Trading Iraq's pre-war debts

From: Middle East | Date: July 1, 2004| Author: | Copyright information

Milan Vesely reports from the Unites States on the situation of Iraq's massive pre-invasion debts, which are causing a stir among international speculators.

CURRENT ESTIMATES PUT IRAQ'S prior-invasion debt at close to $120bn. Of this amount the largest sums are owed to the US, some $2.2bn, France $3bn, Germany $2.4bn, Russia $3.5bn, Italy $1.7bn, Japan $4.1bn, and the UK $931m. Lesser but still substantial amounts are owed to Canada, Australia and a host of Arab countries.

To reduce Iraq's Saddam Hussein-era debts President Bush appointed former secretary of State James Baker as his special ...

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