Review: Iraq's debt relief – procedure and potential implications for international debt relief  by Martin Weiss / Reviewed by Patricia Adams
Weiss argument "puzzling." Odious Debts Online  December 28/2007

Wolfowitz takes actions to gear up World Bank for Iraq  by The Government Accountability Project (GAP)
Inside sources state board members are opposed. February 16/2007

Australia reaps Iraqi harvest  by Marc Moncrief
United Nations sanctions against Saddam Hussein may have failed to end his regime but they succeeded in enriching both the Iraqi dictator and corporations able to manipulate the scandal-ridden world body's Oil-for-Food program. CorpWatch  April 4/2006

Antiwar activists detained at House Appropriations Committee hearing  by Voices for Creative Nonviolence
Two activists from Voices for Creative Nonviolence, interrupted a House Appropriations Committee hearing to call for an end to the funding of the war against Iraq, as well as the cancellation of odious debts incurred by Saddam Hussein's regime. Electronic Iraq.net  March 9/2006

Iraq wins crucial IMF accord, $14 bln debt swap  by Alister Bull
The $685 million IMF standby credit arrangement was the fund's first ever with Iraq and is designed to support the nation's economic program over the next 15 months. Reuters  December 23/2005

France cancels 80% of its Iraqi debt
France cancels the equivalent of $US5.2 billion of Iraqi debt, amounting to 80% of France's claims towards Iraq. Business Wire  December 22/2005

Switzerland cancels 80% of its Iraqi debt
Switzerland has announced it has cancelled the equivalent of $US230 million of Iraqi debt, amounting to 80% of its claims towards Iraq. Business Wire  December 22/2005

Iraq's debt solution ruffles feathers  by Joanna Chung 
The restructuring of Iraq's outstanding debt is entering a pivotal stage. However, not everybody is pleased with a process that has been moving ahead at a rapid speed. Financial Times  December 21/2005

Korean firms to forego 80% of Iraqi debt
Korean construction and shipping companies have agreed to write off up to 80 percent of outstanding debts on contracts signed with the Iraqi government in the '70s and '80s. JoongAng Daily  December 21/2005

Hyundai Engineering agrees to write off Iraq debt
Hyundai Engineering and Construction will accept a debt write-off proposal and collect only 20 percent of bonds it has been owed by Iraq since the first Gulf War 16 years ago. Digital Chosunilbo (English  edition)  December 20/2005

Austria cancels 80 percent of Iraq debt
Austria has announced it has cancelled the equivalent of $2.1 billion of Iraqi debt, amounting to 80% of Austria's claims towards Iraq. Portal Iraq  December 19/2005

Iraqi elections: 'To be free and fair'  by Phyllis Bennis and Erik Leaver
Only after occupation can the U.S. begin to make good on outstanding U.S. obligations to the people of Iraq – including compensation for the years of sanctions, reparations for the devastation of war, and cancellation of odious debt. Institute for Policy Studies  December 14/2005

The West, quietly, is pillaging Iraq  by Ed Kinane
If the United States and other world powers have their way, the Iraqis will keep being bled dry – and having their oil hijacked – paying off Saddam's loans for decades to come. MinutemanMedia.org  December 10/2005

World Bank backs $100m Iraq loan   by BBC News
The World Bank has approved a $100 million loan to Iraq to help reduce overcrowding in the country's schools. November 30/2005

Japan forgives $6 billion in Iraq debt
The government of Japan has released Iraq from $6.1 billion of the $7.6 billion owed to it. United Press International  November 24/2005

The corruption quandary  by Radio Free Europe/Radio Liberty Iraq Report
Iraq's transitional government has issued arrest warrants for a former defense minister and 23 other officials for the misappropriation of more than $1 billion during the administration of Iraq's interim government from June 2004 until April. Kathleen Ridolfo  October 14/2005

Cancel Iraq's debt: PM  by H.E. Dr. Ibrahim Jafary, Prime Minister of the Republic of Iraq
Iraqi Prime Minister Ibrahim Jafary urged creditor nations to cancel Iraq’s external debt in order for Iraq to rejoin the international community, "be an asset," "participate in promoting world security," and "face the challenges of terrorism." Sixtieth Session of the United Nations General Assembly  September 17/2005

First phase of Iraqi commercial debt restructuring complete  by Republic of Iraq Ministry of Finance Press Release
The first phase of Iraq’s debt restructuring to repurchase and cancel, at a discount, Saddam-era claims held by commercial creditors is complete. September 16/2005

Restructuring of Iraq debt 'on track'  by Joanna Chung
"We are very encouraged by the results of this first round of offers," said Ali A. Allawi, Iraq's minister of finance. "Iraq's debt restructuring programme is on track and on schedule." Financial Times (UK)  September 16/2005

Pay role  by Patrick Clawson
"It would be appropriate for banks and Arab debtors to write off large parts of the odious loans they made to Saddam, and for Kuwait to forgive the war compensation it is due. A clean slate, not new money, is what Iraq's economy needs most." New Republic Online  September 2/2005

The dictator debt catch  by Paul Webster
A US-brokered deal to forgive billions in Iraqi debt is causing other countries to say "me too," even as some Iraqis wish they'd said "no thanks." The Walrus  August 1/2005

Iraqi commercial debt settlement terms announced
Iraq has announced its settlement terms for Saddam-era commercial debt prior to August 1990. It is estimated that the total debt in this category may be $20 billion, of which about 85% will be eligible for settlement. KurdishMedia.com    July 27/2005

Iraq announces terms of commercial debt settlement offer  by Republic of Iraq, Ministry of Finance 
The Republic of Iraq today announced its intention to offer to settle outstanding Saddam-era commercial claims against Iraq and Iraqi public sector obligors through a cash buyback. July 26/2005

A Challenge to care for Iraq   by Jeff Leys, Voices in the Wilderness
The U.S. should take the lead in lobbying for a U.N. Security Council resolution to create an international arbitration tribunal to hear cases of odious debt; those filing claims against Iraq would have "to prove that the debt is not odious." Electronic Iraq.net  June 30/2005

Discussions and protests at Iraq petroleum conference  by Another Iraq
Around 50 protestors dressed as pirates beat drums and gongs and blew whistles in a demonstration outside the Iraq Petrolem conference held in the Hilton Hotel in London today. Mathaba.Net   June 29/2005

Iraq wants to end to U.N. war compensation scheme   by Stephanie Nebehay
Iraq called for an end to a United Nations-run program that diverts part of its oil earnings to pay compensation for damage caused by its 1990 invasion of Kuwait and the 1991 Gulf War. Reuters  June 28/2005

Iraq reports corruption epidemic   by Jon Leyne, BBC correspondent in Baghdad  
There is massive corruption in most Iraqi government ministries as a legacy of Saddam Hussein's era, the Iraqi anti-corruption commission has said. British Broadcasting Corporation (BBC)  June 27/2005

Raising the flag on Iraq reparations  by Haider Rizvi 
The United Nations is being urged to stop paying billions of dollars in reparations from Iraq – one of the world's most indebted countries – to claimants, many of them from Kuwait, one of the world's richest nations. Inter Press Service  June 23/2005

Despite regime change, Iraq debts keep mounting  by Haider Rizvi
International social justice groups are calling on the United Nations to stop paying out millions of dollars in Iraqi oil revenues in war reparations, claiming Iraqi citizens should not be held responsible for Saddam Hussein's actions. Inter Press Service (IPS)  June 22/2005

The aid that isn't: Writing off official commercial debt should not count as aid
When is "foreign aid" not foreign aid? When it is debt written off by governments that should never have lent it in the first place. Financial Times (UK): Editorial  April 12/2005

News Release: 4 arrested at Senator Durbin's Chicago office  by Voices in the Wilderness
On April 5, four anti-war activists were arrested at Senator Richard Durbin's office in Chicago for their opposition to the war in Iraq. Common Dreams  April 6/2005

Russia to sign Iraq debt write-off deal  by Reuters
Russia will sign an agreement this year finalising a plan to write-off most of the money owed to it by Iraq, a Finance Ministry official said. April 1/2005

International law supports Iraqi debt challenge  by Patricia Adams
There is a difference between loans for oppression and loans for food. Canadian Broadcasting Corporation (CBC): Commentary  February 11/2005

US and Iraq: Who owes whom?   by Pratap Ravindran 
It is intriguing that nobody seems to have worked out how much the US and its allies owe the people of Iraq. The Hindu Business Line  February 7/2005

Iraqi reconstruction efforts 'rife with corruption and waste'  by Thomas Catan and Jimmy Burns
The authors of a new report on post-conflict reconstruction have warned that efforts to rebuild Iraq have so far proved wasteful, ineffective and rife with corruption. Financial Times  January 24/2005

Up against the past  by David Waldner
The last time Iraq tried a parliamentary system, it ended in failure, under circumstances not unlike today's. Newsday.com  January 23/2005

Russia writes off over 92% of Iraqi debt
Russia has written off 92%-93% of Iraq's debt even though Iraq is not an economically underdeveloped country, President Vladimir Putin said at a news conference in the Kremlin. Interfax news agency  December 23/2004

US forgives Iraq debt to clear way for IMF reforms  by Brian Dominick
While Washington pats itself on the back for forgiving Iraqi debt owed since the 1980s, critics say the relief comes with dangerous strings attached and argue that the debt should have been null and void. The NewStandard  December 19/2004

The US cancels Iraqi debts
"Lifting the crushing burden of the old regime's debt is one of the most important contributions we can make to Iraq's new beginning," said US secretary of state Colin Powell. Arabic News.com  December 18/2004

Debt deal is a boon for Iraq  by William Neikirk
Iraq's other creditors, including its neighbors in the Middle East, some European countries not in the Paris Club and private commercial creditors, are feeling the squeeze to accept the Paris Club's 80 percent debt-forgiveness formula. Chicago Tribune  December 17/2004

US signs agreement to cancel Iraq's $4 billion debt  by Paul Basken
Iraq needs "pretty darn near full" debt forgiveness to recover, said Frederick Barton, a researcher at the Center for Strategic and International Studies, a Washington policy study group. Bloomberg.net  December 17/2004

US to write off US$4.1 billion in Iraqi debts
"In fact the United States will go beyond the 80 percent reduction agreed at the Paris Club and forgive 100 percent of the 4.1 billion dollars Iraq owes the United States from the Saddam era." Business World (Ireland)  December 17/2004

US urges others to reduce Iraq's debt
The United States will try to convince more of Iraq's creditors to forgive the country's debt, Treasury Secretary John Snow said on Friday. Reuters  December 17/2004

New Zealand author of damning book on UN to lose job
A New Zealand doctor and United Nations employee who co-wrote a book exposing sex, drugs and corruption among UN peacekeeping forces says he is being sacked. New Zealand Herald  December 14/2004

Iraq's debt will be serviced, eventually  by John Dizard 
Iraq has about $16 billion to $22 billion of commercial debt outstanding, although that total may rise as more claimants come forward. Financial Times  December 13/2004

Analysis: Russia writes off Iraq debt for possible oil stake  by Kathleen Ridolfo
Russia's reversal of its longstanding position opposing Iraqi debt forgiveness is 'inextricably linked' to the Iraqi government's reconsideration of agreements between Russian oil companies and the former regime of Saddam Hussein. Radio Free Europe/Radio Liberty  December 10/2004

Brown wants G8 to write off poor countries' debts  by Katherine Baldwin
The government wants the world to write off the debts of the poorest countries, sponsor research for new malaria and AIDS vaccines and complete global trade talks during its presidency of the G8 rich nations club next year. Reuters  December 9/2004

The IMF and the future of Iraq  by Zaid Al-Ali
"It is uncontroversial to argue that US policies and interests are widely reflected in the decisions taken and the statements made by the Iraqi interim authorities." Middle East Report Online  December 8/2004

Blair gives personal support to Kofi Annan  by Associated Press
British Prime Minister Tony Blair gave his personal endorsement Monday to UN Secretary General Kofi Annan, who has come under fire in the United States over the oil-for-food program in Iraq. Dar Al-Hayat  December 6/2004

Annan's oil-for-food crisis deepens  by Correspondents in Washington
US President George W. Bush increased the pressure on Kofi Annan over Iraq's oil-for-food scandal yesterday, pointedly declining to endorse the UN Secretary-General. The Australian  December 4/2004

Powell lauds UN chief, in first US defense  by Reuters
Secretary of State Colin Powell called Kofi Annan a "good" U.N. secretary-general on Friday, after days in which Washington chose not to defend the diplomat against a U.S. senator's demand he resign. December 3/2004

UN staff cast doubt on Annan support  by Agence France-Presse
Secretary General Kofi Annan faces new questions about support from his own employees after UN staff cast doubt on a show of confidence in his leadership. Khaleej Times Online   December 3/2004

Iraq seeks debt-relief deal with its Arab neighbours  by Steve Negus and John Reed
"We expect our Arab brothers will give us the highest reduction rate," said Adel Abd al-Mahdi, Iraq's Finance Minister. "Any negotiations should start with the 80 per cent rate." Financial Times  December 1/2004

Kofi Annan must go  by Norm Coleman
It's time for U.N. Secretary-General Kofi Annan to resign. Wall Street Journal  December 1/2004

Kuwait's decision on writing off Iraqi debts goes in tune with Paris Club's
Foreign Minister Sheikh Dr. Mohammad Sabah Al-Salem Al-Sabah said Kuwait's decision to write-off some of Iraq's debt would go in harmony with the Paris Club's recent decision. Kuwaiti News Agency (KUNA)  December 1/2004

Russia slashes $9 billion from Iraq debt  by United Press International
Russia will slash at least $9.5 billion of Iraq's debt to Moscow, Interfax news agency reported Monday. Washington Times  November 29/2004

Russia to write off half of Iraq debt, minister says
Russia will write off half of Iraq's debt to the country in two stages starting next year, Finance Minister Alexei Kudrin said. Iraq owes Russia between $700 million to $1 billion and the precise amount is being worked out, he said. Bloomberg.com  November 29/2004

Iraq wants more than 80% scrap of debts   by United Press International
Iraqi Minister of Planning Mehdi Hafez said his country is unhappy with the decision of the Paris Club to waive only 80 percent of Iraq's debts. Middle East North Africa Financial Network (MENAFN)  November 27/2004

The Paris Club deal is not the end of the haggling over Iraqi debt
Generous or not, the deal owed nothing to the notion that Iraq's debts were "odious", incurred by a tyrannical government and therefore unworthy of repayment. The Economist (UK)  November 27/2004

Nice try, Paris Club  by Patricia Adams
Iraq's national assembly members spurn the West's bid at debt forgiveness, proclaiming, 'Saddam's debts are not our debts.' History backs them up. Financial Post (Canada)  November 26/2004

Russia expects 'understanding' from Paris Club after cancelling Iraq debt
After supporting the Paris Club decision to write off 80 per cent of Iraq's debt, Russia expects to come to a "mutual understanding" concerning its debt to the Paris Club. Prime-TASS news agency, Moscow  November 26/2004

Judgment of Paris
What's good for Iraq must surely be good for Nigeria too. The Guardian (UK)  November 25/2004

Russia will write off 90 percent of Iraq debt: Putin  by Reuters
Russian President Vladimir Putin announced Moscow had committed itself to writing off 90 percent of Iraq's debts, more than the 80 percent of forgiveness agreed by the Paris Club of sovereign debtors. November 25/2004

Debt relief weighed down by IMF burden  by Emad Mekay
Rich nations' decision to forgive part of Iraq's debt will help the occupied country but also saddle it with a burdensome economic programme that threatens to take decision-making power from Iraqis and put it in the hands of IMF officials, say critics. Inter Press Service News Agency  November 23/2004

Russia will gain nothing from writing off Iraq's debt
By agreeing to forgive 80% of Iraq's debt, Russia has gained nothing and Russia's chances of securing access to Iraq's mineral wealth look very bleak, say experts. RIA Novosti  November 23/2004

Australia agrees to cancel 80 pct of Iraq's debt
Australia will cancel 1.1 billion-dollar (858 million US dollars) debt owed by Iraq. www.chinaview.cn  November 22/2004

Bulgaria: Iraq's debt relief not negative, says Finance Minister
The decision of G7 countries to write off up to 80% of Iraq's Paris Club debt will not have effect on Bulgaria, since the country is not a member of the club, Finance Minister Milen Velchev said. Reporter.gr  November 22/2004

Bush applauds Iraq debt pledge, calls for more
US President George W. Bush has applauded the decision by the so-called Paris Club of creditor nations to slash 80 per cent of the money Iraq owes them, and urged non-member countries to do the same. Malayala Manorama  November 22/2004

Iraqi debt forgiven: analysts debate the significance
Political and economic experts in Iraq are at odds as to whether the move will help bring greater stability to the country, where insurgents wage daily attacks throughout Iraq. PolitInfo.com  November 22/2004

Major creditors in accord to waive 80% of Iraq debt  by Craig S. Smith
The world'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's devastated economy and an important precedent for its other creditors to follow. The New York Times  November 22/2004

Nations agree to cancel 80 percent of Iraq's debt   by Cato Institute
In "Iraq's Odious Debts," Patricia Adams, executive director of Probe International, writes: "Most debts created by Saddam Hussein in the name of the Iraqi people would qualify as 'odious' according to the international Doctrine of Odious Debts." November 22/2004

Paris Club drops 80 pct of Iraq debt it owed  by Paul Carrel and Glenn Somerville
The Paris Club of creditor nations have agreed 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. Reuters  November 22/2004

Stop financing dictators  by Sylvain Charat
Debt forgiveness for Iraq demonstrates how foolhardy it is to lend money to tyrants. Jerusalem Post  November 22/2004

Iraqi debt, Europe helps out
Germany, France and Russia have agreed to eliminate 80% of Iraqi debt. Tiscali Europe  November 21/2004

Paris Club statement on Iraq  by Paris Club
The Paris Club press release announcing its decision to cancel 80% of its portion of Iraq's US$120-billion external debt. www.clubdeparis.org/en/  November 21/2004

Creditors still debating Iraqi debt   by Reuters
Nations owed money by Iraq continue negotiations on how much of Iraq's debts to waive. November 19/2004

Iraq oil corruption 'tops $21bn'   by BBC News
Smuggling oil provided the main source of corrupt revenue. November 19/2004

Iraq creditors seek to resolve rift over debt deal  by Paul Carrel
The Paris Club of creditor nations, which includes all the Group of Seven states, met for talks on Thursday aimed at narrowing a trans-Atlantic rift over how much of Iraq's $125 billion in debt to forgive. Reuters  November 18/2004

Iraq debt write off a matter for G7 says UK Chancellor  by Reuters
The UK Chancellor of the Exchequer Gordon Brown has said that Iraqi debt forgiveness is likely to be an issue to be decided by the Group of Seven leading powers. Iraq Procurement (UK)  November 16/2004

Senators accuse Annan of impeding investigation   by Judith Miller
Leaders of a U.S. subcommittee investigating allegations of fraud in the oil-for-food program in Iraq have accused the United Nations secretary general, Kofi Annan, of obstructing their inquiry. The New York Times  November 11/2004

