Paris Club Agrees to Cancel 80 Percent of Iraqi Debt
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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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WASHINGTON - The United States signed an agreement with Iraq on Friday to forgive 100 percent of the $4.1 billion debt Iraq owes it, and urged other nations to follow suit to help the war-torn nation.
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US President George W. Bush has welcomed the decision by the Paris Club of creditor nations to forgive 80 percent of Iraqi debt owed to its members.
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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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Major economic powers agreed in principle to write off billions of dollars of debt for Iraq, officials said Sunday, with France in particular agreeing to compromise as it seeks improved ties with the United States.
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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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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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BERLIN: German construction firms yesterday slammed plans by the Paris Club of creditor nations to wipe out 80 per cent of Iraq&#39;s debt, warning that individual companies might seek to seek legal action against the German government to protect their claims
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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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The Paris Club of creditor nations on Saturday was debating a plan to write off as much as 80 percent of the debts Iraq owes them, a key step
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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 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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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.
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The Paris Club is due to approve on Wednesday a moratorium on debt repayment for countries hit by the Asian tsunami disaster, French Finance Minister Herve Gaymard said.
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At meetings of the World Bank and the International Monetary Fund the French said non to the US proposal of writing off 90-95 per cent of Iraqâs $12bn of bilateral debt.
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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.