Paris Club Agrees to Cancel 80 Percent of Iraqi Debt
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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
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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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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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The world&#39;s leading industrial nations agreed Sunday to cancel 80 percent of the nearly $39 billion debt owed them by Iraq, a critical step in rebuilding the country&#39;s devastated
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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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Iraq's debts to the Paris Club of creditor nations will probably not be cut by much more than half, a source close to the German government 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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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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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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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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Russia agreed on Sunday to forgive up to 80 percent of Iraqâs debts to the Paris Club (about $33 billion). A US Treasury official quoted by Reuters said they received this information from Russia.
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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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China Thursday signed an agreement to cancel Iraqi debt at a ceremony after a meeting between Chinese President Hu Jintao and his Iraqi counterpart Jalal Talabani.
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BERLIN: The United States, Germany and other G7 nations agreed yesterday to write off up to 80 per cent or $33 billion of Iraq&#39;s Paris Club debt, which could pave the way for a wider international accord, officials said.
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The Paris Club announced Sunday that its member countries agreed to cut 80 percent of the debts Iraq owes them and called on other creditors to follow suit.
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(Paris-AP) Nov. 21, 2004 - The Paris Club has taken a big step forward for US efforts to help the Iraqi economy get back on its feet.
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German officials said Saturday they have decided to forgive 80 percent of Iraq&#39;s $120 billion foreign debt, CNN reported. Hans Eichel, Germany&#39;s finance minister, meeting with finance