Chirac, other European leaders try to make nice with Bush  by Vivienne Walt
For months, most European leaders had barely concealed their preference for Sen. John Kerry. Moments after Kerry's call to Bush to concede the election, however, they rushed congratulatory letters and calls to Washington. San Francisco Chronicle  November 4/2004

New details about Saddam Hussein, gleaned from the CIA  by Peter Grier and Faye Bowers
Iraq's dictator developed an aversion to using telephones and a penchant for writing novels as he sparred with the UN. Christian Science Monitor  November 3/2004

James Baker's double life  by Naomi Klein
Until now, there has been no concrete evidence that James Baker's loyalties are split, or that his power as Special Presidential Envoy on Iraq's debts has been used to benefit any of his corporate clients or employers. The Nation (Nov. 1 issue)  November 1/2004

Lender beware
It's hard to justify asking an oppressed people to pay debts incurred by a tyrant in the process of oppressing them. Cato Policy Report, Vol. XXVI, No. 6  November 1/2004

Iraq oil-for-food scandal hurting UN, says Annan
UN Secretary General Kofi Annan said the scandal around UN-supervised Iraqi oil sales under Saddam Hussein was hurting the image of the United Nations, as an independent body probing the program named 4,734 participating companies. Arab News  October 23/2004

Former oil-for-food chief may be charged  by Charles Laurence
American prosecutors are considering charges against Benon Sevan, the former head of the U.N. oil-for-food program, who has been accused of accepting millions of dollars in kickbacks from Saddam Hussein's regime. London Sunday Telegraph  October 18/2004

Carlyle pulls out of Iraq debt recovery consortium   by David Leigh
The Carlyle Group, a large investment firm linked to US and British politicians, has pulled out of a scheme to recover billions of dollars from Iraq, after documents came to light detailing the secret proposals of a consortium with which it was involved. The Guardian (U.K.)  October 15/2004

Reparations in reverse  by Naomi Klein
By all means, pay Saddam's victims – but surely that means Iraqis, not rich corporations, says Naomi Klein. Globe and Mail  October 15/2004

Carlyle disavows plan to get Kuwait business  by Terence O'Hara
The Carlyle Group yesterday said it was not part of a consortium that touted its political ties in an attempt to win business collecting and managing billions of dollars owed to Kuwait by Iraq. Washington Post  October 14/2004

Controversy over Iraq debt deepens   by David Leigh
US investment firm linked to Bush envoy may never have told White House of planned backstairs deal. The Guardian (U.K.)  October 14/2004

Japan wants vast majority of Iraq's debt forgiven   by Reuters
Japan's top financial diplomat on Thursday said Tokyo wants the vast majority of Iraq's debt to be written off, but did not specify an exact percentage. The San Diego Union-Tribune  October 14/2004

Oil-for-food probe gets $30 million fund
An investigation into corruption within the UN's oil-for-food programme for Iraq will be funded with $30 million (£17m) from the programme itself. UN Secretary-General Kofi Annan announced the money would be put into an account dedicated to the inquiry. BBC News   October 14/2004

Amount of Iraqi debt to Russia not established so far
The exact amount of the Iraqi debt to Russia has not been established so far, which makes it impossible to adopt any resolutions on writing it off, Sergei Kirpichenko, ambassador at large of the Russian Foreign Ministry, told reporters. Itar-Tass  October 13/2004

Bush special envoy embroiled in controversy over Iraq debt   by Naomi Klein 
Consortium plans to cash in as Baker asks countries to end £200 billion burden. The Guardian (U.K.)  October 13/2004

Iraq pleads for financial assistance  by Associated Press
Iraq's acting deputy leader pleaded with donors Wednesday to fulfill their promises of aid to help rebuild his war-ravaged nation. Globe and Mail  October 13/2004

Jubilee Iraq Press Release: Condemnation of James Baker’s double dealing on Iraq  by Jubilee Iraq
"To profit from the Iraqi people's suffering is bad enough, for this to be done by a company in which a leading partner and shareholder is supposedly tasked with the job of canceling that debt add a grave conflict of interest to this crime." October 13/2004

The oil-for-food scandal
The U.S. should cut off all contributions to the United Nations until it cooperates fully in exposing what may well be the biggest criminal enterprise in history: editorial. Pittsburg Tribune-Review: Editorial  October 11/2004

Iraq's bigger picture  by Jim Hoagland
The Iraqi foreign debt is the most visible remaining symbol of international complicity with Saddam Hussein's bloody reign. Washington Post  October 10/2004

1,300 oil vouchers begin to tell story  by R. Jeffrey Smith and Colum Lynch 
Saddam Hussein courted a world of nations, firms, and individuals. Washington Post  October 8/2004

Canadian Iraq advocacy group demands debt transparency from France, Germany, and Russia
Iraq advocacy group, the Iraqi-Canadian Society, issued letters this week to the leaders of France, Germany, and Russia requesting 100 percent debt cancellation for Iraq. Odious Debts Online  October 8/2004

Deal further away on Iraq debt relief  by Stewart Fleming 
The fissures dividing Europe and the United States on how to go about granting debt relief to highly indebted poor countries have widened at the meetings of the International Monetary Fund (IMF) and World Bank in Washington this week. European Voice  October 7/2004

Moscow wants 'impartial investigation' into Iraq bribery claims  by Sergei Blagov
Russia has pledged to cooperate with an investigation instigated by a U.S. report charging that Saddam Hussein tried to bribe Russian and French officials and firms to win support for Iraq in the U.N. Security Council. Cybercast News Service  October 7/2004

Oil for corruption  by Ed Feulner
The cover-up is always worse than the crime, they say. But that doesn't necessarily hold true when you're dealing with the crime of the century – in fact, two centuries. The Washington Times  October 7/2004

Suck-ups for Saddam's oil  by Ian Bishop and Niles Lathem
Saddam Hussein personally directed a worldwide scheme using valuable Iraqi oil to secretly win the support of officials from dozens of countries, according to a bombshell new report yesterday that named names. New York Post  October 7/2004

Cheney / Edwards debate: Iraq  by NewsNet5.com
"The allies have stepped forward and agreed to reduce and forgive Iraqi debt to the tune of nearly $80 billion by one estimate . . ." – Dick Cheney Vice Presidential debate at Case Western Reserve University in Cleveland, Ohio  October 6/2004

Relief of Iraq's debts, sort of
Europe's wealthy countries just could not decide over the weekend whether they were willing to forgive Iraq's crippling debt load. They reportedly decided, therefore, on a predictable Third Way approach. The Washington Times  October 6/2004

U.S. lawmakers say companies, foreign governments allowed Saddam to abuse U.N. food program  by Dan Robinson
U.S. lawmakers have criticized foreign governments, companies, and the United Nations, accusing them of acquiescing to corruption that diverted billions of dollars from the former U.N. Oil for Food Program to former Iraqi dictator Saddam Hussein. Voice of America  October 6/2004

Iraq wants 90-95 percent debt forgiveness: minister
Iraq hopes to reach a debt forgiveness deal with leading creditor nations by the end of the year, and views an offer by France to initially relieve only 50 percent of its debt as just a "starting point." Reuters  October 5/2004

Saddam misused oil-food program   by Bill Gertz
Saddam Hussein ran the Iraqi side of the U.N. oil-for-food program as a "cash cow" that let him buy weapons with some of the $10 billion he siphoned off, according to a report by investigators. The Washington Times  October 5/2004

G-7 creditors vow to reduce Iraq debt this year but remain divided on scope  by Nathaniel Harrison/Agence France Presse (AFP)
U.S. and U.K remain keen to forgive 95 percent of the war-torn country's obligations. The Daily Star (Lebanon)  October 4/2004

France, U.S. entrenched in Iraq debt dispute  by Paul Carrel
France and the United States dug into polarized positions on how much of Iraq's debt to cancel at a meeting on Saturday aimed at promoting international harmony. Reuters  October 2/2004

IMF chips in, for Iraq and the US  by Emad Mekay
The International Monetary Fund (IMF), one of the most powerful architects of the world economy and controlled by the planet's wealthiest nations, has marked its return to US-occupied Iraq with a new loan of US$436 million. Asia Times Online   October 2/2004

U.S., France in Iraq debt dispute   by Reuters
Americans meeting resistance to cancellation of most of $120 billion owed. CNN/Money  October 2/2004

Commentary by Patricia Adams on Iraq's odious debts
"What better way to demonstrate the power of democracy and the rule of law than to establish a precedent telling filthy financiers everywhere their money isn't safe when they finance tyrants against their people." Marketplace  October 1/2004

Iraq debt deal not imminent: Paris Club chairman  by Paul Carrel
An agreement among the Paris Club group of creditor nations on a write-off of a portion of Iraq's foreign debt is not imminent but could be achieved by the end of the year, the group's chairman said. Reuters  October 1/2004

Kuwait disputes US suggestion Iraq debt only grant  by Haitham Haddadin
Kuwait's foreign minister has dismissed a U.S. suggestion that Iraq may not need to repay $45 billion in debt claimed by Gulf states. Reuters  October 1/2004

WB, IMF debate Iraq debt relief
Advocates and activists on Thursday pressed the World Bank and International Monetary Fund to forgive the debt of the world's poorest countries, and sparked debate on the fairness of targeted relief for Iraq. Reuters  October 1/2004

Iraq to get $436m emergency loan
The International Monetary Fund (IMF) has approved an emergency loan of $436m (£232m) to Iraq, the first from an international organisation. BBC News  September 30/2004

Iraq's economy crippled by heavy debt and foreign hegemony  by Mustafa Jalal
For some tyrants it matters not whether they are asleep or awake, present or absent: their tyranny and exploitation go on regardless. Media Monitors Network  September 30/2004

Creditors agree to defer Iraq debt payments – IMF
The International Monetary Fund said on Wednesday Iraq's official bilateral creditors had agreed to defer debt the country owes them until the end of 2005. Reuters  September 29/2004

IMF approves first loan to help in rebuilding Iraq   by Martin Crutsinger
The International Monetary Fund on Wednesday approved an emergency loan of $436.7 million for Iraq, the first assistance it has provided to help the country rebuild its wartorn economy. The Boston Globe  September 29/2004

Iraq clears IMF debt
Iraq cleared $81 million in debt it owed the International Monetary Fund late last week, fund sources said yesterday, opening the way for the first aid to flow from the global lender to Iraq, as soon as this week. Gulf Daily News  September 29/2004

Congress probing U.N. Oil-for Food program  by Desmond Butler
U.S. congressional investigators are trying to determine whether lax monitoring at a French bank that held more than $60 billion for the U.N. oil-for-food program facilitated illicit business deals by the former Iraqi government. Associated Press  September 27/2004

Global finance chiefs seek to forge Iraq debt deal  by Paul Carrel
Finance chiefs from leading industrialised countries must bridge a transatlantic rift over how much of Iraq's foreign debt to write-off if they are to make progress towards a deal. Reuters  September 27/2004

Allawi insists Iraq elections on schedule  by Cato Institute
On Sept. 28, Cato will release a new policy analysis, "Iraq's Odious Debts," by Patricia Adams. She argues that an open arbitration process is a more fair and equitable way to handle Iraq's debts. Cato Daily Dispatch  September 20/2004

Iraq's economic and security problems must be solved  by Iyad Allawi
Not just for us but for the world. The Independent (U.K.)  September 20/2004

U.S. and Europe expect to reach pact on Iraq debt by end of year  by Michael Schroeder
U.S. and European officials said they expect to hammer out a deal by year-end to forgive most of the loans Iraq owes industrialized nations, giving a big boost to the new Baghdad government's ability to sort out its tangled finances. Wall Street Journal  September 20/2004

Washington to spend less on Iraq aid, more on police, business, debt  by Brian Dominick
The Bush administration has officially proposed to shift money away from Iraq's reconstruction effort toward internal security, the oil industry, "economic development" in Iraq's private sector, and paying back Iraq's debt to the U.S. The New Standard  September 17/2004

Paris Club favors 'individual treatment' of Iraqi debt cut
The Paris Club of creditor nations didn't arrive at a consensus on the exact amount of Iraq's debt to be canceled, but agreed in principle to an individual treatment of the debt cut. Xinhuanet  September 14/2004

Beyond Saddam  by Abdullah Muhsin
Iraq is crippled by debt. The country's oil wealth was squandered by Saddam's regime on arms and personal enrichment; today it is looted to pay for occupation. Such odious debt must be cancelled. New Statesman  September 10/2004

The resource curse  by Nancy Birdsall and Arvind Subramanian 
Can Iraq avoid the pitfalls that other oil-rich countries have fallen into? The answer is yes, but only if it is willing to implement a novel arrangement for managing its oil wealth with the help of the international community. Australian Financial Review  September 10/2004

IMF sees Iraq economic program before end-2004
The International Monetary Fund says Iraq could have an IMF-backed economic program with financing in place by the end of 2004 following "good progress" made in talks last week in Paris. Reuters  September 9/2004

Iraq calls for big debt write-off in Berlin talks
Iraqi President Ghazi al-Yawer renewed calls for a big write-off of his country's massive foreign debt at talks Thursday with German leaders in Berlin. Expatica.com  September 9/2004

Iraq debt relief talks deadlocked
The United States' campaign for a rapid write-off of almost all of Iraq's foreign debt is going nowhere for now, sources say. Gulf Daily News  September 9/2004

Iraqi president, starting Europe tour, optimistic about election
Iraqi President Ghazi Al-Yawar began a European tour Wednesday in Germany voicing optimism that elections in his country would go ahead by the end of January as scheduled and appealing for more help with debt relief. EU Business.com  September 9/2004

King to rally support for Iraq debt reduction – Jordan
His Majesty King Abdullah on Monday said Jordan will continue supporting international efforts to help rebuild Iraq and reduce its foreign debt. Jordan Times  September 7/2004

Reconstructing Iraq   by Middle East Report N°30 
Giving Iraq a real chance to recover also requires a clean break with the financial legacy of the Baathist regime – not full and total repudiation, but a significant write-off of debt and war reparations obligations . . . September 2/2004

Britain to give Iraq $90m in aid
Britain yesterday committed £50 million ($90m) in specific bilateral aid projects for war-torn Iraq from a total 544 million package that London has pledged to spend by March 2006. Gulf Daily News  September 1/2004

Edwards: Bush's poor leadership has hurt U.S.  by Anna Griffin
Senator John Edwards said a Kerry-Edwards U.S. administration would bring other nations into the postwar effort by asking them to forgive Iraq's debt and help rebuild the war-ravaged economy. The State.com (South Carolina)  August 30/2004

U.S. diplomat wants more funds for Iraqi security  by David S. Cloud and Greg Jaffe
The new U.S. ambassador to Iraq wants to shift more than $3 billion in U.S. aid away from reconstruction to security, and proposes the U.S. forgive $360 million of Iraq's debt in the hope other countries will follow suit. The Wall Street Journal  August 30/2004

Banks 'laundered' Iraq oil for food payments  by Simon English
Two European banks were yesterday accused by the US Treasury Department of helping Saddam Hussein launder money stolen from the UN oil-for-food programme. The Daily Telegraph  August 26/2004

U.N.'s big debt to Iraq  by Joe Barton
It was supposed to be oil for food in Iraq, but the largest humanitarian program ever launched by the United Nations turns out to have been grease for friends – Saddam Hussein's friends. The Washington Times Commentary  August 26/2004

Terrorism and rising crime hound Iraq, says Allawi
Interim Prime Minister Iyad Allawi called for Iraq's national debt – the highest in the world as a percentage of GDP – to be largely forgiven "so that future generations of Iraqis are not made to suffer for the wrongs of the Saddam regime." Reuters  August 25/2004

U.N. chief backs body to compensate war victims  by Thalif Deen
U.N. Secretary-General Kofi Annan backs a permanent U.N. body that would provide reparations for victims of wars. IPS  August 23/2004

Schroeder pledges to help rebuild Iraq
Chancellor Schroeder said today that the German government is ready to "substantially" reduce Iraq's debts to Germany to ensure more funds were put to the post-war reconstruction of the country. China View  August 18/2004

Accountancy firms working on debt
Before we can get to a stage where the debt is rescheduled and renegotiated and some sort of agreement on what the Iraqi people are willing to pay, we need to get a reliable figure for what is owed. Jubilee Iraq  August 17/2004

Review of the Fund's strategy on overdue financial obligations  by International Monetary Fund (IMF) [PDF FORMAT]
In a review of countries in protracted arrears to the IMF, the Fund said emergency post-conflict funding for Iraq would be approved once it had paid off an $80 million debt to the IMF. August 13/2004

Under eye of U.N., billions for Hussein in oil-for-food plan  by Susan Sachs and Judith Miller
Toward the end of 2000, when Saddam Hussein's skimming from the oil-for-food program for Iraq kicked into high gear, reports spread quickly to the program's supervisors at the United Nations. New York Times  August 13/2004

Iraq: UN panel says oil-for-food probe to take much longer than expected  by Robert McMahon
The head of an independent panel investigating corruption in the United Nations' "oil-for-food" program for Iraq says it may take another year to produce its main findings. Radio Free Europe  August 10/2004

Street seeks to advise Iraq  by Sandra Lea Abrams 
Some send emissaries in secret, some host seminars, all seek a relationship. The Investment Dealers' Digest  August 2/2004

U.N. and Congress in dispute over Iraq oil-for-food inquiries  by Judith Miller
Congressional committees investigating allegations of corruption and mismanagement in the United Nations oil-for-food program in Iraq are at odds with the organization's own inquiry over access to records and personnel. The New York Times  July 28/2004

Dutch to write off some Iraq debt
AMSTERDAM: The Netherlands is prepared to grant Iraq debt relief on some of the 245 million euros ($302.6m) it is owed in export credit and interest, a Dutch minister was quoted as saying. Gulf Daily News  July 18/2004

Audit: poor control of Iraq oil money
A UN-backed watchdog has reported weak controls over Iraqi oil riches under the US-led occupation, including use of the money for a no-bid Halliburton contract. Aljazeera.net  July 16/2004

Paris bank is subpoenaed in U.N. Oil-for-Food probe  by Colum Lynch
A House committee has issued a subpoena for financial records from a French bank that managed billions of dollars in Iraqi oil revenue through a U.N.-administered humanitarian program. The Washington Post  July 15/2004

Abuse of power  by Mindy Belz
After flagrant abuse by Saddam and gross mismanagement by the UN, Iraq's Oil for Food program is spawning another cliche: a nine-headed monster of an investigation. World Magazine  July 14/2004

Reconstruction of Iraq: Debt, construction boom and economic diversification  by Ali Merza
A reduction in external debt of about 80% is necessary to sustain development and growth in Iraq. Middle East Economic Survey [PDF format]  July 12/2004

Concrete measures needed to stabilize Iraq  by Amir Taheri 
Judging by diplomatic statements the whole world is now eager to help Iraq. New York Post  July 9/2004

Iraq confident of $120 billion debt write-off  by AFP
The Iraqi government expressed confidence on Wednesday that global lenders would write off its huge $120-billion foreign debt, helping to rebuild Iraq's war-ravaged economy and revive the vital oil sector. Business Report  July 9/2004

