Group Agrees to Reduce Iraqi Debt
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Major economic powers agreed Sunday to write off more than $31 billion in debt for Iraq in a deal that boosted U.S. efforts to help put the Iraqi economy back on its feet.
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BERLIN  - The United States welcomed a &quot;milestone&quot; decision by the Paris Club of creditor nations to cut Iraq &#39;s debt by up to 80 percent, and called on other creditors to follow suit.
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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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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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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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Major economic powers agreed to write off $31 billion of Iraqi debt on Sunday in a major breakthrough for US-led efforts to get Iraq&#39;s economy back on its feet.
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Amid renewed violence, major creditor nations of Iraq reached an agreement Saturday in Berlin to write off 80 percent of Iraq&#39;s debts to help rebuild thewar-torn country.
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The U.S. and top financial institutions indicated that they were closing in on an agreement to forgive the debts of many of the world's poorest countries.
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The deal is part of a new international agreement to forgive 80 per cent of Iraq&#39;s international debt, amounting to a total of about $150 billion.
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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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The Paris Club of creditor nations on Saturday discussed a plan to write off about 80 percent of Iraq&#39;s debts. According to The AP, US Treasury Secretary John Snow and German Finance Minister Hans Eichel concluded
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Rich nations pledged an agreement soon on forgiving the debt burden weighing on poor nations in Africa, Latin America and Asia but remained divided on reducing billions of dollars of Iraqi debt.
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The US, Iran, and Iraq agreed Tuesday to form a subcommittee on stability in Iraq.
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Creditor nations, with the exception of Russia, reportedly approve a plan to slash Iraq's debts.
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PARIS : The Paris Club of creditor nations announced it had agreed to wipe out 80 percent of the money Iraq owes in three phases over three years.
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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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Seven Sunni-led insurgent organisations in Iraq agree to form a public political alliance to plan for an American withdrawal.