Major Creditors Agree to Cancel 80% of Iraq Debt
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The world&#39;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&#39;s devastated
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BERLIN  - Russia is blocking a Paris Club agreement to wipe out 80 percent of Iraqi debt, a source said on the sidelines of a Group of 20 meeting of finance chiefs.
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German Finance Minister Hans Eichel said on Saturday that the Paris Club had reached a framework agreement to forgive 80 percent of Iraqi debt.
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WASHINGTON: The Bush administration has agreed to write off Iraq&#39;s debts to Washington of $4.1 billion, racked up during the regime of Saddam Hussein.
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The Paris Club of creditor nations was considering on Saturday a plan to relieve Iraq of as much as 80 percent of the debts it owes them.
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Germany's Finance Minister Hans Eichel said Saturday he and U.S. Treasury Secretary John Snow had agreed on a proposal to write off as much as 80 percent of Iraq's debt, capping a U.S. push for debt forgiveness.
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BERLIN -- Germany and the United States have agreed on a proposal to write off as much as 80 percent of Iraq's debt, Germany's finance minister said yesterday, capping a months-long US push for debt forgiveness.
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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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PARIS - Major economic powers agreed to write off $31 billion of Iraqi debt yesterday in a major breakthrough for US-led efforts to get Iraq&#39;s economy back on its feet.
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The United States, Germany and other G7  nations agreed on Saturday to write off up to 80 percent of  Iraq's $120 billion foreign debt in a move that could pave the  way for a wider international accord, officials said.
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BERLIN/PARIS  - The United States and Germany  brokered a multi-national agreement on Saturday to forgive up  to $33 billion of Iraq's debts, helping mend ties strained by  the Iraq war.
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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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Paris - Iraq and the United States on Monday hailed an agreement by a group of creditor nations to write off billions of dollars of debt inherited from the former regime of Saddam Hussein as &quot;historic&quot;.
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The Bush administration formally canceled Iraq&#39;s $4.1 billion debt to the United States on Friday and urged others to do the same to help the country rebuild.
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The Paris Club announced Sunday that its member countries agreed to cut 80 percent of the debts Iraq owes them and called on other creditors to follow suit.
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Germany&#39;s finance minister said Saturday that he and his US counterpart have reached an agreement under which Iraq&#39;s creditors would write off up to 80 per cent of the country&#39;s debt.
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The United States and its G7 allies have reached agreement on a deal to forgive 80% of Iraq's huge debts without imposing any conditions, a G7 official said on Saturday.