Iraq to auction $10 million of treasury bills
In a bid to establish a bond market and kickstart Iraq’s local capital markets, Iraq's Finance Ministry intends to auction 150 billion dinars ($103 million) of treasury bills on July 18. Aljazeera.com  July 9/2004

Farmers angered over debt  by Amanda Haines
Australia: The Federal Minister for Trade Mark Vaile has told farmers there is no other option but to forgive Iraq's wheat debt to Australia. Merredin-Wheatbelt Mercury  July 8/2004

Iraq expects global lenders to write-off its $120 billion foreign debt
The Iraqi government expressed confidence that global lenders would write off its huge $120 billion foreign debt, helping to rebuild Iraq's economy and revive the vital oil sector. Middle East North Africa Financial Network (MENAFN)  July 8/2004

Iraq to auction treasury bills on July 18th
Iraq's Finance Ministry will auction IQD150 billion ($103 million) of treasury bills (T-bill) on July 18, 2004, Reuters reported. The T-bill issue would be used to repay outstanding debt issued by Saddam Hussein's regime. Middle East North Africa Financial Network (MENAFN)  July 8/2004

Official discusses Iraq's external debt  by The Associated Press
Iraq's massive debt could badly hinder efforts to rebuild the nation's economy, its finance minister warned Wednesday. Seattle Post-Intelligencer  July 7/2004

UN’s oil-for-food program in Iraq to be probed
Independent US Committee promises careful investigation of alleged corruption in UN oil-for-food program in Iraq. Middle East Online  July 7/2004

Iraq debt write-off bitter pill for developing nations
It is hard to argue against debt relief for struggling economies but experts say US efforts to forgive most of Iraq's $120 billion would be a slap in the face for nations still paying old dictators' bills. Gulf Daily News  July 2/2004

New campaign launches to cancel poor country debt  by Jim Lobe
Jubilee USA announces campaign to persuade the Bush administration to press international financial institutions to cancel the debt of the world's 50 poorest nations. OneWorld.net (US)  July 2/2004

U.S. call to cancel Iraqi debts flouts precedents  by Pedro Nicolaci da Costa 
Experts say U.S. efforts to forgive most of Iraq's $120 billion would be a slap in the face for nations still paying old dictators' bills. Reuters  July 1/2004

U.S. lesson: follow the oil-for-food money  by Claudia Rosett
This is the tale of a bribe linked to the U.N. oil-for-food program in Iraq. AlJazeera  July 1/2004

France urges maximum 50 percent Iraq debt cancellation
France does not want more than half of Iraq's debts written off, a Foreign Ministry spokeswoman said on Tuesday, confirming Paris' resistance to U.S. pressure to scrap almost all of $120 billion owed by the oil-rich state. Reuters  June 22/2004

Oil giants get UN oil-for-food subpoenas  by Carolyn Koo
Exxon Mobil Corp. and ChevronTexaco have received subpoenas from a federal prosecutor regarding the U.N.-run oil-for-food program in Iraq, the two largest U.S. oil companies said on Friday. Reuters  June 18/2004

Independent oil-for-food probe will separate allegation from fact, Annan says
Secretary-General Kofi Annan urged critics to allow a panel investigating allegations of corruption within the UN Oil-for-Food programme for Iraq to reach its conclusions before pronouncing judgement. UN News Service  June 17/2004

OIC backs Iraq's new government  by BBC News Monitoring
OIC countries appealed all states to contribute to the alleviation of the financial burden on Iraq by writing off Iraqi debts as an expression of their support and as a contribution to the reconstruction of the country. KTOK News  June 17/2004

Former CSIS chief probes oil-for-food program
The former head of Canada's spy agency will conduct an investigation into allegations of corruption and fraud surrounding the United Nations' oil-for-food program in Iraq. Canadian Broadcasting Corporation  June 16/2004

Honesty doesn't pay at UN, staff say in survey  by Steven Edwards
Whistleblowers find themselves passed over for promotions. National Post  June 16/2004

Iraqi Fire Sale: CPA rushes to give away billions in Iraqi oil revenues
With international attention focused on the impending transfer of power in Iraq, the Coalition Provisional Authority is committing billions of dollars to ill-conceived projects just before it dissolves, according to a new briefing. Iraq Revenue Watch  June 16/2004

Iraq must have a leadership Iraqis can respect   by Bathsheba Crocker 
The unanimous passage of a new United Nations Security Council resolution on Iraq last week, together with the appointment of an interim Iraqi government on June 1, provides some long overdue clarity about what will happen on June 30. The Financial Times  June 15/2004

Iraq: Bush wants to hand over Saddam  by Sameer N. Yacoub
President Bush is eager to hand over Saddam Hussein, but Iraq must have adequate security guarantees in place before it can take custody of him, Iraq's interim president said. The Guardian (U.K.)  June 15/2004

Iraq debt is up to creditors: IMF  by correspondents in Madrid, Spain
The International Monetary Fund will not make a recommendation on forgiving Iraq's debt, IMF Managing Director Rodrigo Rato said today, calling it a decision for Iraq's creditors. The Australian  June 14/2004

UN failed to refute Saddam propaganda, former official says  by David Rennie 
Oil-for-food program: Co-ordinator says colleagues blamed U.S., Britain for Iraqi suffering. The Daily Telegraph  June 12/2004

Anti-Bush lobby missing chance on debt write-off   by Colin Donald
If this is the long-awaited Europe-US reconciliation on Iraq, it does not add up to much. Scotsman.com  June 11/2004

Call for 100 percent debt cancellation at G8 summit  by Lisa Peryman
Religious leaders called on the Group of Eight industrial nations to cancel all multilateral debts owed by heavily indebted poor countries (HIPC), fueling speculation that G8 leaders might forgive a majority of Iraq's $120 billion debt. Odious Debts Online  June 11/2004

Russia to consider Iraqi debt as Paris Club member
Russian President Vladimir Putin, speaking at the G8 summit on Sea Island, said that Russia will not make any unilateral decisions on writing off Iraqi debt, Itar-Tass agency reported on Friday. MosNews  June 11/2004

World powers leave divided on Iraq debt
World leaders broke up a three-day summit Thursday without bridging a deep rift over U.S. President George W. Bush's proposal to forgive the vast majority of Iraq's $US120 billion debt. Forex News  June 11/2004

G8 fails Iraqis on Saddam’s odious debt  by Jubilee Iraq
There has been intense speculation that the G8 summit will see a dramatic move on Saddam's $120bn debt, but the G8 countries have not even put the issue on the official agenda. Kurdish Media  June 10/2004

G8 nations agree to reduce Iraq debt  by Reuters
Eight industrialized nations say debt should be cut, but do not reach any conclusion on how much. CNN Money  June 10/2004

Schroeder seeks work in exchange for debt relief
German Chancellor Gerhard Schroeder said his country wants a share of Iraq reconstruction orders worth $18.4 billion in exchange for canceling parts of the Arab nation's outstanding debt. Bloomberg.com  June 10/2004

U.S. to press G8 for relief of Iraq debt
Washington, DC: The Bush administration will push fellow members of the G8 summit in Georgia to forgive Iraq its $120 billion in external debt, the Financial Times said. Washington Times  June 9/2004

Australia to forgive Iraq debt as eyes wheat market
Canberra: Australia will forgive the majority of a $500 million debt owed by Iraq for wheat purchases as it looks to rebuild one of its most important markets for grain, Trade Minister Mark Vaile said yesterday. www.stuff.co.nz  June 3/2004

Following Saddam Hussein's secret money-laundering trail  by Lucy Komisar
A detailed analysis of Saddam Hussein's secret money-laundering techniques shows here for the first time how he used the same offshore money launderers as Osama bin Laden. Insight on the News  June 3/2004

G8 to welcome OPEC move, focus on Iraq debt-source  by Reuters
London: The leaders of the Group of Eight industrial nations next week will be sure to welcome OPEC's decision to raise oil output and will discuss reducing Iraq's debt burden, a European diplomatic source said on Thursday. June 3/2004

Iraqis: US officials stalling oil-for-food probe
New York: U.S. officials charged with managing Iraq until June 30 are facing accusations that they are trying to hinder the investigation into what happened to millions of dollars from the United Nations oil-for-food program. Fox News  June 3/2004

Former Oil-for-Food director criticizes security council  by Judith Miller and Warren Hoge
The former head of the UN oil-for-food program in Iraq says the Security Council prevented him from effectively administering the multibillion-dollar-a-year program that is now the focus of several inquiries. The New York Times  June 2/2004

The daze after tomorrow   by Open Democracy
A new Hollywood disaster film fantasises the convulsive effects of global climate change. But it’s the real world of Haiti and the Dominican Republic that blows Caspar Henderson away. Caspar Henderson   June 2/2004

Australia to write off Iraq debt: report
Australia would forgive Iraq a $600 million debt for wheat shipments in an extraordinary act of generosity to be announced by the federal government this week, the Sunday Telegraph said. Sydney Morning Herald  May 31/2004

Schröder lists criteria for 'yes' vote on Iraq   by Elise Kissling
Chancellor's 'no' to sending NATO troops leaves U.S. government reliant on voluntary alliance. F.A.Z. Weekly  May 28/2004

AWB Limited considers legal action over Oil for Food allegations
Australian wheat exporter AWB Limited says it's considering legal action against allegations it was involved in paying kickbacks to the former Iraqi regime. ABC Online  May 27/2004

IMF completes review of Iraq's debt  by Martin Crutsinger
Thomas Dawson, an IMF spokesman, said the institution made no specific recommendation on how much in Iraq's debt should be forgiven in order put the Iraqi economy on a sustainable basis going forward. Seattle Post-Intelligencer  May 27/2004

Cover-up culture  by Claudia Rosett
When will the real Oil-for-Food investigations begin? National Review Online  May 26/2004

Debt offer depends on full transfer of sovereignty, insists Schröder   by Bertrand Benoit
Gerhard Schröder, the German chancellor, yesterday said his country's offer to forgive a substantial amount of Iraq's debt was conditional on an interim Iraqi government being given full sovereignty over the country on June 30. Financial Times (UK)  May 25/2004

Another enemy looms – Iraq debt  by James Sterngold
As the debate intensifies over what kind of government will take over Iraq on June 30, one certainty is that the new leadership will have to manage one of the most destabilizing legacies of Saddam Hussein's rule – a crushing debt burden. San Francisco Chronicle  May 23/2004

France resists U.S. push to slash Iraq debt  by Paul Carrel
The United States wants Iraq's sovereign creditors to write off 80-90 percent of the oil-rich state's debt but Paris wants to cancel just 50 percent, a French source said on the margins of a G7 meeting on Sunday. Reuters  May 23/2004

Iraq seeks debt solution before economy picks up   by Roula Khalaf and James Drummond in Baghdad 
Iraqi officials are seeking to speed up the resolution of the country's massive debt problem in the hope of receiving more generous terms before the battered economy picks up. Financial Times  May 21/2004

Foreign firms paid Saddam commission in oil-for-food deals   by Khaled Yacoub Oweis
Companies from Australia, the US and other countries paid a secret commission to Saddam Hussein's government to secure contracts under the United Nations' oil-for-food programme, Iraqi and occupation officials said yesterday. The Scotsman  May 20/2004

UN auditors fault oil-for-food monitor  by David R. Sands and Jay Bushinsky
The company hired to monitor aid under the UN oil-for-food program in Iraq failed to staff key checkpoints, used unauthorized subcontractors, and could not account for "massive discrepancies" between reported and actual shipments of aid, says UN audit. The Washington Times  May 20/2004

UN investigates oil-for-food corruption  by Edith M. Lederer
The independent panel investigating alleged corruption in the multibillion-dollar U.N. oil-for-food program in Iraq said Thursday it was pursuing claims of misconduct by U.N. staff and seeking access to Iraqi records. Newsday.com  May 20/2004

Iraq says UN must reduce reparations paid from oil  by Khaled Yacoub Oweis
An Iraqi delegation will travel to the United Nations on Wednesday to demand full control of the country's oil revenues and a cut in war reparations. Forbes.com  May 18/2004

Turmoil in Iraq oil-for-food audit  by Marie Leone
Two competing requests for proposals (RFPs) from two governing authorities adds up to confusion for Big Four auditors. CFO.com  May 18/2004

US and Iraq spar over who should run corruption inquiry into oil-for-food program  by Susan Sachs and Judith Miller
Iraq's political leaders are sparring with the American occupation administration over who should investigate possible official and corporate corruption in the United Nations oil-for-food program. The New York Times  May 17/2004

Forgotten scandal: the UN's Oil for Food Program
The world's obsession with the Iraqi prison abuse story has obscured what could be one of the most expensive scandals in the history of the world: the United Nations' Oil for Food program. CBN News (News Analysis)  May 13/2004

Firms square-up over Iraq debt  by Larry Schlesinger
BDO Stoy Hayward and Ernst & Young are likely to face each other on opposite sides of the fence as they attempt to unravel Iraq's long-term debts. Accountancy Age  May 11/2004

Accountant aids creditors owed billions by Iraq   by Jonathan Moules
A London-based accountancy is forming a creditors committee to represent companies from across the world hoping to recover billions of dollars in debt owed by Iraq. May 10/2004

Iraqi Central Bank confirms commitment to former regime's financial obligations  by Nour Al Karmouti  
Faleh Dawood Suleiman, the deputy governor of the Iraqi Central Bank has assured that the Central Bank will not back off from its financial commitments inherited from the previous regime and will give everyone his rights. Dar Al-Hayat  May 10/2004

President backs probe of U.N. scandal  by Bill Sammon
President Bush wants investigators to get to the bottom of the oil-for-food scandal at the United Nations, which National Security Adviser Condoleezza Rice says may have originated in a "corrupt underworld." The Washington Times  May 10/2004

The U.N.'s corruption of Iraq's 'Oil for Food'
The oil-for-food program for Iraq was the largest humanitarian-aid program ever undertaken by the United Nations. It appears it also provided the largest opportunity for corruption. The Seattle Times Company (Editorial)  May 10/2004

UK banker overseeing oil-for-food probe demands more US assistance  by Kathleen Ridolfo
A U.K. banker heading the inquiry into allegations of corruption within the UN-administered oil-for-food program has reportedly claimed that politically motivated delays are obstructing the investigation. Radio Free Europe/Radio Liberty, Iraq Report Vol. 7, No. 16  May 7/2004

Creditors club set up for Iraqi debt  by Pýivi Munter
Two London-based companies specialising in illiquid emerging market debt have set up a committee to represent holders of unpaid Iraqi trade debt. Financial Times  May 6/2004

The Volcker excuse
The U.N. tries to obstruct Congress's Oil for Food probe. The Wall Street Journal (Editorial)  May 5/2004

'We Have Other Priorities'   by Claudia Rosett
The harder the United Nations tries to keep a lid on Oil for Food, the more the scandal keeps boiling over. The Wall Street Journal  May 5/2004

Another View: UN's corruption deserves disclosure
Donors to U.N. humanitarian efforts must be confident their contributions will go to those in need, rather than into the pockets of dictators and their bought-and-paid-for allies. Daily Press  May 4/2004

Drastic reduction of foreign debt being negotiated   by Maurizio d’Orlando 
France and Russia are among the most reluctant to cancel debt. The country’s history of foreign debt, inherited from Sadaam Hussein's days in government, is due to an mix of accords and alliances. AsiaNews  May 4/2004

US softens line on debt relief   by Larry Elliott
UK Chancellor of the Exchequer Gordon Brown hailed a breakthrough in securing more generous debt relief for the world's poorest nations after the Bush administration signalled a softening of America's position. The Guardian (UK)  April 26/2004

France to remit some Iraq debt
France is prepared to cancel some of Iraq's total external debt, estimated at more than $120 billion, French Finance Minister Nicholas Sarkozy said yesterday. Gulf Daily News  April 25/2004

Oil for memories  by Claudia Rosett
Having helped sustain and humor the tyranny and fraud of Saddam Hussein for years via the massively corrupt Oil-for-Food program, the United Nations has for the past year been seeking a new role for itself in Iraq. The Wall Street Journal editorial page  April 21/2004

Jews who fled Iraq to get compensation  by Associated Press
French insurance giant AXA has agreed to compensate Jews who owned property in Iraq and fled in the early 1950s, a precedent that could pave the way for reparations for some 850,000 Jews who left Arab countries, officials said Tuesday. Israel News  April 20/2004

Saddam cleaned up on UN's 'oil-for-palaces' program  by Margaret Wente
The oil-for-food program was one of the larger rip-offs of all time. Under the UN's nose, Saddam Hussein skimmed off billions. The Globe and Mail  April 20/2004

World Bank seizes on Iraq debt deal  by Larry Elliott and Charlotte Denny
America's determination to write off Saddam Hussein's $90bn (£50bn) debt mountain has opened the door to a more generous deal for the most impoverished countries in Africa, the head of the World Bank said yesterday. The Guardian (UK)  April 20/2004

World Bank eyes Iraq debt deal for others – paper  by Reuters
The prospect of the world community forgiving most of Iraq's debt could be used as an opportunity for debt relief for other developing countries the Guardian newspaper on Tuesday quoted the World Bank as saying. Forbes.com  April 19/2004

Bulgaria to reschedule Iraq debt
Bulgaria will not write-off but reschedule Iraq's debt in view of the country's economy and oil sector potential. Sofia News Agency  April 18/2004

Volcker to probe corruption in UN's Iraq oil program
Former U.S. Federal Reserve Chairman Paul Volcker is United Nations Secretary-General Kofi Annan's choice to investigate allegations of corruption in the UN-administered oil-for-food program in Iraq, UN envoys said. Bloomberg.com  April 15/2004

Volcker to probe corruption in UN's Iraq oil program
Former U.S. Federal Reserve Chairman Paul Volcker is United Nations Secretary-General Kofi Annan's choice to investigate allegations of corruption in the UN-administered oil-for-food program in Iraq, UN envoys said. Bloomberg.com   April 15/2004

Volcker to probe corruption in UN's Iraq oil program
Former U.S. Federal Reserve Chairman Paul Volcker is United Nations Secretary-General Kofi Annan's choice to investigate allegations of corruption in the UN-administered oil-for-food program in Iraq, UN envoys said. Bloomberg.com   April 15/2004

Iraq's enemy within   by Haifa Zangana 
The US-appointed governing council cannot deliver democracy. The Guardian   April 10/2004

Time not right to discuss Iraq debt – Kuwait speaker  by Reuters
Kuwait's Speaker of Parliament said in remarks published on Saturday the time was not right to discuss reducing billions of dollars in Iraqi debts or Gulf War reparations sought from its former occupier. Forbes.com  April 10/2004

UN blasted over Iraq oil-for-food scheme   by Reuters
Corruption in a UN humanitarian programme for Iraq casts doubt on the United Nations' ability to manage international initiatives, including helping Iraq become a sovereign government, the top US senator on foreign affairs said today. The New Zealand Herald  April 8/2004

Baker says Iraq's debt is unsustainable  by Liz Austin
Iraq's debt is "simply unsustainable" and must be reduced if the country's economy and government are to be rebuilt, said former Secretary of State James A. Baker III at a lunch in Dallas. The Guardian (UK)  April 2/2004

