Paris, Berlin reconsider Iraq debt

[BVS]

Paris, Berlin reconsider Iraq debt
Tuesday, December 16, 2003 Posted: 1:35 PM EST (1835 GMT)



Schroeder (right) and Baker after their meeting.

BERLIN, Germany (CNN) -- The leaders of Germany and France have told former U.S. Secretary of State James Baker they are willing to help relieve the $120 billion owed by Iraq.


http://www.cnn.com/2003/WORLD/europe/12/16/sprj.irq.france.baker/index.html

 

[verte76]

I hope they drop Iraq's debt. The people of Iraq shouldn't have to pay for Saddam's palaces or wars.

 

[Klaus]

I think it could be a mistake to drop the debts.
It's the wrong signal. Why should in the future countries lend another country money so that they can built a better infrastructure if you have to be affraid that you won't get the money back?
I think they should pause the debts for several years and then iraq will be able to repay it, remember it's a verry wealthy country. The oil has just to be pumped overground.

Klaus

p.s. Germany still pays the debts for reperation-costs for Worldwar I, i see no problem with that too.

 

[DrTeeth]

I think it might send a good signal to countries in the sense that if you spend cash on wrong regimes, you might not get it back. On the other hand, Iraq can be a very wealthy country once the oil starts flowing and there are a lot of other countries who are more in need of their debts being dropped.

 

[STING2]

Why should the Iraqi people have to pay for Saddam's dealings?

 

[BVS]

Why should the Iraqi people have to pay for Saddam's dealings?

Good question. What will be interesting is the precedent this will set if the US and others forgive or restructure the debt. Iraq's a country with resources that could pay off some of the debt. What kind of precedent will this set if let's say the US relieves the debt of Iraq but doesn't of other poorer countries? Remember the US hasn't said for sure if they will forgive or not.

 

[Klaus]

Sting2: why should German people pay for the dealings of their former King (Big differences between a King and a Dictator??)? Because of his military expansion plans the germans went to WW I.

Not all money iraq got was spent on Military equipment, some of the money was spent to built roads, powerplants etc.

I'd prefer that other countries debts are forgiven, countries who weren't ruled democratic (like iraq) and won't have the chance in the future to pay back their debts. Iraq is a rich country, that's why 0% rate of interests for the next year should solve their temporary money problem..

Klaus

 

[Sherry Darling]

Klaus, Sting is right. Iraq's debt is odious by international law, which requires that 1. The debt was used NOT for the benefit of the people (check) 2. the gov't was not elected (duh) and 3. the creditors knew about 1 and 2 (was anyone surprised by those mass graves?) Creditors have GOT to learn, the hard way if need be, that if you lend with such reckless lack of concern for human rights, you shouldn't count on getting your money back. The docterine of odious debt will thus go a long way to stopping terrorism and militarism, since creditor are going to be sure they're lending to resposible parties, and should thus behave like responsible parties themselves.

Some homework for anyone interested
http://odiousdebts.org
http://jubileeiraq.org

Cheryl

 

[STING2]

Klaus,

I don't think German people today should be paying for reperations or anything from World War I, unless you could define Germany as a democracy during World War I.

Any Roads or powerplants built in Iraq while Saddam was in power were built by Saddam to reward his political supporters and punnish his political opponents by denying them such things. My friends spent a good bit of time in the Shia south and the on thing they told me is that there was no such thing as electricity there. People lived like people did hundreds of years ago. No roads or powerplants at all. Baghdad might as well have been another planet. The differences were that extreme they said.

Iraq is a country with RICH POTENTIAL. Right now, it is technically one of the poorer nations on the planet do to Saddam's rule. Its going to take years to rebuild. The debt should be forgiven because it is one of the most efficient ways to help speed the development of the country and #2, the Iraqi people should not be burdened with a debt that is not theirs.