Nations Agree on Iraqi Debt Write Off
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Iraqis chant anti-US and anti-government slogans in front of a US tank after a car bomb exploded killing at least one person in central Baghdad Saturday, Nov. 20, 2004.
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Major economic powers agreed on Sunday to write off billions of dollars of debt for Iraq in a deal that marked a significant step in U.S. efforts to help put the Iraqi economy back on its feet.
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Russia has agreed to a deal to wipe out up to 80 percent of the debt owed by Iraq to the Paris Club creditor nations, a US official said at the conclusion of a Group of 20 meeting.
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Iraq&#39;s interim prime minister has welcomed an agreement of the so-called &quot;Paris Club&quot; nations to reduce up to 80 percent of his country&#39;s $120 billion international debt but called on Iraq&#39;s &quot;Arab brothers&quot; to follow suit.
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The US cancels all the debt owed to it by Iraq and calls on other countries to do the same.
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Russia has agreed to write off $12bn (Â£6bn) of Iraqi debt built up by the Saddam Hussein regime.
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A French finance ministry spokesman said the Paris Club of creditor nations had reached a deal yesterday to write off 80 per cent of the debts Iraq owes them.
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More than a quarter of Iraq&#39;s foreign debt burden could be forgiven after a framework agreement was reached by two of the country&#39;s main creditors.
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Key creditor nations reportedly approve a plan to slash Iraq's debts, as an election date is announced.
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Iraq cleared around &#36;81 million in debt it owed the International Monetary Fund late last week, fund sources said on Monday, opening the way for the first aid to flow from the global lender to Iraq.
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The Paris Club of creditor nations, except for Russia, agreed on Sunday to relieve Iraq of as much as 80 percent of the debts it owes them.
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Iraq will owe Russia between US$700 million (euro530 million) and US$1 billion (euro750 million) after the bulk of its debt is forgiven under a deal with international creditors, Finance Minister Alexei Kudrin was quoted as saying Monday.
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German officials said Saturday they have decided to forgive 80 percent of Iraq&#39;s $120 billion foreign debt, CNN reported. Hans Eichel, Germany&#39;s finance minister, meeting with finance
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The Paris Club of creditor nations, except for Russia, has agreed in principle to slash debts Iraq ( news - web sites ) owes to the group by up to 80 percent, an official said Sunday.
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PARIS/BERLIN  - The Paris Club of creditor nations  agreed on Sunday 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.
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The United States, Germany and other G7  nations agreed Saturday to write off up to 80 percent or $33  billion of Iraq's Paris Club debt, which could pave the way for  a wider international accord, officials said.
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BERLIN, Nov 20  - Germany on Saturday unveiled a breakthrough international plan to wipe out tens of billions of dollars of Iraqi debt so that the war-torn country can begin rebuilding in earnest.