DEBT? NYET:

In a Major Step, Saudi Arabia Agrees to Write Off 80 Percent of Iraqi Debt (Steven Mufson and Robin Wright, 4/18/07, Washington Post)

Saudi Arabia has agreed to forgive 80 percent of the more than $15 billion that Iraq owes the kingdom, Iraqi and Saudi officials said yesterday, a major step given Saudi reluctance to provide financial assistance to the Shiite-dominated government in Baghdad.

But Iraqi Finance Minister Bayan Jabr said in an interview that Russia was holding out on debt forgiveness until talks begin on concessions that Russian oil and gas companies had under Saddam Hussein. Russian Embassy officials in Washington declined to comment late yesterday. [...]

The Bush administration wants to make debt restructuring for Iraq a centerpiece of an "international compact" at a meeting of Iraq's neighbors and international aid organizations to be held May 3 and 4 in the Egyptian resort of Sharm el-Sheikh, diplomatic sources said. So far 52 countries, including the Paris Club of creditor nations, have canceled between 80 percent and 100 percent of Iraq's debts, Jabr said.

it's odious debt--we should just cancel it for the Russians.

Posted by Orrin Judd at April 18, 2007 7:25 PM