notorious example. The US administration isn’t in favour of a blanket write-off either, but would like to see one in the case of Iraq.
Iraq’s huge debts haunt donor conference
(October 23, 2003) Iraq’s $100 billion plus debt was supposed to be off the agenda at a summit to raise money to rebuild the battered country, but it emerged on Thursday as one of the key issues hindering the fund raising effort.
Saddam’s evil debts
(October 23, 2003) Iraq’s outstanding loans were incurred without the population’s consent, as creditors likely were aware, and such ‘odious debt’ deserves to be forgiven.
Annan tells Iraq donors to dig deep
(October 23, 2003) About $50bn is needed to rebuild Iraq, aid officials say United Nations Secretary General Kofi Annan has called on the international community to "give and give generously".
Iraq debt casts a shadow over rebuilding plans
(October 22, 2003) Even a big debt write-off, which has been mooted, could still leave Iraq poor for many decades to come.
Controversial new report: Iraqi views on foreign debt and reparations
(October 22, 2003) As big powers gather, report indicates ‘unanimous’ Iraqi opposition to payment of Saddam’s ‘odious’ debts.
Cancel Iraq’s odious debts first, donors conference told
(October 22, 2003) Debt relief groups have urged Iraq’s debtors to adhere to a 100-year-old legal principle to resolve Iraq’s debt crisis and assist reconstruction efforts when they meet tomorrow in Madrid.
FT briefing: Iraq donors’ conference
(October 21, 2003) The US will discuss Iraq debt forgiveness with several countries on the fringes of the conference. The Paris Club estimates Iraq’s existing debts at $21bn.
Nations ponder Iraq’s ‘odious’ debt millstone
(October 21, 2003) Deep disagreement over Iraq’s crippling debt burden is expected to reanimate old quarrels and undermine progress at the Iraq donors conference, which meets for two days from Thursday in Madrid.
Sununu criticizes Iraq loan suggestion
(October 19, 2003) The United States should not ask Iraq to repay a portion of the proposed $87 billion for postwar expenses, U.S. Sen. John Sununu said Friday. It would send the wrong message to the Arab world and American allies, he said.
Bush cedes some control in Iraq
(October 18, 2003) Independent agency will oversee reconstruction spending.
Those odious debts
(October 18, 2003) Taking on Saddam’s debt burden would cripple the new Iraq economically. Besides, it is clearly unfair to expect the Iraqi people to pay for the reckless waste of the regime that brutally oppressed them for so long.
US companies to be big gainers from Iraq outlay
(October 17, 2003) Much of the US financial contribution to Iraqi reconstruction will be earmarked for American companies, according to the top international official at the US Treasury.
External debt: Issues of sustainability and legitimacy
(October 17, 2003) The question of legitimacy of claims on southern countries is normally ignored when a sustainable level of debt is determined. Such a practice legitimizes such debt and will cause lenders to behave irresponsibly again in the future. Iraq with a total debt of approximately US$380 billion and a GNP of $25 billion is a star case of not just an unsustainable burden, but also of highly questionable claims by creditors who financed the dictator’s military buildup and affluent lifestyle.
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