Gulf News says: Iraq's debts can be forgiven
There is something deeply unsettling about the issue of Iraq's debt. Gulf News Opinion Editorial  March 31/2004

Iraq's odious debt: Where do we go from here?  by Abbas Alnasrawi
It can be said without exaggeration that the collapse of the Iraqi economy was unique among developing countries in the 20th century. Middle East Economic Survey  March 29/2004

Iraq faces $310bn debt crisis  by Nick Mathiason
Iraq is heading for economic meltdown under the weight of its $310 billion international debt and reparations bill. The Observer  March 28/2004

UN awaiting reply from Iraq on alleged corruption in oil-for-food program
The United Nations is awaiting reply from the Iraqi Governing Council on allegations of corruption in the UN-run oil-for-food humanitarian operation, a UN spokesman said on Tuesday. Xinhua News Service  March 23/2004

Russian oil giant returns to Baghdad  by Victor Yasmann
Russia hopes to regain a $5 billion contract to develop the West Qurna-2 oil deposit, a contract that was renounced shortly before the beginning of the U.S.-led military campaign to oust Hussein. Radio Free Europe/Radio Liberty, Volume 7, Number 10  March 19/2004

Ernst & Young to trace Iraqi debt
Ernst & Young to help trace Iraq's loan contracts and reconcile who is owed what from the country's estimated $120 billion debt pile, a senior treasury official told Reuters Tuesday. Reuters  March 16/2004

Interview: Iraq hopes to reach debt reduction deal this year  by Lin Noueihed/Reuters
Iraq's finance minister said on Tuesday Baghdad hoped to finalise a deal to ease its massive debts this year, despite splits among creditors over how much debt relief to grant a country so rich in oil. Forbes.com  March 16/2004

Iraq debts to Saudi hinder debt reduction deal-source  by Reuters
A deal to reduce Iraq's huge debt burden is being hindered by disagreement over whether Iraq's debts to Saudi Arabia should be classified as loans or as grant aid, senior European treasury officials said on Tuesday. Forbes.com  March 16/2004

Interview with Iraq's minister of trade  by Peter J. Cooper
According to Harvard-educated Ali Allawi, Iraq's first trade minister in the post-Saddam Hussein era, the country urgently needs to establish stability, and then can work to forge new economic bonds across the region and the world. AME Info  March 7/2004

Japan considers forgiving part of Iraq's debt, Nikkei reports
Japan's government is considering forgiving at least $3 billion of the $7 billion owed to it by Iraq, the Nikkei English News reported, without saying where it obtained the information. Bloomberg.com  March 5/2004

Did Saddam Hussein buy support in Russia and the West? (Part II)  by Roman Kupchinsky
The level and scope of the "Al-Mada" allegations have been startling. Along with Russian and Ukrainian oil giants, others on the list include Ukrainian political parties, a Canadian oilman, and a British politician. Radio Free Europe/Radio Liberty  March 4/2004

World Bank president eyes Iraq debt relief  by Leonard Anderson
Creditors are likely to forgive $80 billion to $90 billion of Iraq's $120 billion debt owed to donor nations, said World Bank President James Wolfensohn. Reuters  March 4/2004

Baker the Bailiff? Assessing U.S. policy on Saddam's debt  by Justin Alexander
Aside from falling short in financial terms, the kind of Paris Club deal being brokered by James Baker has two major problems. Middle East Report Online  March 2/2004

China to waive Iraq debt if given greater role in rebuilding  by Agence France-Presse
Beijing is ready to forgive a big part of the estimated 5.8 billion dollars owed to it by the previous regime of Saddam Hussein if Chinese companies are allowed into major rebuilding projects in Iraq. February 29/2004

Al-Sistani issues fatwa for return of stolen government documents  by Kathleen Ridolfo
Iraqi Shi'ite Grand Ayatollah Ali al-Sistani has reportedly issued a fatwa calling on Iraqis to return documents looted from government offices in the aftermath of Operation Iraqi Freedom. Radio Free Europe/Radio Liberty, Vol. 7, No. 7  February 27/2004

Ernst & Young to be back in Iraq within a few days
Top Middle East accountancy practice Ernst & Young is pushing ahead with its efforts to move back into Iraq and plans to reopen there within days. Gulf News  February 27/2004

Iraq needs big debt writeoff – Fitch ratings agency   by David Chance/Reuters News Service
Iraq needs a big reduction in its $117-$122 billion debts, but it is unlikely to receive as generous a reduction as 90 percent given to the likes of Congo, credit rating agency Fitch said on Thursday. Forbes.com  February 26/2004

Iraq debt levels 'cannot be sustained'  by Alex Skorecki
Iraq's $120bn external debt is "clearly unsustainable" and creditors will need to grant reductions of almost 90 per cent, says Fitch Ratings, the rating agency, in a report published on Thursday. Financial Times (UK)  February 25/2004

Firms urged to join rush for Iraqi 'gold'  by Brian Moher
Accountancy firms are being encouraged to set up shop in Iraq to take part in what was last week billed as a modern-day 'gold rush'. Accountancy Age  February 19/2004

Did Saddam Hussein buy support in Russia and the West? (Part I)  by Roman Kupchinsky
Saddam Hussein's "oil-for-support" operation could evolve into one of the largest political bribery scandals in recent history. Radio Free Europe/Radio Liberty  February 16/2004

Ernst & Young returns to Iraq  by Stephen Taub
The new Baghdad office will be part of a grander strategy to increase Ernst & Young's Middle East presence in a big way. CFO.com  February 13/2004

Iraq establishes commission on public integrity  by Kathleen Ridolfo
The Coalition Provisional Authority (CPA) in Iraq has established a Commission on Public Integrity, which will enforce anticorruption laws and set public-service standards. Radio Free Europe/Radio Liberty, Vol. 7, No. 5  February 12/2004

Algeria launches Iraq oil corruption probe
Algeria is investigating alleged corruption linked to Iraq's oil-for-food programme, state radio said, adding weight to Iraqi efforts to get to the bottom of crude dealing during Saddam Hussein's rule. Energy/Oil & Gas News  February 11/2004

Most creditors to provide substantial relief  by Nicholas Kralev
Mr. Baker said one of his main challenges in the upcoming negotiations will be "in reconciling the numbers and in dealing with differences of opinion between Iraq and some creditor countries as to whether some loans were really grants." The Washington Times  February 10/2004

Iraq restructures largest bank for possible sale  by Khaled Yacoub Oweis
Iraq's largest bank, state-owned Al-Rafideen, plans to lay off a third of its staff and overhaul a debt-laden balance sheet to prepare for privatisation, possibly next year, the bank's chairman said. Forbes.com  February 9/2004

Reducing Iraq's foreign debt  by Lex Rieffel
How and when Argentina's debt mess gets cleared up will have much more of an impact on the international financial system than how and when Iraq's debt mess gets fixed. So why is the G-7 giving more attention to Iraq? The Brookings Institution  February 6/2004

China to write-off Iraq's debt, reopen embassy
China on Thursday said it will write-off an undetermined amount of the debt owed by Iraq and reopen its embassy in Baghdad soon which would also help protect its interests in the multi-billion dollar reconstruction projects in the war-torn nation. The Times of India  February 5/2004

Russia hints at considerable debt reduction for Iraq
Russia is ready to settle Iraq's debt problem in accordance with the Paris Club rules, which may lead to a "considerable" reduction of debt for the war-ravaged country, said Russian Deputy Foreign Minister Yuri Fedotov. Xinhua Online (China)  February 5/2004

Banking on empire  by Mitch Jeserich
Iraqi ministries will now be able to borrow billions of dollars to buy much-needed equipment from overseas suppliers, but only by mortgaging the national oil revenues through a bank managed by New York-based multinational JP Morgan Chase. CorpWatch  February 4/2004

Saddam's odious debt  by Justin Alexander, Jubilee Iraq
Saddam accumulated around $130 billion of unpaid debt, on top of tens of billions of war reparation, and the countries and companies he owes are seeking to extract as much money as they can and use the debt as a lever to control Iraq's economy. Swans Commentary: Special Issue on Iraq  February 2/2004

After Iraq, let's forgive some other debts   by Joseph Siegle
It is right that most of Iraq's debt should be forgiven – but so, too, should the debt for new democracies forced to endure the hangovers from the self-aggrandizing binges of their autocratic predecessors. The International Herald Tribune  February 1/2004

Debt be not proud   by Kevin Clarke
"Odious debt" left over from rotten regimes cripples the developing world. U.S. Catholic, Vol. 69, No. 2  February 1/2004

Bashar 'ready to return' Saddam cash stashed in Syria  by Agence France Presse
Syrian President Bashar Al-Assad is ready to return to Iraqi authorities money stashed in Syria by ousted President Saddam Hussein but does not want to give it to the Americans in Baghdad, a member of Iraq’s transitional Governing Council said yesterday. Arab News  January 30/2004

Documents indicate that Hussein paid off officials, journalists  by Kathleen Ridolfo
The regime of deposed President Saddam Hussein paid off Western and Arab countries through illicit oil sales and bribes in exchange for their support for the regime, claims Baghdad daily "Al-Mada". RFE/RL Iraq Report, Vol. 7, No. 4  January 30/2004

Finance minister says Iraq will oversee reconstruction funds  by Kathleen Ridolfo
Iraqi Finance Minister Kamil al-Kaylani has said that Iraqi officials will soon begin operating a regulatory body to oversee the disbursement of Iraqi reconstruction funds, including the $18.6 billion in U.S. funds for Iraq. RFE/RL Iraq Report, Vol. 7, No. 4  January 30/2004

Shh . . . Iraq (US) owes $200bn war debt  by Ian Williams
There has been a lot of discussion of debt forgiveness for Iraq, but there have also been some interesting, almost forbidden, topics in the debate. Asia Times  January 30/2004

Iraq debt must be written off – Brown  by Joe Churcher
Chancellor Gordon Brown of Britain's New Labour Party told MPs the "vast majority" of Iraq’s US$120 billion international debt must be written off to stabilise its economy. Scotsman.com  January 29/2004

Cancel Iraqi debt? What about Africa?  by Robyn Dixon
Activists charge that the contrast between progress on Iraqi debt and the paralysis of debt-relief programs for Africa reflects the low priority Western nations often accord Africa. Los Angeles Times  January 26/2004

Russia to form parliamentary delegation for visit to Iraq
A Russian parliamentary delegation will be formed soon for a trip to Iraq, Chairman of the Federation Council’s International Committee Mikhail Margelov told Itar-Tass on Sunday. Itar-Nass News Agency  January 25/2004

Bremer authorizes establishment of property claims commission  by Kathleen Ridolfo
U. S. Civil Administrator L. Paul Bremer issued a regulation on 14 January authorizing the Iraqi Governing Council to establish the Iraq Property Claims Commission (IPCC). RFA/RL Iraq Report Volume 7, Number 3  January 23/2004

Canada cancels Iraq debt
Canada has agreed to wipe out its share of the $120-billion US debt owed by Iraq, Prime Minister Paul Martin announced Friday at the World Economic Forum of business leaders in Davos, Switzerland. CBC News  January 23/2004

Kuwait promises Baker to substantially reduce Iraq's debt
Kuwait is prepared to significantly reduce Iraq's estimated 16-billion-dollar debt to the emirate, however, the "issue of Iraqi debt does not include war reparations." Arab Times  January 23/2004

DAVOS-World Bank sees two-thirds Iraq debt write off  by Reuters
Most of Iraq's sovereign creditors are prepared to consider writing off two-thirds of its foreign debt of $120 billion, World Bank President James Wolfensohn said on Thursday. Forbes.com  January 22/2004

Qatar agrees to waive Iraq debt
Qatar said yesterday that it would waive most of the $4 billion or so Iraq owes it and will consider writing off the rest. Al-Jazeerah   January 21/2004

Saudis offer to slash Iraq debt
Saudi Arabia has said it is prepared to negotiate a "substantial" reduction of Iraq's debt to the kingdom. BBC News  January 21/2004

Follow the leader on Iraqi debt  by Timothy W. Guinnane 
The Bush administration could make former US Secretary of State James Baker’s task much easier, if it agreed to make a substantial contribution to the cost of Iraqi debt reduction. The Daily Times (Pakistan)/Opinion piece  January 20/2004

Trade ministry official comments on former regime's corruption  by Kathleen Ridolfo
An unnamed official at the Iraqi Trade Ministry told London's "Al-Sharq al-Awsat" the ministry plans on suing companies and prosecuting former regime officials for corrupt practices. RFE/RL Iraq Reports Volume 7, Number 2  January 16/2004

AMF seeks payment of massive debt from Iraq  by Nadim Kawach
The Arab Monetary Fund (AMF) said yesterday it would try to help in the reconstruction of Iraq but stressed the conflict-hit country must pay its swelling debt which caused its suspension from the Fund 12 years ago. Gulf News  January 15/2004

Ayoon wa Azan (Iraq's debts)  by Jihad Al Khazen
Forbidding an illegal government from having debts is a strategy more successful than sanctions, since it prevents it from using money in oppressing the citizens of the country. Dar Al-Hayat  January 15/2004

U.S. officials consult IMF on Iraq debt  by Associated Press
John Snow and James A. Baker III briefed International Monetary Fund and World Bank officials on Baker's efforts to persuade countries to forgive much of Iraq's massive debt, officials at the lending institutions said Thursday. Fox News  January 15/2004

Ease off on Iraq debt, finance ministers asks states  by Samia Nakhoul/Reuters
Iraq's finance minister on Tuesday urged countries to which Iraq owes billions of dollars to write down or even write off the debt to allow the country to recover from three wars and three decades of dictatorship. Forbes.com  January 13/2004

Baker backed loans that created Iraq debt  by Ken Guggenheim
As secretary of state in 1989, Baker urged the Agriculture Department to offer $1 billion in loan guarantees for Iraq to buy U.S. farm products after Iraq said it would reject a smaller deal. The Guardian (U.K.)  January 11/2004

Czechs ready to write off one third of Iraq’s 157-million-dollar debt  by Associated Press
"It is in our interest to help Iraq so the situation there stabilizes. Unless it does so, we will not see a single koruna," Prime Minister Vladimir Spidla said. Khaleej Times Online  January 5/2004

U.S. turns attention to Arabs' Iraq debt  by Steven R. Weisman
Under Saddam Hussein, Iraq called on its Arab neighbors to help supply and pay for arms for the war effort. Baghdad later insisted that the aid was in the form of grants, not loans, and therefore repayment was not required. The New York Times  January 5/2004

World finance officials to meet next month  by Martin Crutsinger
What to do about Iraq's massive debt is expected to be a top discussion topic next month when top finance officials of the world's seven richest industrial countries meet in Boca Raton, Fla. January 5/2004

Odious debt, odious future  by John Coleman
With such monumental repercussions we cannot turn a blind eye to Iraq’s (and other nations’) odious debt. The fallout from such self-centered actions could lead to an odious future far bleaker than last month’s overdue credit card bill. IRCP News  January 1/2004

Saddam 'spills the beans' on hidden millions  by Luke Harding and Justin McCurry
The US-appointed council believes the former president accumulated as much as $40bn (£22.5bn) during his years in power, which he hid in accounts in Switzerland, Japan, Germany and other countries. The Guardian (U.K.)  December 30/2003

China mulls cutting, writing off Iraq’s debts  by Reuters
China will consider cutting Iraq’s debts or writing them off out of humanitarian concern, state radio quoted Chinese Premier Wen Jiabao as saying on Monday. Khaleej Times Online  December 29/2003

Japan to write off majority of Iraq debt  by The Associated Press
"Japan would be prepared to eliminate the vast majority of its Iraqi debt if other Paris Club creditors are prepared to do so in the context of a Paris Club agreement," said a statement by Japan's Foreign Ministry. December 29/2003

The burden of odious debt  by Bill Day
Economists caution that a lot depends on how an "odious debt" is defined. San Antonio Express-News  December 27/2003

Iraqis want fair trial for Saddam by Iraqis, poll shows  by Hannah Allam
Sixty percent want to see Saddam tried before an Iraqi judge, while 25 percent prefer an international tribunal. Slightly more than half favor Saddam's execution, while 25 percent prefer a prison term for him. Knight Ridder newspapers  December 25/2003

Europe, the U.S. and Iraq  by Kathleen Ridolfo
"The exact percentage of debt reduction that would constitute 'substantial' debt reduction is subject to future agreement between the parties." RFE/RL Iraq Report Vol. 6, No. 53  December 19/2003

Russia links Iraq debt relief, companies  by Vladimir Isachenkov
The fate of Russian companies and economic interests in Iraq will affect Moscow's position in talks on relieving Baghdad's massive international debt burden, a top diplomat said Friday. The Sun Herald (South Mississippi)  December 19/2003

Why did the West lend so much to Iraq?  by Ken Guggenheim
Iraq is swamped by more than $120 billion in debt that clouds its economic future. Where did it come from? Why did so many Western democracies, including the United States, lend so much money to President Saddam Hussein? The Guardian (U.K.)  December 19/2003

Factbox: Iraq's foreign debt  by Reuters
British Prime Minister Tony Blair joined the U.S., France, Germany and Italy on Thursday in calling for a "substantial reduction" of Iraqi debt using the framework of the Paris Club during the course of 2004. December 18/2003

Iraq debt delief backing rises, hard work remains  by Brian Love
The Paris Club of creditor states can agree a debt relief deal for Iraq quickly but the agreement can be signed only when the country has an internationally recognized leadership. Reuters  December 18/2003

Paris Club boss states prerequisites on Iraq debt  by Brian Love
Paris Club President Jean-Pierre Jouyet dismissed demands by non-governmental groups that Iraq's debt be classified as "odious" debt contracted by an illegitimate leadership, a concept implying the debts would not even be considered as debts. Reuters  December 18/2003

Paris Club process rapped by Iraq debt campaigners
Campaigners who are calling for Iraq's debts to be recognised as "odious" yesterday denounced the process under way to reduce Iraq's debts, saying the country would still be saddled with huge repayments. Gulf Daily News  December 18/2003

Baker's mission on Saddam's debt may undermine Iraqi democracy  by Justin Alexander
By arranging a Paris Club debt restructuring James Baker is going against the will of Iraqis, who are demanding a fair arbitration tribunal on Saddam's odious debt. Mysan.de (Germany)  December 17/2003

France and Germany join U.S. in effort to reduce Iraq's debt  by Craig S. Smith
France and Germany agreed Tuesday to work with the United States toward a "substantial reduction" of Iraq's towering foreign debt next year. The New York Times  December 17/2003

Trying Saddam Hussein
The trial of Saddam Hussein must do several things at once. It must educate Iraqis and the world about the nature of his regime, adhere to the highest international standards of fairness, and provide a mechanism for appropriate punishment. The New York Times   December 17/2003

Watchdogs afraid of war crimes show trial  by Rodney Dalton
Saddam Hussein will face war crimes charges in a special Iraqi court, despite international concerns that it will be a show trial leading to a death sentence. The Australian  December 16/2003

