Giancarlo
11-21-2004, 11:53 AM
I think Bush had to do some arm twisting here.. possibly threatening to call in France's own debt.
Story here (http://story.news.yahoo.com/news?tmpl=story2&u=/ap/20041121/ap_on_re_mi_ea/iraq_debt)
PARIS - Major economic powers agreed on Saturday to write off billions of dollars of debt for Iraq (news - web sites), the French Finance Ministry said, in a deal that marked a significant step in U.S. efforts to help put the Iraqi economy back on its feet.
Under the agreement, the Paris Club of 19 creditor nations will write off 80 percent of the $42 billion that Iraq owes them, ministry spokesman Rene Forgues said.
"It's 80 percent, it's official," Forgues told The Associated Press. He said the deal would take effect in three phases but did not give additional details.
Story here (http://story.news.yahoo.com/news?tmpl=story2&u=/ap/20041121/ap_on_re_mi_ea/iraq_debt)
PARIS - Major economic powers agreed on Saturday to write off billions of dollars of debt for Iraq (news - web sites), the French Finance Ministry said, in a deal that marked a significant step in U.S. efforts to help put the Iraqi economy back on its feet.
Under the agreement, the Paris Club of 19 creditor nations will write off 80 percent of the $42 billion that Iraq owes them, ministry spokesman Rene Forgues said.
"It's 80 percent, it's official," Forgues told The Associated Press. He said the deal would take effect in three phases but did not give additional details.