Paris Club may write off 80% of Iraqi debts
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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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THE administration of US President George W Bush will agree to write off the $US4.1 billion ($5.4 billion) worth of debt Iraq racked up during the regime of Saddam Hussein.
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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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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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Four fifths of Iraq&#39;s foreign debts are to be written off, under a deal reached at the weekend. The country&#39;s interim government has been complaining that the level of its debt is hampering its reconstruction.
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Russia agreed Sunday to join in an international agreement to forgive up to 80 percent of Iraq&#39;s foreign debt, allowing the deal brokered by German and US officials to go ahead.
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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 -- Major economic powers agreed yesterday to write off billions of dollars in Iraqi debt, a deal that marked a significant step in US efforts to help put that nation's economy back on its feet.
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China announced with great flourish this week that it is forgiving debt owed by Iraq. But with the Iraqi president set to hold talks Friday with the Chinese premier, it was still unclear how much debt has been written off.
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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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Paris - The Paris Club of creditor nations, with the exception of Russia, has reached an agreement in principle to slash debts Iraq owes to the group by up to 80%, a well-placed official said on Sunday.
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Major creditor nations of Iraq reached an agreement here on Saturday to write off 80 percent of the country&#39;s debts, officials said.
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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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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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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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The Spanish government announced here Monday that it will write off 80 percent of Iraq's debt, or 482 million US dollars, to help rebuild the war-torn country.
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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.