Trial venue may be tug-of-war  by Steven Edwards
An international row over where Saddam Hussein should face justice began yesterday, with Iraq's U.S.-backed leaders vowing to try him and human rights groups saying the former dictator will not get a fair trial in an Iraqi court. National Post  December 15/2003

Rebuilding policy is conflicted
Iraqis cannot effectively rebuild their country and rejoin the global community unless they can get out from underneath their government's staggering debt. It, and the war reparations, need to be forgiven. Saudi Gazette   December 12/2003

Baker visiting 5 allies seeking Iraq debt relief  by Associated Press
Former Secretary of State James A. Baker will visit Russia, Great Britain, France, Italy and Germany next week in an effort to persuade those countries to forgive Iraq's debts. The Boston Globe  December 11/2003

Bush asks excluded nations to forgive Iraq's debt  by David E. Sanger and Douglas Jehl
President Bush found himself in the awkward position of calling on the leaders of France, Germany and Russia to forgive Iraq's debts, just a day after the Pentagon excluded those countries from $18 billion in U.S.-financed Iraqi reconstruction projects. New York Times  December 11/2003

Allies angered at exclusion from bidding  by Erin E. Arvedlund
Countries barred by the Pentagon from bidding for $18.6 billion worth of prime reconstruction contracts in Iraq, noted the move was all the more astonishing given recent appeals by Washington for help in postwar Iraq. The New York Times  December 10/2003

Pentagon bars three nations from Iraq bids  by Douglas Jehl
The Pentagon has barred French, German and Russian companies from competing for $18.6 billion in contracts for the reconstruction of Iraq, saying it was acting to protect "the essential security interests of the United States." The New York Times  December 10/2003

Russia won't write off $8 bn Iraq debt
Russia today maintained a sturdy silence on the reported decision by the United States barring its companies from competing for contracts to rebuild Iraq but said it will not write off the eight billion US dollars debt owed by Baghdad. Sify News (India)  December 10/2003

Finance minister says Iraq will demand assets from Syria  by Kathleen Ridolfo
Finance Minister Kamil al-Kaylani has said that Iraq will soon demand that Syria turn over an estimated $3 billion in Iraqi cash assets held in its banks on behalf of the former Hussein regime. Radio Free Europe/Radio Liberty, Prague, Czech Republic  December 8/2003

Former Iraqi official says Hussein stashed tens of billions abroad  by Kathleen Ridolfo
A former Iraqi minister said Saddam Hussein began depositing 5 percent of Iraq's oil revenues in overseas accounts in 1972, and has likely accumulated tens of billions of dollars outside Iraq. Radio Free Europe/Radio Liberty, Prague, Czech Republic  December 8/2003

Iraq debt write-off plea waits for PM  by K.P. Nayar
Saying "No" to America on the request for troops in Iraq was easy. For South and North Blocks, the next phase of US pressure on India in sorting out the post-war mess is going to be much more difficult. The Telegraph (Calcutta, India)  December 7/2003

James Baker: Negotiating through a minefield of debt
Can Iraq’s debt be classified as odious? Yes, say many experts. NewsMax.com  December 6/2003

Bush turns to Baker as Iraq debt envoy  by Associated Press
U.S. President George Bush appoints longtime family friend and troubleshooter to be his personal envoy in seeking an international deal to lower and refinance Iraq's staggering foreign debt. The Globe and Mail  December 5/2003

French official sees no quick Iraq debt reduction  by Carol Giacomo
A senior French official said on Thursday that he does not see an easy way to quickly reduce some of Iraq's huge $200 billion in outstanding debt because the U.S.-occupied land is not a sovereign country. Forbes.com  December 4/2003

Iraq strives to escape $200 billion debt trap  by Khaled Yacoub Oweis
Iraq's debt has become a politicised issue and a means for countries like Germany and France which opposed the war to try to influence the reconstruction and political future of Iraq. Forbes.com  December 4/2003

Iraq's odious debts  by Patricia Adams and Justin Alexander
Odious Debts Online exclusive: Jubilee Iraq and Probe International respond to a recent New York Times op-ed, arguing the author was wrong to ignore the legal principle, "illegitimate contracts need not be honored." December 4/2003

Saudis withhold money for Iraq  by Paul Richter
Saudi Arabia will withhold the $1 billion (£582 million) in loans and credits that it pledged last month for Iraq's reconstruction until the security situation is stabilised and a sovereign government takes office. Scotsman.com  December 3/2003

Iraq urges quick debt rescheduling
Iraq's US-installed Governing Council has appealed to the international community to speed up the rescheduling of the towering debt accumulated by Saddam Hussein's ousted regime. Business Day  November 30/2003

McPherson addresses Iraq  by Antonio Planas
MSU president Peter McPherson after five months' leave as the financial coordinator of ORHA/CPA in Iraq says, "We can't have Iraqis paying for Saddam 25 years from now. To postpone the debt would be a geopolitical mistake." The State News – Massachusetts State University (MSU)  November 27/2003

Mulford: A devotee of debt swap  by Aditi Phadnis
The U.S. Ambassador to India agrees that Iraq's debt should be "forgiven," but questions the Paris Club's forgiveness route. Rediff.com  November 24/2003

Schroeder calls for Iraq debt relief
"We have not forgotten what helped Germany after World War II. Without the Americans' generous repayment plan, there would not have been reconstruction and an economic miracle in Germany." Sydney Morning Herald  November 24/2003

Germany backs Iraq debt relief by Paris Club  by Dow Jones Newswires
German Chancellor Gerhard Schroeder said Germany would endorse a reduction of Iraq's debt to Germany, once Iraq's security situation and political structure had improved. November 23/2003

U.S.'s Snow sees no threat of trade war over steel  by Glenn Somerville/Reuters
U.S. Treasury Secretary John Snow said he had a figure in mind for how much Iraqi debt should be forgiven. Forbes.com  November 17/2003

U.S.'s Snow says France could help to ease Iraq debt  by Reuters
U. S. Treasury Secretary John Snow did not say whether France might forgive Iraqi debt or relieve its debt burden in another way, nor did he give any figures. Iraq owes France $2.994 billion in principal. Forbes.com  November 16/2003

Opinion: Iraq's debt  by Hussein Damirji
The basis of the [odious debt] argument is not just moral and political: it is grounded on a century-old international legal doctrine that has been revived recently to deal with increased accountability for creditor complicity in shady lending practices. The Lawyer.com  November 14/2003

Ex-Im Bank proposes to underwrite U.S. exports to Iraq  by Bureau of International Information Programs, U.S. Department of State
Ex-IM president announces a $500m credit facility with the new Trade Bank of Iraq: "In order to have physical security and political stability, we must do something to enable Iraqis to realize their wealth more quickly." November 13/2003

South African Export Credit  by Jubilee Iraq
Business Day reports that Saddam Hussein owed 159.4 million rand ($24m) to the Export Credit Insurance Corporation of South African Limited, according to the Minister of Finance, Trevor Manuel. November 13/2003

Interview with the speaker of the Kuwaiti National Assembly Jassem El-Kharafi
". . . We're not going to make the issue of war reparations something that embitters relations and causes hatred between our two peoples." Monday Morning newspaper (Lebanon)  November 10/2003

IMF still discussing Iraqi debt
The International Monetary Fund is still assessing how much of Iraq's debts should be forgiven and what level of debt would be sustainable for the country scarred by years of war and isolation. Aljazeera.net  November 9/2003

Paris Club could consider cancelling part of Iraq's foreign debt
The group aims to reach an agreement with Baghdad by the end of 2004, the deadline of its official moratorium on Iraq's payments, a person close to the Paris Club told Friday's Wall Street Journal. ChannelNewAsia.com  November 7/2003

U.S. Congress approves $87.5 billion for Iraq, Afghanistan  by Kathleen Ridolfo
It provides about $20 billion for Iraq in the form of a grant, despite earlier calls by members of Congress that the funds be given to Iraq in the form of a loan. RFE/RL Iraq Report Vol. 6, No. 46  November 7/2003

Bremer plans to enlarge, refocus Iraq occupation authority
Bremer also intends to devote more attention to reducing Iraq's debt . . . Bremer is considering several options to address the issue, including asking Bush to appoint a senior official to engage in negotiations with foreign governments. The Washington Post  November 6/2003

Bulgaria's $1m aid to Iraq
But Bulgaria is not ready to cancel Iraq's debt. "Every government represents the same country, no matter when or how it accumulated its debts, and this is a principle which must be complied with." – Foreign Minister Solomon Passi Sofiaecho.com  November 6/2003

IMF weighing how much Iraq debt should be forgiven  by Reuters
World Bank president James Wolfensohn has estimated that Iraq's total debt load is around $120 billion and that at least two-thirds should be forgiven to give the country a good start at rebuilding. Forbes.com  November 6/2003

Thanks for nothing  by Kamil Mahdi
For many Iraqis, the Madrid Donors' Conference added insult to injury. The event was a surreal "charity" auction, selling the supposed beneficiary into bondage. Al-Ahram Weekly  November 6/2003

Make Baghdad pay  by Mark Medish
For Iraq to normalize its external financial relations, it must respect one of the first principles of the rule of law: contracts should be honored. Without this presumption, markets cannot work. The New York Times  November 4/2003

Odious rulers, odious debts  by Joseph Stiglitz
America must commit itself to something in return for international cooperation in the reconstruction of Iraq: the establishment of a framework for addressing debt relief, debt restructuring, and odious debts. The Atlantic Monthly, November 2003 Issue  November 1/2003

Relief for Iraq
Clearly, some form of major relief for Iraq should be granted. Saddling the country with a burdensome debt is no way to get the first genuine Arab democracy off the ground. National Post  October 31/2003

Who will rebuild Iraq?  by Paul Greenberg
The Russians are represented in Madrid, but they are there only to insist that any new, democratic Iraq repay the $3.4 billion they lent Saddam to buy MiGs and other Soviet-era weaponry. No wonder they are called Odious Debts. Washington Times.com  October 31/2003

Iraq business deals may be invalid, law experts warn  by Thomas Catán
The US-led provisional authority in Iraq may be breaking international law by selling state assets, experts have warned, raising the prospect that contracts signed now by foreign investors could be scrapped by a future Iraqi government. The Financial Times  October 30/2003

When sovereign debt piles up, try a good workout  by George Melloan
Many "poor countries" spend heavily on weapons. A Congressional Research Service report shows that developing nations are the biggest market for arms. Will there be more workouts after Iraq and Argentina? Take a guess. The Wall Street Journal  October 28/2003

Berlin says no Iraq debt forgiveness, freeze possible
"A complete debt forgiveness by the German government can scarcely be considered," government spokesman Thomas Steg told a news conference in Berlin. The San Diego-Union Tribune/Reuters  October 27/2003

Don’t let Iraq debt break the bank  by Fahad Bishara
"As a child living in Kuwait during the first month of the Iraqi invasion . . . the most predominant memories are that of adolescents and senior citizens dressed in camouflage and toting AK-47's, none of whom wanted to be there." Daily Trojan Online  October 27/2003

Indebted to Saddam
"[The doctrine of 'odious debt'] has two attractions. It relieves Iraqis from debt burdens undertaken by a hideous tyrant for hideous purposes, and it puts future creditors to other hideous tyrants on notice that such debts might go unpaid. The Wall Street Journal  October 27/2003

Madrid marks a milestone in Iraq's reconstruction  by Ana Palacio
What Iraq needs is a Marshall Plan. That is, an international effort, that – just as the Marshall Plan did for many European countries after World War II – restores Iraq to the position it enjoyed before Saddam Hussein decided to wage war on Iran. The Wall Street Journal Europe  October 27/2003

Conference raises US$33B to help Iraq  by David Chance and Mona Megalli
"We have at least US$33-billion, of which US$25-billion is grants," said Marek Belka, a former Polish finance minister who is spearheading the fundraising efforts of the U.S.-led Provisional Authority in Baghdad. National Post  October 25/2003

Iraqi debt worse, says economics professor
"All international organizations said Saddam Hussein does not represent the people of Iraq." Then why should the Iraqis be held responsible for the loans he had taken, argues a leading Iraqi economics professor. Aljazeera.net  October 25/2003

Germany opposes cancelling Iraq's debt
"I rule out a complete cancellation of the debt," run up by former president Saddam Hussein's regime and estimated at $130 billion (110 million euros), Heidemarie Wieczorek-Zeul, Minister for Cooperation and Development, said. Business Day  October 24/2003

Scaling the Iraq debt mountain  by Bertus Hendriks and Theo Tamis
Why cancel Saddam's debts and not those accumulated by former Congolese dictator Mobutu Sese Seko, to name just one notorious example. The US administration isn't in favour of a blanket write-off either, but would like to see one in the case of Iraq. Radio Netherlands  October 24/2003

Annan tells Iraq donors to dig deep  by BBC News
About $50bn is needed to rebuild Iraq, aid officials say United Nations Secretary General Kofi Annan has called on the international community to "give and give generously". October 23/2003

Iraq's huge debts haunt donor conference  by David Chance
Iraq's $100 billion plus debt was supposed to be off the agenda at a summit to raise money to rebuild the battered country, but it emerged on Thursday as one of the key issues hindering the fund raising effort. Reuters  October 23/2003

Saddam's evil debts  by Jeff King
Iraq's outstanding loans were incurred without the population's consent, as creditors likely were aware, and such 'odious debt' deserves to be forgiven. National Post  October 23/2003

Cancel Iraq's odious debts first, donors conference told
Debt relief groups have urged Iraq's debtors to adhere to a 100-year-old legal principle to resolve Iraq's debt crisis and assist reconstruction efforts when they meet tomorrow in Madrid. October 22/2003

Controversial new report: Iraqi views on foreign debt and reparations  by Jubilee Iraq
As big powers gather, report indicates 'unanimous' Iraqi opposition to payment of Saddam's 'odious' debts. October 22/2003

Iraq debt casts a shadow over rebuilding plans  by David Chance
Even a big debt write-off, which has been mooted, could still leave Iraq poor for many decades to come. Forbes.com  October 22/2003

FT briefing: Iraq donors' conference  by Fion Symon
The US will discuss Iraq debt forgiveness with several countries on the fringes of the conference. The Paris Club estimates Iraq's existing debts at $21bn. Financial Times  October 21/2003

Nations ponder Iraq's 'odious' debt millstone  by Colin Donald
Deep disagreement over Iraq's crippling debt burden is expected to reanimate old quarrels and undermine progress at the Iraq donors conference, which meets for two days from Thursday in Madrid. New Zealand Herald  October 21/2003

Sununu criticizes Iraq loan suggestion  by Kate McCann
The United States should not ask Iraq to repay a portion of the proposed $87 billion for postwar expenses, U.S. Sen. John Sununu said Friday. It would send the wrong message to the Arab world and American allies, he said. Associated Press   October 19/2003

Bush cedes some control in Iraq  by Steven R. Weisman
Independent agency will oversee reconstruction spending. New York Times  October 18/2003

Those odious debts
Taking on Saddam's debt burden would cripple the new Iraq economically. Besides, it is clearly unfair to expect the Iraqi people to pay for the reckless waste of the regime that brutally oppressed them for so long. The Economist  October 18/2003

Senate turns half of Iraq aid into loans
The Senate disregarded an intense lobbying campaign by the White House and decided that Iraq eventually should have to repay half the $20.3 billion President Bush wants to rebuild the country. The Associated Press  October 17/2003

US companies to be big gainers from Iraq outlay  by Alan Beattie
Much of the US financial contribution to Iraqi reconstruction will be earmarked for American companies, according to the top international official at the US Treasury. Financial Times  October 17/2003

Acting trade minister says most of Iraq's debt should be forgiven
Iraq's interim trade minister says Iraq's debts were incurred by a "brutal, authoritarian, dictatorial regime." Singapore Associated Press  October 16/2003

Iraq's debt to Bulgaria to be 'paid off with oil'
Iraq's debt to Bulgaria would most probably be paid off through its oil, US Congressman James Sensenbrenner said to Bulgaria's Parliamentary Speaker Ognyan Gerdjikov. The Bulgarian News  October 16/2003

UN backs Iraq resolution
The resolution confirms that for the time being the Coalition Provisional Authority will remain the over-arching power in Iraq, but stresses the transfer of sovereignty and government back to the Iraqi people as soon as practicable. BBC News  October 16/2003

Upcoming donors conference shaping up  by Kathleen Ridolfo
The Coalition Provisional Authority's chief fundraiser Marek Belka says he expects that some countries would contribute by writing off Iraq's foreign debt incurred under the deposed Hussein regime. RFE/RL Iraq Report Vol. 6, No. 43  October 16/2003

Cuomo lectures on future of American policy  by Mara Tchalakov
"How do you become a liberator? Make them truly free" by forgiving foreign debt and working with the rest of the world to build a sound democratic structure, said former New York governor Mario Cuomo. Daily Princetonian  October 13/2003

Council of judges reestablished  by Kathleen Ridolfo
The council will operate independently of the Iraqi Justice Ministry, and will "investigate allegations of professional misconduct and incompetence . . . and nominate lawyers to fill judicial and prosecutorial vacancies." RFE/RL Iraq Report, Vol. 6, No. 42  October 9/2003

Freeing Iraq of its 'odious debts'  by William F. Buckley
Believe it or not, there is a Web site, sponsored by a Canadian organization, called odiousdebts.org. It focuses on a question generally thought to be just over the horizon of public interest, but no longer. National Post  October 9/2003

Some EU donors eye delay if no Iraq resolution  by Paul Taylor
"Without a resolution, only those who already have troops in Iraq will want to put in much money," one EU diplomat said. Forbes.com/Reuters News Service  October 9/2003

Soaking U.S. taxpayers for France, Russia and Germany – Iraq should pay its own way!  by Phyllis Schlafly
Iraq can't finance its own reconstruction because it has a debt of $200 billion and can't borrow against future oil profits. More than half is commercial debt owed to a number of countries and the rest is war reparations owed from the first Gulf War. Toogood Reports  October 8/2003

Iraqi people: why should Iraq pay Saddam's bills?  by Justin Alexander
Arguably, every cent being claimed is a result of Saddam's economic mismanagement and warmongering, which not only failed to benefit the Iraqi people but also caused them great suffering. Iraq Today  October 6/2003

Consultation with Iraqi leaders – week one  by Justin Alexander
One of Iraq's leading Sunni clerics told us that the longest verse in the Qu'ran concerns debt justice, and quoted an old Arabic proverb "When a camel falls to the ground, the knives are many." Jubilee Iraq  October 5/2003

Interview with President Putin
"We pay old Soviet Union debts, though it is not clear why we have to. . . . Iraq, in terms of its parameters – its potential – is not among the poorest countries of the world. . . . And it is capable of paying its debts." – President Putin of Russia. The New York Times  October 5/2003

Compensation non-negotiable
Kuwait says demands for billions of dollars in war reparations owed by Iraq for losses caused by the deposed Iraqi regime is an "non-negotiable" issue. Arab Times  October 3/2003

Kuwaitis reject Bremer's hint to drop reparations
Islamist MP Khaled al-Adwa said: "The Iraqi occupation happened, so the past political leadership or the one that follows it must bear responsibility for that occupation." Jubilee Iraq  October 3/2003

