Democratic Underground - Bush to forgive $45 BILLION in Iraqi debt

Bush to forgive $45 BILLION in Iraqi debt [View All]

Bluebear

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Fri Sep-24-04 02:07 PM
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Bush to forgive $45 BILLION in Iraqi debt

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WASHINGTON (Reuters) - A Bush administration official suggested on Friday that Iraq may not need to repay $45 billion in debt claimed by Gulf countries because the funds were grants to help Iraq in its war with Iran in the 1980s.

The money claimed by the Gulf Arab states is a substantial part of the estimated $120 billion Iraq owes other states and eliminating it would significantly ease the country's burden.

The United States, committed to rebuilding Iraq despite a deadly insurrection, is trying to work out an agreement between Baghdad and its creditors to allow it to use its money for reconstruction rather than for servicing old debts.

http://story.news.yahoo.com/news?tmpl=story&cid=615&e=1&u=/nm/20040924/pl_nm/iraq_congress_debt_dc_1

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Bush to forgive $45 BILLION in Iraqi debt [View All]