Russia agrees to US deal that writes off $33bn of Iraq debt
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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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Russian President Vladimir Putin has confirmed Russia&#39;s willingness to start the early repayment of debts within the framework of the Paris Club.
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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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Creditor nations, with the exception of Russia, reportedly approve a plan to slash Iraq's debts.
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Russia could make early repayment next year of up to $10bn worth of its $48bn of foreign debt to the Paris Club of sovereign lenders, Alexei Kudrin, finance minister, announced on Monday.
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Russia agreed on Thursday to grant Cuba credit worth $350 million and restructure some of its recent debt during a visit by Russia's prime minister, officials said. The two countries also signed a military cooperation agreement.
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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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Nineteen countries, including Australia, have agreed to cancel 80 per cent of the debt Iraq owes them. The deal secured for the Paris Club of creditor nations ends a trans-Atlantic dispute and probably sets
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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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The Paris Club of creditors met on Sunday to finalise 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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The deal will reduce Iraq&#39;s debt owed to the 19 Paris Club creditor nations by 80 percent, from a current $38.9 billion to $7.8 billion in 2008.
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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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Japan and the United States on Friday signed an agreement slightly trimming Japan's financial burden for hosting US military bases as Tokyo tries to contain a growing national debt.
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BERLIN/PARIS  - The United States and Germany  brokered a multi-national agreement on Saturday to forgive up  to $33 billion of Iraq's debts, helping mend ties strained by  the Iraq war.
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The U.S. and top financial institutions indicated that they were closing in on an agreement to forgive the debts of many of the world's poorest countries.
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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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BERLIN/PARIS: Russia agreed overnight (NZT) to back an agreement to forgive up to 80 per cent, or about $US33 billion ($NZ47.32 billion) worth, of Iraq&#39;s debts to the Paris Club of creditors, paving the way for further such write-offs by other countries.