Iraqi funding bill is kept intact  by Stephen Dinan and David Sands
"If our European allies lent billions of dollars to Saddam Hussein, let them go collect from Saddam Hussein," said California Republican, Rep. Dana Rohrabacher. The Washington Times  October 1/2003

Debt-relief proposal for Iraq receives a frosty reception  by Hans Nichols
A bipartisan congressional proposal to forgive the – odious debt – racked up by the former Iraqi regime is encountering resistance from two political entities that rarely find themselves in agreement: the House Democratic leadership and the White House. The Hill  September 30/2003

US call to drop Iraq debt angers Kuwait MPs
Kuwaiti parliamentarians reacted angrily to a US suggestion the country drop demands for billions of dollars in war reparations owed by former foe Iraq, newspapers said yesterday. Reuters, Arab News  September 29/2003

Bremer seeks funds for Iraqi power grid  by Jeffrey Sparshott
"Think of what we would be asking Iraqis were we to suggest they fashion a new economy, a new democracy, while literally in the dark eight hours a day." – L. Paul Bremer, administrator of the Coalition Provisional Authority. The Washington Times  September 25/2003

Paying for war's aftermath  by Opinion
How about forcing the Iraqi people to take out a mortgage on their newfound freedom, using their nation's future oil revenue as collateral? New York Times  September 25/2003

World Bank/IMF meeting focus on Iraq  by Kathleen Ridolfo
World Bank President James Wolfensohn told reporters that U.S.-published estimates ranging from $50 billion-$70 billion for Iraq's reconstruction effort were "in the ball park." RFE/RL Iraq Report Vol. 6, No. 40  September 25/2003

Administration's $87 billion Iraq plan hits more turbulence in Congress  by Alan Fram
Rep. Dana Rohrabacher, R-Calif., said the result of the administration's proposal would be for U.S. taxpayers to help repay debt that Saddam Hussein owed to European nations before his government was toppled. Associated Press  September 24/2003

Global economic recovery underway: G-7
Finance ministers and central bank chiefs from the Group of Seven creditor nations ended their one-day meeting in Dubai, urging all bilateral creditors to join them in canceling "100 percent of their eligible claims." Xinhua news services  September 24/2003

La condonación de deudas  by Patricia Adams
A Spanish language version of Patricia Adams' article on odious debts, first published by the National Post newspaper in Canada. Translated and reproduced on the El Cato Institute Web site. El Cato Institute  September 24/2003

Toppling of Saddam leaves debt questions to be solved  by Amy Kaslow
Policymakers and debt watchers are considering a scheme that two economists have drawn up to eliminate lending to odious regimes, such as Saddam Hussein's Iraq. Gulf News  September 24/2003

Iraqi debt forgiveness urged  by Reuters
"About 90 percent of Iraq's potential, virtual debt is war-related . . . I cannot see how a country like Iraq can bear this burden," said Marek Belka, head of the Coalition Provisional Authority body raising money for Iraq's reconstruction. CNN Money  September 22/2003

Senator Biden calls for Iraqi debt cancelation
"All the countries, all the countries, are going to have to engage in debt forgiveness for . . . this new country to have any possibility of getting off the ground." Jubilee Iraq  September 22/2003

G7 leaders pledge to get solution for Iraqi debt by end of 2004
U.S. Treasury Secretary John Snow welcomed the pledge, saying a solution was necessary "to help provide a sound footing for the future" of postwar Iraq. Associated Press  September 21/2003

G7 meeting endorses reform process of PNA
Finance ministers of the world's richest nations yesterday gave their endorsement to reform efforts by the Palestinian National Authority. Gulf News  September 21/2003

G7 seeks Iraq debt restructuring by end '04
Germany's deputy finance minister Caio Koch-Weser said the Group of Seven wealthy nations wanted to reach a deal by the end of next year on restructuring Iraq's massive debts. Reuters  September 20/2003

Shape of Iraq's economic landscape watched closely  by Simran Bose
The direction of Iraq's economic future will be closely watched during the upcoming meetings of the World Bank and the International Monetary Fund (IMF), where discussions about the country's development landscape are expected. IPS  September 19/2003

The homecoming  by Johann Hari
For some Londoners, the war against Saddam wasn't just about politics. It was about the future of their homeland – and the chance to return to it. Johann Hari meets three young exiles who have just had their first taste of life in 'free' Iraq. The Independent (U.K.)  September 18/2003

Bickering over Iraq financing in play  by Shihoko Goto
Another source of contention is the debt burden Iraq has accumulated under Saddam Hussein's regime, which continues to bog down the country's economy. The Washington Times  September 17/2003

Iraq wants to clinch water deal with Syria, Turkey  by Hassan Hafidh
Poor relations with Syria and Turkey under Saddam Hussein's government prevented Iraq from reaching an agreement on water quotas with its neighbours. Now talks to increase water flow from Turkey to Iraq and Syria are expected soon. Reuters  September 17/2003

New Iraqi Minister of Planning denounces continued payments to Kuwait
Today's Iraq should not be burdened with past obligations incurred by Saddam, says Mahdi al-Hafiz. al-Hayat  September 17/2003

Governing council appoints central bank governor  by Kathleen Ridolfo
The Iraqi Governing Council appoints Iraq's first post-Hussein central bank governor. RFE/RL Iraq Report Vol. 6, No. 38  September 15/2003

No conflict of interest in Iraq contract, says Belka  by Odious Debts Online
The chair of an international donors' conference to rebuild Iraq said there was no conflict of interest between his role and his position with a Polish bank, part of a winning tender to establish the Trade Bank of Iraq. September 12/2003

Paying for the reconstruction of Iraq  by Caspar Weinberger
The real problem is that the holders of Iraq's old foreign debt don't want it subordinated to a mortgage secured by oil revenues. Forbes.com  August 11/2003

Iraq: opportunities flow to Bulgaria  by Velina Nacheva
Mohammed Amin Ahmed, former Iraqi ambassador in the Bulgarian capital of Sofia from 1995 to 1999, said he was sure Iraq's $1.7bn debt to Bulgaria would be paid back when life in his country returns to normal. www.sofiaecho.com  August 7/2003

Spain to host donors' meeting in fall  by Kathleen Ridolfo
Spanish Deputy Prime Minister Mariano Rajoy has announced that Spain will host the international donors' conference for Iraq this autumn. Although a conference date has not been set, a preparatory meeting will take place in September. Radio Free Europe/Radio Liberty: Iraq Report, Vol. 6, No. 34  August 7/2003

Guiding Iraq on a road to recovery  by Niles Lathem
. New York Post Online  August 3/2003

Wheel of Iraq's economic progress keeps rolling
Iraq may be further burdened by debts and interest which even for an oil-rich state could take years to pay back. Unless there are some debt write-offs, at least the interest, Iraq will be facing the future with a major noose round its neck. Arab News  July 28/2003

Who profits from erasing Iraq's debt?   by Heather Wokusch
Richard Perle called for a debt relief for Iraq as a way of teaching banks about the "moral hazard of ... lend[ing] to a vicious dictatorship." Other countries with "odious debt" incurred under nasty regimes may be granted debt forgiveness. Why not Iraq? oneworld.net  July 28/2003

When is a debt not a debt?  by Benjamin Beasley-Murray
The war in Iraq has called into question much of the architecture of international relations built up since the Second World War, says Global Finance magazine. The aftermath might shape the way that money is lent to emerging markets. Global Finance  July 25/2003

Claiming the spoils of war  by Joseph Giarraputo
How and when will Bulgaria be paid the almost US$2 billion owed to it by Iraq? This is a serious matter for Bulgaria's finance minister Milen Veltchev and he scoffs at any discussions of forgiveness because of ‘odious debt' arguments. Novinite, Bulgaria  July 23/2003

Shortening the occupation of Iraq  by Maher Othman 
"American companies, connected to the Bush administration, [...] will charge inflated costs, adding to Iraq's debts and leaving it to the mercy of the World Bank and the IMF, which both serve America's interests," says Dar Al-Hayat. Dar Al-Hayat, Saudi Arabia  July 22/2003

Congo funds question risks US debt stance on Iraq  by Anna Willard
Proposals in the U.S. Congress to deny requested funds of millions of dollars for debt relief in the Democratic Republic of Congo may compromise U.S. calls for other countries to write off debt owed by Iraq, debt campaigners say. Reuters  July 21/2003

Bulgarian goods to enjoy major interest at US market
In the words of U.S. Deputy Secretary of Commerce Samuel W. Bodman the matter with Iraq's debts is a priority but these debts might be repaid following the revival of the Iraqi economy. Novinite, Bulgaria  July 20/2003

Iraq's new governing council will send delegation to U.N. Security Council on July 22   by Edith M. Lederer
Iraq's new governing council is sending a delegation to the Security Council on July 22, when the top U.N. envoy is to report on the world body's role in postwar Iraq, U.N. officials and council diplomats said. Associated Press  July 16/2003

Jordan confiscates Iraqi assets to secure Jordan's interest
Jordan announced yesterday it will use the Iraqi financial assets it has to pay due sums for the Iraqi traders who exported commodities to Jordan, and these assets to be returned back after fulfilling the due Iraqi debts to Amman. ArabicNews.com  July 16/2003

UN envoy meets with new Iraqi Governing Council, visits Syria and Iran
. UN News Centre  July 15/2003

Outrage at US plan to mortgage Iraqi oil  by Faisal Islam
American plans to mortgage Iraq's future oil supplies to pay for expensive postwar reconstruction work risk a repeat of mistakes made with Germany after the First World War, debt relief campaigners said this weekend. The Observer, UK  July 13/2003

Iraqi debts should be rescheduled - deputy Central Bank chief
Deputy Chairman of the Central Bank of Russia, Oleg Viyugin, said that the decision of the Paris Club to fix a concrete sum of Iraqi debts and the readiness of this organization to initiate the debt rescheduling is a positive factor. IRNA, Iran  July 12/2003

U.S. firms seek future oil revenues for reconstruction  by Warren Vieth
The Bush Administration is considering a provocative proposal to pledge a portion of Iraq's future oil and gas revenue to secure reconstruction loans before a new Iraqi government is in place to approve the idea. Los Angeles Times, USA  July 12/2003

Iraq owes Paris Club $21bn in pre-1991 debt   by Tom Davis 
"[Iraq's debt] burden, most [Paris Club] members agree, would be unfair to a people ruled for so long by Saddam Hussein's oppressive regime and who often saw none of the money earned from the country's assets," writes Tom Davis. The Financial Times, UK  July 11/2003

Iraqi debt to Paris Club nations set at $21bn – plus interest  by Päivi Munter
Iraq is likely to be forgiven two-thirds of its Paris Club debts but for talks to start, Iraq will have to acknowledge the numbers, says the director of Exotix, a brokerage specialising in illiquid emerging market debt. Financial Times  July 11/2003

Iraq's situation towards Paris Club creditors  by Paris Club
The total public debt of Iraq vis-a-vis Paris Club creditors amounts to US$21,018 billion. "According to Paris Club standard methodology, these various data will have to be reconciled with Iraqi authorities prior to any negotiation." Press release  July 10/2003

Press briefing: Australian agriculture officials discuss rebuilding efforts in Iraq  by Bureau of International Information Programs, U.S. Department of State
A team led by Treasury is examining the Iraqi debt situation and evaluating how best to handle it. It's going to involve the Paris Club, the London Club and debt restructurings, says J.B. Penn. Washington File, USA  July 10/2003

Debt campaigners propose strategies to revitalise the debt movement  by World Council of Churches
Press release  July 9/2003

Velchev's U.S. trip reaps rewards
According to Bulgaria's Finance Minister Milen Velchev, the U.S. administration had shown understanding that the repayment of the Iraqi debt to Bulgaria was of great importance and it would not insist on its full cancellation. Sofia Echo, Bulgaria  July 4/2003

Agenda in Africa  by Editorial
If the United States can forgive Iraq's debt because of Saddam Hussein's actions, it ought to forgive the debt that Nigeria, for instance, amassed under its former military dictator, the late Sani Abacha. The Boston Globe, USA  July 3/2003

Africa may have a case on basis of 'odious debt'  by James K. Boyce and Leonce Ndikumana
"One side-effect of the American/British occupation of Iraq is that it has sparked public debate on a dark secret of international finance: the debt taken on by odious regimes," say James K. Boyce and Leonce Ndikumana. Bangkok Post, Thailand  July 2/2003

Palace of problems  by Vernon Silver
Although chasing Hussein's hidden bank accounts and finding caches of gold has grabbed headlines, those amounts are small compared with what a tough debt reduction campaign can yield for Iraq. Bloomberg News  July 2/2003

Bulgarian official warns against great expectations about Iraq's debt
Krassimir Katev, Bulgaria's Deputy Finance Minister, ruled out the option for the U.S. administration to buy out the Iraqi debt, which, in his words, counters its regulations. Novinite, Bulgaria  June 30/2003

Official seeks to cool down expectations about Iraqi debt redemption
Bulgaria should not have too great expectations about collecting a US$1.7 billion debt that Iraq ran to it during the Cold War, Deputy Minister of Finance Krasimir Katev said. The Paris Club is likely to forgive up to 60% of it, he said. Bulgarian News Network, Bulgaria  June 30/2003

U.S. investors stay shy of Iraqi debt trade   by Alex Skorecki 
Prices for Iraqi commercial debt have risen strongly since the fall of Saddam Hussein, but analysts say U.S. investors are holding back from re-entering the market because of legal uncertainties, despite last month's lifting of U.S. financial sanctions. The Financial Times, UK  June 27/2003

Velchev in U.S. for talks
Finance Minister Milen Velchev said Bulgaria was willing to wait a couple of years more, as it had waited for 13 years already to get back its debt from Iraq. "What is really important is to receive as large percentage of the debt as possible," he said. Sofia Echo, Bulgaria  June 27/2003

Iraqi debt debate
Russia will not cancel Iraq's debt accumulated during the rule of ousted leader Saddam Hussein, the speaker of the State Duma, Gennady Seleznyov, said in remarks published Wednesday. Moscow Times, Russia  June 26/2003

Iraqi reconstruction efforts target   by Bureau of International Information Programs, U.S. Department of State
"Once we have a better estimate of the true level of Iraq's debt and its underlying payment capacity, we can move forward to develop a comprehensive strategy to deal with Iraq's official debt," says Randal Quarles. Washington File (press release), USA  June 26/2003

U.S. faces daunting task on building Iraqi economy  by Rob Lever
Basil al-Rahim, founder of the Washington-based Iraq Foundation, has its own guidelines for rebuilding Iraq, called the "Phoenix Plan." The plan advocates wiping away a big chunk of Iraq's debts - as was done after World War II for Germany. Middle East Online, UK  June 25/2003

U.S. may spare Bulgaria sanctions over stand on war crimes court
Finance Minister Milen Velchev has talked with U.S. officials about three possible options for settling of US$1,7 bn Iraqi debt to Bulgaria - US-offered compensation, partial repayments by oil deliveries and negotiating a resettlement of the Iraqi debt. Novinite, Bulgaria  June 25/2003

Letters to the Editor: How to establish criteria for debt  by Chris Gilbert
Chris Gilbert, of the San Francisco Bay Area Jubilee Coalition, responds to a recent Financial Times editorial on Iraq's debt, that asserts using the notion of "odious debt" as a basis for cancelling debt is unworkable. The Financial Times, UK  June 23/2003

Russia may help Iraq debt burden
Russia has signalled its willingness to join global efforts to write off or reschedule Iraq's staggering debt burden. Foreign Minister Igor Ivanov told the Wall Street Journal that Russia would "do its part" to help Iraq. Business World, Ireland   June 23/2003

Iraqi debt, like war, divides the west   by David Mulford and Michael Monderer 
An international Iraqi debt commission of financial "wise men" should be established to examine all claims and to disallow debt used for state security or military aggression, write David Mulford and Michael Monderer. The Financial Times, UK  June 22/2003

IMF has not worked out its stance on settlement of Iraqi foreign debt
The International Monetary Fund (IMF) has not formulated its position concerning the settlement of the Iraqi foreign debt, said IMF deputy managing director Ann Krueger at a press conference. Pravda, Russia  June 20/2003

U.S. seeks regional cooperation for vision of Middle East prosperity   by Bureau of International Information Programs, U.S. Department of State
Iraq's "debt issue as such" will not be covered at the upcoming World Economic Forum in Amman later this month, says U.S. Under Secretary of State for Economic, Business and Agricultural Affairs, Alan Larson. Washington File, USA  June 19/2003

Bush freezing out the world  by John Hall
On the question of forgiving debts to free up funds for Iraq's battered infrastructure, World Bank president James Wolfensohn said the common attitude is, "You bombed it. You fix it." Alameda Times-Star, USA  June 18/2003

Maloney, Leach introduce H.R. 2482 (Iraqi Freedom from Debt Act)
"There is a powerful moral case for relieving the Iraqi people of the debts incurred by Saddam’s murderous regime." says Rep. Carolyn Maloney. Press release, Washington, USA  June 18/2003

Larson previews Economic Forum meeting in Jordan  by Bureau of International Information Programs, U.S. Department of State
"I do expect that when the analysis of the numbers has been completed and the analysis of Iraq's capacity to pay has been undertaken, that it will be necessary to have very significant debt relief for Iraq." says Alan Larson, Under Secretary of State. Washington File, USA  June 17/2003

U.S. lawmakers introduce bill to cut Iraq's debt  by Anna Willard
Two U.S. lawmakers on Tuesday introduced a bill that would require the United States to persuade Iraq's creditors, including the World Bank, IMF, France and Russia, to cancel or reduce the Iraqi debt. Reuters News Service  June 17/2003

Iraqi Freedom From Debt Act  by Carolyn Maloney and Jim Leach
This House Resolution explicitly marks much of Iraq's debts odious saying "According to international precedent, debts incurred by dictatorships for the purposes of oppressing their people or for personal purpose may be considered `odious'." U.S. House of Representatives  June 16/2003

Iraq's debt
"Instead of embarking on a theological discussion of whether the debt contracted by Saddam Hussein is legitimate, creditors should swiftly reduce the country's debt-service obligations to manageable proportions." says the Financial Times. The Financial Times, UK  June 16/2003

The Editor briefing: US and Russia strive to repair friendship
"The new Iraqi government might recognise Iraq's debts to Russia ... and write them off in return for the write-off of Russia's debts to Paris Club countries." Argumenty i Fakty, Russia, reported June 3. The Guardian, UK  June 16/2003

Excerpts from a Monitor breakfast on poverty and globalization  by David T. Cook
James D. Wolfensohn, President of the World Bank, said "There will be significant pressure to deal with the question of debt and there will have to be some form of debt reduction." The Christian Science Monitor, USA  June 13/2003

Iraq's debts estimated at $30 billion
Iraq's outstanding debts to foreign governments [Paris Club members] are estimated at about $30 billion, Hiroshi Watanabe, director-general of the Japanese Finance Ministry's International Bureau, said Thursday. Japan Today, Japan  June 13/2003

Iraq's foreign assets put at [US]$18 billion
Iraqi former finance ministry director general, Fayek Abdel Rasul, estimates Iraq's foreign worth at more than US$18 billion. The assets were distributed in several foreign banks and as much as US$7 billion had been frozen. UPI  June 12/2003

