Iraq: $250 Billion In Foreign Debt

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moa

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On National Public Radio heard a report several days ago that Iraq has $250 billion in foreign debt.

Now we know how Saddam could afford all those weapons he has accumlated. If the story is true, I sure would like to know how he got that kind of of international line of credit.

Report said that Iraq owed France and Russia $10 billion each. Heard another report this morning from a pretty sharp commentator that the amount owned Russia by Iraq may actually be in the $20-30 billion range.

NPR report says that there is no way for the Iraq of the future to pay off its debts, and it will have to probably renege on those debts.

I understand that both France and Russia really need those debts paid off.
 
Somehow, I don't expect France or Russia to get their money anytime soon.

Too bad. :evil:
 
If these countries have one shred of compassion left in their worthless souls they'll forgive the debts.

- Gabe
 
I can't remember where I saw it, but John McCain was being interviewed and the interviewer asked what he thought France, Germany and Russia's contribution to the rebuilding of Iraq should be. He responded by saying, "Well, their contribution should consist of forgiving the debts to their respective nations incurred under Saddam's regime". I was stunned!:what:
 
The comedian Dennis Miller said on the NBC Today Show, that if the French are really interestd now in getting their hands dirty in Iraq, they just have to run their fingers through their hair.

I thought that one quite clever. :D
 
I just don'd understand how a country that rich could have that much in debt? I mean, how long do you continue 'giving' weapons or any other tangible items to a country that hasn't paid you?
 
One of teh reporters was talkking about tis very topic. She was quite sharp, was quoting international law to the effect that Iraq can repudiate these 'onerous' depts, as they were the doings of a corrupt dictator for his won benfit, and no the benfit of the country.

A large part of the reason the Iraqi debt is so high is that Saddam was robbing the place blind, handing out very favorable oil contracts for bribes under the table, diverting legit income to his own family and cronies. etc. rather than buy the food & medicine he was supposed to be buying. This malfeasance was killing upwards of 400,000 Iraqis a year through malnutrition and disease, 40% of the victims are children.

The next trick will be to follow the money. Over $300 million in Iraqi gov't assests have already been forzen, 'tis but a drop in the bucket. The French, Germans, Russians absolutely deserve to get stiffed. :fire: :fire: :fire:
 
As Hannity said tonight on Fox, if France and Russia REALLY want to take positive humanitarian steps in Iraq, they'll forgive the foreign debt.

However, it's very likely that they'll not only demand repayment, but also demand that the new Iraqi government honor the contracts that Saddam's gov't signed with those nations.

Nothing would be sweeter for the Iraqis to say :cuss: you to them on both counts.
 
France, Germany, and Russia are going to be hoisted on their own petards.

This question will be asked of each of them: "Exactly what did you sell to Iraq for Saddam to run up such a debt as you claim?"
 
IIRC, Russia was owed 40 billion at the time of the first Gulf War. I can't imagine it has decreased with Iraq bottled up by UN sanctions for the last 10 years.

France had a 60 billion dollar oil contract with Saddam's Iraq (maybe we should make that distinction, like "Nazi Germany"). Perhaps the frogs fronted a considerable amount of that money.

I agree, the new Iraqi government should not be held accountable for obligations made by the former dictator. Maybe it would help if France itemized the debts they are owed, like:
  • Biolafite fermentation vessels x 500 @ $100k/ea
    Small Pox seed stock x 100 litres @ 10k/litre
    Gazelle Attack Helicoptor x 500 @ 7million/each
    .
    .
    .
 
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