Iraq Debt write-off

[takao]

http://news.bbc.co.uk/1/hi/business/4027863.stm

so finally after talks france/germany/etc. settled with the US the iraq debt write off..
from proposed 50% (france) and 95% (US) the deal was settled to "up to 80% in three steps"
i hope this really helps iraq ....

comments ?

[skunk]

A typical piece of US arm-twisting. Why the hell should Iraq be forgiven its debt when many, more needy countries still owe so much?

[miloblithe]

A typical piece of US arm-twisting. Why the hell should Iraq be forgiven its debt when many, more needy countries still owe so much?

Because the failure of those countries does not (in the eyes of the Bush administration) reflect badly on us. Failure in Iraq would.

[Durandal7]

A typical piece of US arm-twisting. Why the hell should Iraq be forgiven its debt when many, more needy countries still owe so much?

Because we don't want post-invasion Iraq to turn into post-WWI Germany.

[Ugg]

Because we don't want post-invasion Iraq to turn into post-WWI Germany.

It hasn't already? Actually I would go so far to say that it is worse than post WWI Germany. With state-owned industries destroyed either through bombs or the brutal opening of the market to foreign competition without a transition period, massive forced unemployment in the military and government, the virtual sell-off of all Iraqi assets to foreign-owned companies, the rise of a fanatical right-wing, social unrest...... The list goes on and on.

The former soviet bloc countries are just barely making the transition and they had the benefit of a bloodless transition. 15 years on the economic benefits are bypassing the poor and middle classes for the most part and going to the upper levels of society. The 10 newest members while gaining a great deal from the EU are also paying a price for membership. I'll bet that it will be another decade before these countries have finally sorted out the inequities in their societies and they'll do it without the benefit of a debt write-off. I hardly see how Iraq will be able to make the transition in less than 20 years even with debt write off and forced "free" elections.

[skunk]

Because we don't want post-invasion Iraq to turn into post-WWI Germany.
Too late.