Top adviser backs debt forgiveness   by James Harding 
Richard Perle, the influential Pentagon adviser, on Wednesday called for the complete forgiveness of Iraqi national debt, an act which would teach banks the risks of lending to a "vicious dictatorship". The Financial Times, UK  June 12/2003

Dealing with Iraq’s national debt
Sinan M. Ridha al-Shabibi, consultant to the United Nations Conference on Trade and Development, says Iraq has a case for debt forgiveness: "Iraq’s exceptional case derives from the sanctions and wars and poverty which it has suffered." Daily Star, Lebanon  June 11/2003

Early warning report to review Bulgaria's politics, Business
One of the hottest issues of Bulgaria's international policy - the Iraqi debt - depends entirely on the pace of the reconstruction in the crisis region, the country's Deputy Foreign Minister Petko Draganov said. Novinite, Bulgaria  June 11/2003

Redemption of Iraqi debt to Bulgaria depends on post-war recovery: official
The redemption of a US$1.7 billion debt Iraq owes to Bulgaria will depend on the Arab country's post-war recovery, Bulgaria's Deputy Foreign Minister Petko Draganov said. Bulgarian News Network, Bulgaria  June 11/2003

Japan has [US]$7 Billion in loans outstanding to Iraq, Nikkei says
Japan will report it has about US$7 billion in loans outstanding to Iraq when it meets as part of a group of 19 creditor nations, known as the Paris Club, at its two-day meeting starting June 10, the Nihon Keizai newspaper reported. Bloomberg  June 10/2003

Paris Club head tells Reuters he expects Iraq data by July
Paris Club Chairman, Jean-Pierre Jouyet, told Reuters he expects an audit of Iraq's debt to be completed in July. However, he said creditors won't start looking at whether Iraq needs debt reduction or a deferral of payments for some time after that. based on Reuters  June 9/2003

Ghorfa summit calls for Iraq debt remission  by Wolfram Bielenstein
The recent Ghorfa summit of Arab and German business leaders in Berlin, called for remission of Iraqi debts from the Saddam Hussein era. Iraq should be given a chance for a new beginning similar to Germany after World War II. AME Info, United Arab Emirates  June 7/2003

Iraq debts ultimatum  by Robert Smith
Banks in Bahrain are looking at how to recover millions of dollars in unpaid loans to Iraq. They want a deal over the debts before even considering investing in rebuilding the country, says a top official. Gulf Daily News, Bahrain   June 7/2003

Vantage View: Iraq faces a financial struggle to end of decade   by Dr. Henry Azzam 
Official creditors are likely to offer Iraq debt relief. However, to return to the international capital markets, Iraq will have to show that it is at least willing to pay something towards its properly documented commercial debt. Gulf News, United Arab Emirates   June 7/2003

Iraq donor meetings planned for June, September
U.S. officials announced this week that there will be a meeting of donors in New York at the end of June, to discuss fundraising for Iraq's reconstruction. based on Reuters  June 5/2003

Iraq should be given relief from $bn debts, US officials   by Agence France-Presse 
Iraq should be given relief from its multi-billion dollar debt, and other countries, in addition to the United States, should be pressed for cash to help rebuild the country, US officials said on Wednesday. Hindustan Times, India  June 5/2003

Lawmakers want rebuilding cost  by Simon Kennedy
U.S. senators criticized the Bush administration for not having calculated the cost of rebuilding Iraq, even as international finance ministries begin discussing how to fund the reconstruction. Bloomberg News   June 5/2003

Pachachi for Arab identity in Iraq   by Nadim Kawach 
Former Iraqi foreign minister Adnan Al Pachachi has urged U.S. rulers that Iraq needs "external help, including measures by major creditors to write off Iraq's debt." Iraq should also be exempted from paying war damages under UN resolutions. Gulf News, United Arab Emirates   June 5/2003

Future of Iraq  by Alan P.  Larson
Testimony of Alan P. Larson, Under Secretary for Economic, Business, and Agricultural Affairs before the Senate Foreign Relations Committee in Washington, D.C. U.S. Department of State  June 4/2003

Treasury: More cash heads toward Iraq
John Taylor, a senior U.S. Treasury official, said: "Once we have a better estimate of the true level of Iraq's debt, we can move forward to develop a comprehensive strategy to deal with Iraq's official debt." Reuters  June 4/2003

US reassures Russia over Iraq contract
Russia's Foreign Minister Igor Ivanov said that the question of Iraq's huge international debts was to be settled, under UN Security Council resolution 1483, by international institutions notably the Paris Club of creditor nations. Middle East Online, UK  June 4/2003

Iraqis assail U.S. plans for council  by Rajiv Chandrasekaran 
Paul Bremer, the head of the U.S. occupation authority in Iraq, called on countries that lent Iraq money when it was run by Saddam Hussein to forgive these because the country should not be forced to use its resources to "service crippling debts." The Washington Post, USA   June 3/2003

Write off the odious debts  by Editorial
"If wealthy countries are serious about aiding freedom, they must recognise the illegitimacy, not only of Iraq's obligations, but of all odious debt." says this Editorial in the Daily Nation. Daily Nation, Kenya  June 3/2003

Bankrupting the broke  by A. V. Rajwade
"There is another interesting twist to the issue of Iraq’s debt. How far are the people of Iraq responsible for repaying its so-called “odious” debt, contracted by the regime of the erstwhile dictator?" asks A. V. Rajwade. Business Standard, India  June 2/2003

Russia to defend its interests as regards Iraqi debts  by RIAN
Russia is going to defend its interests as regards the further fate of Iraqi debts, said Deputy Prime Minister and Finance Minister Alexei Kudrin. Pravda, Russia  June 2/2003

''Squeezing blood from a stone''  by Harald Schumann
Should the Iraqis assume responsibility for their former dictator's billions in debts? The dispute on debt forgiveness is becoming a key to the future of Iraq. The US government has the better arguments in this respect, both economically and morally. DER SPIEGEL, Germany  June 2/2003

Debt on agenda as G8 leaders fly to Evian for first post-war conference  by Trevor Royle 
U.S. Treasury officials have called for Iraq's debts to be written off as a gesture of support for the people who did not incur it in the first place. ... it is a good idea, but the G8 is unlikely to buy it. Sunday Herald, UK  June 1/2003

When is a debt not a debt?  by Bejamin Beasley-Murray
US deputy Defense Secretary Paul Wolfowitz refocused the debate on 'odious debt' when he told a US Senate committee that he believed Russia, France and Germany should write off "some or all of" the money owing them from Iraq. Global Finance  June 1/2003

Restoring U.S.-Russia harmony  by Stephen Sestanovich 
"Why not leapfrog the issue of Iraqi debt and propose a radical cut in what Russia wants to be repaid? (This is where he'll end up anyway.)," says Stephen Sestanovich. The Washington Post, USA  May 31/2003

A fresh start for Iraq: The case for debt relief  by Oxfam International
"Powerful as the economic case for debt relief may be, it is reinforced by the fact that much of Iraq's debt is illegitimate in a wider sense. The doctrine of 'odious debt' clearly sets out the reasons for this illegitimacy." says Oxfam. ElectronicIraq.net  May 30/2003

The Evian Summit: Russia's future and the G8  by Pavel Ivanov
The Kremlin argues that, under the current financial situation in the world, "no one can afford simply forgiving" the Iraqi debt, says Pavel Ivanov. UPI  May 30/2003

Global Showdown in Evian  by Mark Engler 
Much of the debt held by developing countries is "odious" -- the result of loans that wealthy creditors made to tyrannical governments. It is simply inhumane for G8 countries to saddle impoverished citizens with these debts after the dictators fall. Foreign Policy in Focus  May 29/2003

Letters to the Editor: Claims tribunal best way to face up to Iraqi debt  by Justin Alexander 
This is a letter to the editor written by Justin Alexander, UK Co-ordinator of Jubilee Iraq. He critizes Lex Rieffel's argument that odious debts repudiation is impractical and introduces a plan for a debt arbitration tribunal for Iraq. The Financial Times, UK  May 29/2003

G8 might help peace efforts in Africa: Minty
Abdul Minty, South Africa's acting Director-General of Foreign Affairs, fears that if the U.S. administration takes the view that Iraq's debts have to be written off there will not be much left for writing off debt for developing countries. South African Press Association   May 28/2003

Iraq debt issue seen driven by US, global politics  by David Chance
The U.S. will go to the weekend G8 summit urging debt relief for Iraq, saying it is merited by what it describes as Saddam Hussein's abhorrent 23-year rule, but economists say it is creditor politics which drives relief. Reuters  May 28/2003

International firms vie for Iraqi reconstruction role  by Kathleen Ridolfo
Members of the Group of Eight (G-8) industrial democracies have reached preliminary agreement to grant a moratorium on Iraq's foreign debt payments through 2004, ITAR-TASS reported on May 19, citing french sources. Radio Free Europe/Radio Liberty, Czech Republic  May 27/2003

U. S. to ask G8 summit to ease Iraqi debt  by Mona Megalli
The U.S. is expected to urge Iraq's creditors to consider debt relief at the G-8 summit. U.S. officials charged with assessing Iraq's debt position are putting accuracy ahead of speed: "It doesn't matter when it is done, it matters how it is done." Reuters  May 27/2003

Letters to the Editor: Notion of odious debt is impractical  by Lex Rieffel
"Michael Kremer and Seema Jayachandran misread history when they argue that 'the world needs a system to determine which loans should be considered legitimate'. The world already has such a system; the Paris Club process.", says Lex Rieffel. The Financial Times, UK  May 26/2003

Iraqi currency at highest since '91 - US officials credit high hopes for future  by Stephen J. Glain
Peter McPherson, assigned by the US Treasury to rebuild Iraq's financial sector, also lamented the country's "very substantial" need for debt relief. "The debt as it stands would be crushing to service," he said. The Boston Globe  May 24/2003

European press review
Papers across Europe view the UN resolution on post-conflict Iraq as a sign of an outbreak of resigned pragmatism at the Security Council. BBC News, UK   May 23/2003

Iraq's clouded future  by Editorial
The oil industry should generate $20 bn next year. That will ease the suffering, though it's nowhere near enough to finance a $20 bn a year rebuilding effort, plus the servicing of a $400 bn debt. Aid and debt relief will be needed. Toronto Star, Canada  May 23/2003

New resolution defines ''vital role'' for U.N. in Iraq  by Bureau of International Information Programs, U.S. Department of State
A new Iraqi government would have the sovereign authority to make negotiations on debt relief says the State Department's Assistant Secretary for International Organization Affairs, Kim Holmes. Washington File  May 23/2003

Russia 'sold' UN Iraq vote for oil & debt
Russia dropped its opposition to a UN resolution lifting sanctions on Iraq once it believed its Soviet-era debt and massive oil contracts in the country would be respected, the Russian press said Friday, May 23. IslamOnline.net & News Agencies  May 23/2003

UN ends 13 years of sanctions on Iraq  by Robert Holloway
The resolution envisages a rescheduling of Iraq's debt through the Paris Club and establishes a moratorium on the debt by declaring Iraq's oil revenues immune from legal proceedings until December 31, 2007. AFP  May 22/2003

Vultures gather  by Carlo Invernizzi
Carlo Invernizzi introduces 'Jubilee Iraq' – a non-governmental organisation campaigning for the cancellation of Iraq's debt that has called on creditors to demonstrate the legitimacy of their liabilities or otherwise drop their claims. Oxford Student, UK  May 22/2003

Culture of fear can only disappear when Saddam proven dead  by Raghida Dergham 
The mass graves are enough evidence to explain why the culture of fear is rife among the Iraqi people. These graves bring suit against Saddam and his regime and condemn both of them for perpetrating crimes. Dar Al-Hayat, Saudi Arabia  May 21/2003

Deadline urged for US occupation
"I personally would not favour paying in full the debts incurred by Saddam Hussein's regime," George Soros said. "It would send a very healthy signal to the financial markets that extending credit to dictators is not without risk." The Mercury, Australia  May 21/2003

New draft of UN Security Council resolution envisages settlements of Iraqi debts within Paris Club
A new draft of the UN Security Council resolution on Iraq envisages settlement of Iraqi debts within the framework of the Paris Club, Russian Deputy Foreign Minister Yuri Fedotov announced. Pravda, Russia  May 21/2003

Road Building - The path to Middle East peace runs through a democratic Iraq  by Ithaar Derweesh
The main tenets of the plan for Iraq's reconstruction should be: let Iraqis determine the future of Iraq, lift the U.N. sanctions, share the wealth and forgive the debt. National Review Online  May 21/2003

Russia urges political consensus over Iraq  by Itar-Tass/ACSNA/IRNA
Russia is ready to discuss the issue of Iraq's debts at the Paris Club of creditors, Russian Deputy Foreign Minister Yuri Fedotov said. The question is, "Will the debts be reflected in the draft resolution of the UN Security Council on Iraq?" IRNA, Iran  May 21/2003

Iraqi revival will cost Russia  by Constantine Pleshakov
The debt and contracts look problematic, since any new Iraqi government will try to annul them on the grounds that it can't be held responsible for the excesses of its former dictator. The Japan Times  May 20/2003

Next steps in the Middle East  by U.S. Senator Chuck Hagel, World Affairs Council
"We must encourage the world community to address all outstanding debt and reparations claims against Iraq. If not addressed [they] will compromise Iraq's future and undermine the prospects for democracy." says U.S. Senator Chuck Hagel. Washington File, USA  May 20/2003

G-8 agrees to wait on Iraqi debt
China and Russia, two of five members of the UN Security Council with veto power, have expressed major reservations about the U.S. draft resolution on ending sanctions and also said the fate of the text depended on working out the debt problem. The Moscow Times, Russia  May 19/2003

U. S. secures commitment from Group of Eight countries to ease Iraq's path to recovery  by Kim Housego
The United States on Saturday secured a commitment from the world's wealthiest nations and Russia not to demand that Iraq begin paying off its huge debts before 2005, easing the country's path to recovery. Associated Press  May 19/2003

US draft resolution on Iraq sanctions
This is the latest version of a draft resolution introduced by the United States in the U.N. Security Council. Britain and Spain are co-sponsors. May 19/2003

Kein Schuldenerlaß für Irak
According to German Minister of Finance, Hans Eichel, he and his G-8 colleagues agreed in Deauville, France on Saturday, that they are not going to relieve any of Iraq's debt. Frankfurter Allgemeine Zeitung, Germany  May 18/2003

Ministers agree Iraq needs more time over debt   by Ed Crooks 
Iraq should not have to service its debts until the end of next year at the earliest, finance ministers of the leading developed economies agreed at their meeting in Deauville, France, at the weekend. Financial Times, UK  May 18/2003

Colin Powell: Iraq will recognize its debt to Russia
U.S. Secretary of State Colin Powell expressed confidence that a new Iraqi government will recognize Iraq's debts to Russia in full. Rosbalt News Agency  May 15/2003

Interview with U.S. Secretary of State Colin L. Powell on Echo Moskvy Radio
This is the U.S. State Department's transcript of an interview U.S. Secretary of State Colin L. Powell gave on Echo Moskvy Radio in Moscow, Russia. Washington File  May 15/2003

Russia: Powell says Iraq's debt to Moscow will be 'taken into account'
In an interview on Ekho Moskvy radio, Powell said some of Iraq's debt will have to be refinanced or rescheduled but he said the new Iraqi government, when it comes into office, will "take into account" its debt obligations to Moscow. Radio Free Europe, Czech Republic  May 15/2003

Snow to ask for repatriation of Iraqi assets at G-8 meeting   by Bureau of International Information Programs, U.S. Department of State
U.S. Treasury Secretary John Snow will ask finance ministers of the world's major industrialized countries meeting May 17-18 in France to aggressively search for illegal assets of the Saddam Hussein regime and repatriate them to the Iraqi people. Washington File, USA  May 15/2003

The delicate debt problem   by Tatiana Kamoza
Russia and, incidentally, its allies have found themselves in an awkward situation. For the sake of maintaining their reputation they should cancel Iraq’s debts and show the world that they are genuinely concerned about the fate of the Iraqi people. Novoe Vremya, Russia  May 15/2003

$495M in Iraqi assets found in Lebanon  by Jim Abrams
Lebanon's central bank has located and secured $495 million (U.S.) in Iraqi funds, a U.S. Treasury official said at congressional hearings on efforts to trace the billions of dollars that Saddam Hussein is thought to have hidden away. Associated Press  May 14/2003

UN: Process under way to deal with Iraq's massive debt burden  by Robert McMahon
Before Iraq's oil revenues can be used for reconstruction [...] Iraq's massive debt burden must be addressed. The draft resolution under consideration in the council contains some provisions that could signal how the issue will be resolved. Radio Free Europe, Czech Republic  May 14/2003

Can the 'odious debts' incurred by leaders like Saddam be forgiven?  by Raja Raghunath
At the G-8 summit the United States will press for the forgiveness of Saddam Hussein's state debts, on the ground that since that money was not borrowed on behalf and for the benefit of Iraq's people, Iraq's people should not have to repay it. Findlaw.com, CA  May 13/2003

Soros wants Iraq's loans voided
"I personally would be very happy to see the old creditors of Iraq not getting paid," Soros told a gathering at the CSIS. "That would send a signal to the financial markets that it's dangerous to deal with oppressive regimes." Reuters  May 13/2003

U.S. ''hasn't demanded remission'' of Iraq's debt to Bulgaria
Bulgaria have not been demanded to discount the debt of Iraq, the country's foreign minister said commenting on talk that the U.S. wants Iraqi debt remitted. Novinite.com, Bulgaria  May 13/2003

Suspension of Iraqi debt repayment eyed
The government of Japan is considering allowing Iraq to temporarily suspend repayment of public-sector foreign debts accumulated under the regime of Saddam Hussein, sources said. The Asahi Shimbun  May 12/2003

US resolution: It's what's missing that matters  by Jonathan Eyal
Additional sweeteners are also offered to France and Russia [...]: The American resolution promises them that Iraq's debts, incurred by Saddam, will still be honoured by any new Baghdad government. The Straits Times, Singapore  May 11/2003

What monetary regime for post-war Iraq?  by Mark M.  Spiegel
The post-war Iraqi situation appears to be one of a heavily indebted oil-exporting country, more similar to Venezuela than to Saudi Arabia. Moreover, the cost of rebuilding Iraq after the war is likely to place further burdens on its public finance. Federal Reserve Bank of San Francisco Economic Letter, USA  May 9/2003

Iraq's [US]$326 billion debt, war claims may complicate rebuilding   by Bill Varner
Negotiations -- covering sovereign debt owed to such nations as Russia, Poland, Egypt and Germany as well as claims from Iraq's 1990 invasion of Kuwait -- may hinder Iraq's reconstruction, according to Robert Hormats. Bloomberg  May 8/2003

Make odious debt too risky to issue  by Michael Kremer and Seema Jayachandran 
Iraq can make a strong case that Mr Hussein borrowed without the consent of the Iraqi people and then spent much of the money to finance violence and repression. Hence, Iraq might argue, the debt is illegitimate. Financial Times  May 8/2003

