|Updated: 5/16/2006; 3:03:28 PM.
Post-9-11 events and analyses
Tuesday, November 23, 2004
Group Agrees to Reduce Iraqi Debt (washingtonpost.com): "Under the agreement, the Paris Club of 19 creditor nations will write off 80 percent of the $38.9 billion that Iraq owes them, group chairman Jean-Pierre Jouyet said. The Paris Club includes the United States, Japan, Russia and European nations. Iraq owes another $80 billion to various Arab governments. A clause in the agreement gives the Paris Club the option to suspend part of the debt reduction if it were not matched by Iraq's other major creditors -- led by Saudi Arabia and Kuwait.
The United States had been pressing for up to 95 percent of the debt to be lifted. .. The deal represented a considerable concession from France, just as French President Jacques Chirac's government is pushing to rebuild ties with the Bush administration .. " 9:45:14 AM
Copyright 2006 © Ken Novak.
Last update: 5/16/2006; 3:03:28 PM.