Creditors to forgive up to 80 per cent of Iraq's debt, German minister says
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BERLIN  -Germany's finance minister said Saturday that he and his U.S. counterpart have reached an agreement under which Iraq's creditors would write off up to 80 per cent of the country's debt.
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As a result of talks the Paris Club has arrived at a consolidated decision to write off 80 per cent of Iraq&#39;s debt, Russian Finance Minister Aleksey Kudrin told journalists on Sunday [21 November].
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RUSSIA today agreed to join a pact to forgive up to 80 per cent, or about $US33 billion ($42.44 billion) worth, of Iraq&#39;s debts, a US Treasury official said at a Group of 20 meeting where the multinational agreement was engineered.
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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 write off $12bn (Â£6bn) of Iraqi debt built up by the Saddam Hussein regime.
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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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A French Finance ministry spokesman said the Paris Club of creditor nations had reached deal Sunday to write off 80 percent of the debts Iraq owes them.
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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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Bulgaria is reluctant to forgive much of a $1.7 billion debt that Iraq owes it, the Ministry of Finance said Monday.
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A deal to forgive a large chunk of Iraq&#39;s external debt could finally be announced this week after key creditor nations came to an agreement at the weekend ending months of stalemate.
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Creditor nations, with the exception of Russia, reportedly approve a plan to slash Iraq's debts.
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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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Iraq&#39;s interim finance minister Adel Abdel Mahdi has hailed an agreement by a group of creditor nations including Australia to write off a large chunk of debt inherited from the former regime of Saddam Hussein.
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The Paris Club of creditors met on Sunday  to finalize an agreement on writing off debts owed to its 19  member countries by Iraq -- a deal which could pave the way for  a wider international accord.
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Germany has unveiled an international plan to wipe out tens of billions of dollars of Iraqi debt so that the war-torn country can rebuild in earnest.
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WASHINGTON -- The United States yesterday forgave $4.1 billion Iraq owed it and urged other nations not part of an international debt relief agreement to follow suit.
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Russia has not agreed to a German-US proposal that would forgive up to 80 percent of Iraq&#39;s foreign debt, according to German Finance Minister Hans Eichel.