What to do with Iraq's 'most wanted'  by Amir Taheri
German society in the immediate post-Hitler era lacked the legitimacy to judge the Nazis... As the primary victim of Saddam's regime, the people of Iraq have all the legitimacy they need to try their oppressors. National Post  May 8/2003

Iraqi Kurdish leader accuses Russia of backing Saddam's regime
On the prospects for repayment of Iraq's $8 billion debt to Russia, Barzani said this would be "difficult to carry out as the Russia-Iraq contacts signed at the time of the Saddam regime were contrary to the interests of the Iraqi people." Agence France-Presse Moscow  May 7/2003

Iraqi Leader: Belarus Helped Iraq  by Judith Ingram 
Iyad Allawi, leader of the Iraqi National Accord, said some debt that Iraq owed Russia was for illegal deals and would not be recognized by the new authorities. The Associated Press   May 7/2003

Dealing with debt - problem or opportunity?  by Hussain Hindawi and John R.  Thomson
Iraq's US$350 — 500 billion debt burden can be an enormous problem - or opportunity. Reducing and managing it will not be easy, but it can be done, given a long view and reasonable goodwill. National Review Online, USA  May 6/2003

Debts of a Dictator  by Jim Lehrer
Iraq owes nearly $400 billion in obligations dating back to the first Gulf War. A new Iraqi government will have to decide what to do about Saddam's debt while it tries to rebuild. PBS NewsHour Transcript  May 6/2003

As Iraqi Dust Settles, Debt Is Getting A Lift  by Conrad de Aenlle
The swift demise of Saddam Hussein's government was cause for jubilation at financial institutions that hold Iraqi debt. After trading at less than 10 cents on the dollar before the war, it soared to 25 cents as the outcome became assured. The New York Times  May 5/2003

Empowering Iraq: The devil is in the details  by William Hartung 
If the condition for honoring Saddam's debts is that "the action taken by the Hussein regime that gave rise to the sanctions, contract or loan was taken with the consent of and for the benefit of the Iraqi people," as Kemp suggests, why stop there? TomPaine.com, D.C.  May 5/2003

U. S. says Iraq may need Serbia-style debt writeoff  by David Chance
Iraq cannot be expected to start repaying its massive debts this year or next, and may need to be treated like other post-conflict countries which have received major debt write-offs says John Taylor,Treasury Undersecretary for International Affairs. Reuters  May 4/2003

Forgive the Iraqi Debt   by Dr. Nile Gardiner and Marc Miles, Ph.D.
Indeed, the doctrine of "odious debt," which dates back to the aftermath of the Spanish-American War of 1898, could be applied in the case of Iraq. The Heritage Foundation, Executive Memorandum   May 2/2003

The danger of being too forgiving  by Harold James 
If those who lend money to dictators or authoritarian leaders were threatened systematically by debt repudiation, the project of worldwide democratisation and pacification would be much quicker. The Financial Times, UK  May 1/2003

Iraq's Odious Debts: Don't stick Saddam's victims with the bill for his rule.  by Editorial
Does the next Iraqi government really have an obligation to negotiate its way out of this mess? Perhaps not, according to a doctrine known as "odious debt." The Wall Street Journal, USA  April 30/2003

Compelling case for debt relief  by Salil Tripathi
If a country's debt burden is exceptionally high, it is possible to declare what Americans call Chapter XI bankruptcy. Another is the old concept of odious debt that says that states should not be bound to repay odious debts run up by repressive regimes. Khaleej Times, Dubai  April 29/2003

Russia may agree to restructure Iraq's debt  by Deborah Seward
Russia's finance minister said that Moscow may be willing to consider a restructuring of Iraqi debts contracted by Saddam Hussein's regime but stressed that the government opposed a complete write-off. Associated Press  April 29/2003

U. S. considering 'odious debt' doctrine for Iraq  by Alan Elsner
The idea to declare the hundreds of billions of dollars owed to foreign creditors as "odious debt" is being promoted by some conservatives in the Bush administration. Reuters  April 29/2003

Iraqi debt write-off 'likely,' says EIU
The Economist Intelligence Unit (EIU) suggested Monday that the most likely result of negotiations on Iraq's massive foreign debts will be a substantial write-off. IRNA  April 28/2003

The right way to ease Iraq's debt burden   by Edwin Truman 
Should Iraq become the first country to benefit from the doctrine of "odious debt"? Edmin Truman says "No" and gives four reasons for his decision. Financial Times  April 27/2003

Glimmerings of peace?  by Paul Greenberg
The best thing the French could do for the new Iraq would be to forgive its people their odious debts to French companies. The Washington Times  April 23/2003

De novo in Iraq  by Jack Kemp
The legal and moral basis of those sanctions, debts and contracts [that were imposed upon and executed by the odious and now defunct Baathist dictatorship of Saddam Hussein] went the way of the Hussein regime - they are moot, null and void. Frontpage Magazine  April 22/2003

Will World Bank, IMF botch Iraq?   by Mark Gongloff
Some critics worry that, based on their track record, the World Bank, IMF might do little good. CNN/Money  April 22/2003

Follow the Money  by William Safire
Few doubt that vast Iraqi assets have been secretly transferred out of the country for years, and especially in the prewar months...Taken together, Saddam's huge haul is now terrorism's central bank account. The New York Times  April 21/2003

Forgive them his debts   by Irwin M.  Stelzer 
Americans will probably be torn by our natural inclination to support the sanctity of contract, and the contradictory feeling that the Iraqi people should not have their futures blighted by debts incurred by a bloody tyrant. The Weekly Standard, USA  April 21/2003

Writing off tyrants' debt is a principle that should be extended to even poorer nations  by Charlotte Denny
As the last remnants of Saddam regime crumbled, the US treasury secretary, John Snow declared Iraq's citizens should not have to pay back the debts racked up by their former dictator. The Guardian  April 21/2003

Rebuilding Iraq: The hard path to new nationhood
The repayment of some Iraqi debt, despite regime change, is crucial to rebuilding Iraq's credibility in international credit markets. The payment of war reparations is not. The Economist   April 19/2003

A question of despots and debts  by Jerry Heaster
There is a moral dimension to the Iraqi debt issue that deserves a good deal more discussion than it has gotten so far. Should those who lend money to despots expect to get their money back if the despot is toppled? Kansas City Star, MO  April 18/2003

Analysis: Forgiving Iraq's debts - II  by Sam Vaknin 
With reparations and commercial obligations, the country's destitute denizens are saddled with more than $16,000 in debt per capita. Iraqi debt equals 15-20 times the country's gross national product. The Washington Times  April 18/2003

Debts, Moral and Financial  by Pejman Yousefzadeh
There is a doctrine that has gained some acceptance in international law that might be able to help Iraq solve its debt problems. This is the "doctrine of odious debts." Tech Central Station  April 18/2003

A country in ruin but rich in resources looks to rebirth  by Sam Ali
Outside Iraq, the usual repositories of economic data, like the World Bank or the International Monetary Fund, have scant knowledge of what has been going on inside the country since the 1980s. The Star-Ledger  April 17/2003

Forgiving Iraq's Debts  by Sam Vaknin
Chairman of the Duma's Committee on the State Debt and Foreign Assets, Vladimir Nikitin, called the American proposals for debt relief "more than bizarre". Iraq's debt to Russia - some "well verified and grounded" $8 billion - is not negotiable. buzzle.com  April 17/2003

Next spat over Iraq: Foreign debt relief
Outstanding public-sector loans to Iraq are fast becoming another contentious issue between the US and the so-called coalition of the unwilling. Japan is also an interested player, holding a total of 673 billion yen in outstanding loans to Iraq. The Asahi Shimbun  April 17/2003

Who can sell Iraq's oil?  by Stephen Evans 
Saddam Hussein used much of the borrowed money to pay for his wars against Iran and Kuwait and his repressive forces...But the rules are there: tyrannies may fall, but their debts live on. BBC News  April 17/2003

Deferring to a failing Europe  by George Will
There is no entitlement for France, Germany, Russia and the U.N. They did all in their power to keep Saddam Hussein in power, which makes them accessories to tyranny and war crimes. The Daily Telegram  April 16/2003

Restructuring, not forgiveness
If Mr. Snow's remarks were muddling, those of Mr. Wolfowitz were mischievous. Iraq's debt problem is a serious issue. It should not get mixed up in political point-scoring. Financial Times editorial  April 15/2003

Debate Rages on Reconstructing Iraq  by Catherine Belton
"Some people shot, some people stole, and now someone has to pay for that," Putin said in wry response to a reporter's question about Wolfowitz's debt proposal. His remarks came after the trilateral talks in St. Petersburg. Moscow Times  April 14/2003

Division on rebuilding Iraq could slow down the process  by Bob Davis, Alan Cullison and Farnaz Fassihi
The Saddam Hussein regime simply ignored the debt, but a new government looking to establish commercial credit arrangements around the world would be under immense pressure to pay off Baghdad's obligations. Wall Street Journal  April 14/2003

Iraq on fast track for debt relief  by Larry Elliott
Iraq is to be put on a fast track for debt relief as part of a package to rebuild its shattered economy agreed after the world's leading nations stepped back from the brink of a damaging row over post-war economic reconstruction. The Guardian  April 14/2003

Iraq's debt burden too big for broke economy to bear  by David R. Francis 
Germany's World War I reparations totaled about twice its gross domestic product (GDP). The debts were never paid in full. They proved to be an impossible burden. Iraq's debts amount to 15 times its annual GDP of perhaps $25 billion. The Christian Science Monitor  April 14/2003

Köhler sees sunny times ahead for IMF   by Rosie Murray-West and Lachlan Johnston 
Mr Köhler said it may be too soon to pursue debt forgiveness for Iraq, despite pressure from Washington. "Debt forgiveness for Iraq - for me, this is a bit premature to judge," he said. Telegraph, UK  April 14/2003

The theatre of debt absurdity: American taxpayers don't like their money to be wasted  by Dmitry Slobodanuk (Translated by: Maria Gousseva)
"American taxpayers are nervous and whimsical, they don't like their money to be wasted. It's just a convenient moment to find a scapegoat, a potential sponsor." A Russian perception of Paul Wolfowitz's proposal to write-off Iraq's debts. Pravda, Russia  April 14/2003

G-7 agrees that Iraq needs help with debt - Important roles seen for IMF, World Bank  by Paul Blustein
The world's seven major industrial nations agreed on the need for a "multilateral effort to help Iraq," including international negotiations concerning Baghdad's debt burden and reconstruction loans from institutions such as the World Bank. The Washington Post, USA   April 13/2003

Victors will split the spoils of war  by Tom Christian
Due to the Doctrine of Odious Debts, France, Germany and Russia stand to lose billions in debt owed by Iraq. Sarasota Herald Tribune  April 13/2003

Jousting With Debt
Over the past decade, Saddam Hussein was able to build several dozen palaces and keep his security apparatus intact thanks largely to foreign loans, and it seems grossly unfair for France, Russia and Germany to make a new regime pay. Washington Post  April 12/2003

Late converts to dropping the debt  by Tina-Marie O'Neill
The formidable task of putting together an interim Iraqi authority and settling Iraq's finances dominated the agendas of most western governments. At issue was what to do about Iraq's 'odious debt'. Sunday Business Post , Ireland  April 12/2003

Will the Iraqi people be allowed to rebuild their country?  by Dr. Eric Herring
Will the Iraqi people be allowed to rebuild their country free from the debts of Saddam Hussein's regime? Bristol Evening Post  April 12/2003

House Resolution 198  by Rep. Tom Cole
Expressing the sense of the U.S. House of Representatives that France, Germany, and Russia can initially best contribute to the reconstruction of Iraq by the forgiveness of outstanding debt... House of Representatives, USA  April 11/2003

Iraq Looks Toward Rebuilding
"How can we achieve debt relief? Because the Iraqi people are not responsible for these debts. It was the regime," asks Iraqi dissident Kazem Habib. Deutsche Welle, Germany  April 11/2003

Putin says Russia may forgive Soviet-era Iraq debt
Russian President Vladimir Putin said Friday Moscow was ready to consider Washington's call for it to forgive Baghdad some $8 billion in Soviet-era debt. Reuters  April 11/2003

US in push for Iraqi debt relief  by Alan Beattie 
John Snow, US Treasury secretary, told Fox News that he would bring up debt relief for Iraq at Friday's meeting of finance ministers of the Group of Seven rich countries. Financial Times  April 11/2003

Drop Saddam's debt  by Noreenah Hertz
Iraq has been just one of the many countries that have been lent money to support our geopolitical or corporate interests . . . Most of these countries are still paying for these monies even after they have supposedly been freed from tyrannical regimes. Review of International Social Questions  April 9/2003

'Odious debt' relief  by Bruce Bartlett
Even with large write-downs, there will still be a big Iraqi debt to deal with. However, some analysts are suggesting that part of it could be repudiated, as has been done in the past when tyrannical regimes were overthrown. The Washington Times  April 9/2003

Baghdad action triggers rally in traded debt  by Pýivi Munter 
The prospect of a regime change in Baghdad that could pave the way for debt restructuring talks between a new government and the country's long-suffering creditors, has triggered a rally in Iraq's traded debt. Financial Times  April 8/2003

The future of Iraq
A liberated Baghdad shouldn't have to pay Saddam's French debts. Wall Street Journal editorial  April 7/2003

Gambling On Iraq's reconstruction  by Chana R. Schoenberger
Every vanquished Iraqi Republican Guard division is a hopeful sign for investors who have bought up Iraqi debt. Forbes.com  April 4/2003

Iraqi debt: The cold calculation of war
Already, traders say, the secondary-market price of two big Iraqi loans has doubled, to around 19 cents on the dollar. The Economist   April 3/2003

What will be the model for peace in postwar Iraq  by Alan Krueger
Will the consequences resemble the tragedy of Germany after World War I or the success of Germany after World War II? New York Times  April 3/2003

Analysis: Russia-U.S. ties strained by war  by Anthony Louis
Russia's Defense Minister Sergei Ivanov is quoted to the thorny issue of Iraq's $7.5 billion debt to Russia, admitting for the first time that "Saddam is neither friend nor brother to us, and he will never repay (Iraq's) debts to us." United Press International  April 2/2003

Press briefing by Ari Fleischer  by The White House Office of the Press Secretary 
A reporter questioning Ari Fleischer about the Iraq situation, asked: "Does the President have a feeling on what should be done with Iraq's debt?" April 2/2003

A clean slate for Iraq  by James Surowiecki
A recent New Yorker article endorsed Probe International's position on Iraq's odious debts, articulated in a National Post opinion piece on Feb. 12, 2003, by Larry Solomon and Probe International's Pat Adams. The New Yorker, USA  March 31/2003

Liberation means freedom from debt  by Dr. Eric Herring
Dr. Eric Herring argues that the liberation of the Iraqi people means freedom. Bristol Evening Post  March 29/2003

A war for France's oil - The real reason Chirac backed Saddam  by Holman W. Jenkins Jr.
Iraq makes a new exhibit for the argument that natural resources are more a curse than blessing. Since his earliest days, Saddam has channeled the country's oil revenue through his personal accounts and used it to amass weapons and buy off supporters. The Wall Street Journal, USA  March 19/2003

Iraq strengthens air force with French parts   by Bill Gertz 
France now has an estimated $4 billion in debts owed to it by Iraq as a result of arms sales and infrastructure construction projects. The debt is another reason U.S. officials believe France is opposing military force to oust Saddam. The Washington Times, USA  March 7/2003

Britain's dirty secret   by David Leigh and John Hooper
A chemical plant was secretly built by Britain in 1985 behind the backs of the Americans. Ministers in the then Thatcher government secretly gave financial backing to the British company involved, Uhde Ltd, through insurance guarantees. The Guardian, UK   March 6/2003

How deal got the green light despite nerve gas warning  by David Leigh
From 1982 on, Saddam Hussein was filling an arsenal of shells and bombs with mustard gas and nerve agents at his main chemical munitions complex, Muthanna, in the desert 50 miles north-west of Baghdad. The Guardian  March 6/2003

The strange case of Falluja 2   by David Leigh
According to the Guardian, confidential files reveal Tory ministers' roles in the approval of a gas-producing facility in Iraq and plans to hide it from the U.S. The Guardian, UK   March 6/2003

And they talk of peace  by Andrew Coyne
While France, Germany and Russia now profess to favour disarmament, they have not only consistently opposed any practical measure to effect it over the years, they have themselves been Saddam's chief suppliers of weapons of mass destruction. National Post, Canada  February 12/2003

Iraq's odious debts  by Lawrence Solomon
Russia and France have good reason to oppose a war with Iraq: They stand to lose more from Saddam Hussein's ouster than any other countries in the world. National Post, Canada  February 12/2003

The rat that roared  by Christopher Hitchens 
The future government in Baghdad may very well not consider itself responsible for paying Saddam's debts. Does this alone condition the Chirac response to a fin de regime in Iraq? The Wall Street Journal, USA   February 6/2003

France: Iraq has WMD  by Jonathan Rhodes
The French seem perfectly satisfied that the money they pay Saddam for oil goes toward WMD programs and supporting the military. Iraq owes France over $8 Billion in oil IOU's and France has huge oil development contracts with Saddam. efreedomnews.com, USA  January 26/2003

France motivated by its own oil argument  by Jonah Goldberg
Where Saddam rules, oil money goes to palaces and weapons. The French know this. [...] It's a brainless slander to say America wants a war for oil. It is a plain fact that France wants "peace" for oil. The Washington Times, USA  January 22/2003

'Free Iraqis' meet in Washington to discuss reconstruction  by Kathleen Ridolfo
The participants agreed that Iraq's debts are of two types: civilian debts [...] and military debts. [...] Military debts should be renegotiated because they were incurred by a government that was not representative of the population. Radio Free Europe / Radio Liberty, Czech Republic  December 10/2002

Carve-up of oil riches begins  by Peter Beaumont and Faisal Islam
US plans to ditch industry rivals and force end of Opec, write Peter Beaumont and Faisal Islam. The Observer, UK  November 3/2002

Allies in bed with Saddam   by Bob Pratt 
British Aberdeen Asset Management Trust has invested in North Korean and Iraqi debt. "It's toxic stuff," admits Colm McDonagh, an Aberdeen fund manager, "but when it moves, it really moves." BushCountry.org, USA  September 13/2002

Regime change could benefit Iraqi creditors  by David Chance
If Saddam Hussein is overthrown, investors owning hitherto worthless Iraqi loans could make huge returns, mirroring the performance of Yugoslav debt at the time of the ousting of Slobodan Milosevic. Reuters  September 13/2002

Iraqi-born economist focuses on the future of Iraq  by Vicki Silverman
Interview with Salah Al-Sheikhly, former head of Iraq's Central Bank. U.S. Dept. of State  August 12/2002

Odious debt  by Michael Kremer and Seema Jayachandran
The legal doctrine of odious debt makes an analogous argument that sovereign debt incurred without the consent of the people and not benefiting the people is odious and should not be transferable to a successor government. Finance & Development magazine, Vol. 39, No. 2 (International Monetary Fund)  June 1/2002