U.S., G7 Allies Agree on Iraq Debt Relief
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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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The US has written off on Friday all of its $4.1bn in Iraqi debt and called on other nations to follow suit. At a ceremony in Washington to mark the move, US Secretary of State Colin Powell hailed the move
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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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The world&#39;s major economic powers were far apart Saturday on agreeing how to provide debt relief for Iraq and the poorest nations, as finance officials began broader discussions about the global economy.
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RUSSIA finally signed up yesterday to an agreement between 19 nations to write off $33 billion (Â£17.8 billion) of Iraqâs debt. The agreement was confirmed by a US Treasury official at
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US President George W. Bush hailed the Paris Club agreement to write off 80 percent of Iraq&#39;s debt and called on other nations to join as well.
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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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Iraq&#39;s foreign debt will be reduced by 80% after a compromise deal was brokered between France, Germany and the USA in the framework of the Paris Club of creditors on 21 November.
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WASHINGTON - Declaring that high oil prices are a threat to the global economy, the world's industrialized countries urged producers Friday to provide price relief by boosting supplies.    The Group of Seven countries - the United States, Japan, Germany, France, Britain, Italy and Canada - also resolved to agree on providing battered Iraq with relief from its massive debt burden while also working on a deal to increase debt relief for the world's poorest countries...
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Germany&#39;s finance minister has said he and his American counterpart have worked out a deal to write off 80 percent of Iraq&#39;s $120 billion foreign debt.
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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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The Paris Club of international creditors has agreed to cancel 80 percent of the debt Iraq owes member countries. Officials say the deal, brokered in Berlin, is worth about $33 billion.
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The International Monetary Fund said  on Wednesday Iraq's official bilateral creditors had agreed to  defer debt the country owes them until the end of 2005.
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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, 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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The Group of Seven appeared to have  achieved a compromise on aid to the Third World on Saturday,  proposing "up to" 100 percent multilateral debt relief to poor  nations, G7 sources told Reuters.
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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.