IRAQ debt update

[Dinaress]

Iraq is poised to announce Friday the successful completion of the first phase in the restructuring of Saddam-era commercial debt.



http://news.ft.com/cms/s/88cc8244-265f-11da-a4a7-00000e2511c8.html
Can you hear me squealing?????

[Sensei]

Iraq is poised to announce Friday the successful completion of the first phase in the restructuring of Saddam-era commercial debt.



http://news.ft.com/cms/s/88cc8244-265f-11da-a4a7-00000e2511c8.html
Can you hear me squealing?????

:wave:
Hello,
D,,, My hot babe,,, you ROCK!!! Killer find!
Sensei
:happy64:

[Dinaress]

I reckon ole EJAMM will forget all about what i said when he reads this...LOL

[Dinaress]

OOPS Sportslux i am so sorry i did not see the new debt update area...move it for us..thanks !!

[eosirl2]

Iraq is poised to announce Friday the successful completion of the first phase in the restructuring of Saddam-era commercial debt.



http://news.ft.com/cms/s/88cc8244-265f-11da-a4a7-00000e2511c8.html
Can you hear me squealing?????

Most excellent news!

I for one appreciate your hard work in searching diligently for these concrete news stories. It's nice to get confirmation of what we all had hoped for.

Kudos Dinaress

[Dinaress]

I LOVE IT !!!!!
Folks may not realize it but we just made history !!!!! :happy64: :happy64: :happy64:

[EJAMM]

I reckon ole EJAMM will forget all about what i said when he reads this...LOL

Why should I forget?

[Jerry]

Take it to PM.

Thanks,

Jerry

[Borage]

Thanks Dinaress!! Looks like we're rollin'! :happy64: :happy64:

[JASONTL]

“We are gratified with these first results and Iraq will soon be moving forward with additional cash offers on the same terms,” said Daniel Zelikow, managing director at JP Morgan.

“Iraq aims to put the issue behind it by year-end or early 2006.”


Are they saying just this initial phase will be done by early 2006, or all of Iraq's debt? Does anyone think that all debt will need to be resolved before a revalue?

Thanks.

[DinarsInTheStove]

Not sure about that Jason but it does sound very likely that this is what is implied. But, I would think that having started the restruction the debt that the next part would be to RVD. But than again I think the fiscal year for Iraq is January so the first of the year would be suitable as well, and would give more time to settle commercial debts.

[icarusII]

“We are gratified with these first results and Iraq will soon be moving forward with additional cash offers on the same terms,” said Daniel Zelikow, managing director at JP Morgan.

“Iraq aims to put the issue behind it by year-end or early 2006.”


Are they saying just this initial phase will be done by early 2006, or all of Iraq's debt? Does anyone think that all debt will need to be resolved before a revalue?

Thanks.

This debt discussed here is dealing with commercial creditors and private individual claims. This is separate from the Paris Club agreement.
Below is a brief explanation of this plan.

Original PR on the debt relief offers.
http://home.businesswire.com/portal/site/moreover/index.jsp?epi-content=GENERIC&newsId=20050726005626&&newsLang=en&beanID=1868105982&viewID=news_view

Highlights of Cash Offer
http://www.investorsiraq.com/showpost.php?p=110821&postcount=14

Highlights of Debt for Debt Exchange Offer
http://www.investorsiraq.com/showpost.php?p=110824&postcount=15

Icarus

[JASONTL]

Rodger that, thanks.

[JASONTL]

http://www.thebusinessonline.com/DJStory.aspx?DJStoryID=20050925DN002864

Iraq and Malta agreed Sunday to cancel 100% of debt the Arab nation owes the Mediterranean island, totaling more than $8 million

The agreement was announced by the Iraqi Finance Ministry on the sidelines of the annual meetings of the International Monetary Fund and the World Bank.

Romania and Iraq agreed Aug. 18 to cancel $2 billion in claims against Baghdad.

The standby agreement, under which the IMF would provide an unspecified amount on money into the reserves of Iraq's central bank, serves as a kind of international economic seal of approval and could spur debt forgiveness deals with creditors who are members of the Paris Club as well as non-member creditors.

[Tyreds Tale]

WASHINGTON, September 27 (Itar-Tass) -- The size of Iraq’s debt to Russia has not been fully agreed on yet, Russian Finance Minister Alexey Kudrin told Russian media after a meeting he had held in Washington with his Iraqi counterpart Ali Alaui and head of Iraq’s Central Bank Sinan al-Shabibi.

On the sidelines of the annual meeting of the IMF and World Bank leadership bodies the procedure of effecting the decision to write off part of Iraq’s debt to Russia was discussed.

Kudrin said the debt reconciliation had been delayed for various reasons....

The question of writing off Iraqi debts within the framework of the Paris Club has been decided in principle. Originally Baghdad’s debt to Russia was estimated at 10.5 billion dollars. Under the terms of the agreement this sum is to go down by 90 percent.

http://www.itar-tass.com/eng/level2.html?NewsID=2456314&PageNum=0

[buck74]

Hey, a 90% reduction would be great!

[TimP]

Yep...90% reduction would be awsome for Iraq....and then maybe they could work out a deal wif the Rooskies trading natural gas for the balance...or a part of it anyway. I read that Rooosia is gas hungry..... and if I am not mistaken Iraq has a butt-load of gas..(sorry about that guys :lmao: ) what a deal!

OOPS...or was that CHINA who was gas hungry???.....I am sooo cornfuzed :drunk:

[Tyreds Tale]

It seems that Russia barely agreed to the 90% Paris Club deal; maybe under some pressure. I sense some uneasiness about not getting their money, and a lack of assistance to the new Iraqi government. I suppose they are thinking of their own problems with terrorists and dont want to help Iraq in any way which may bring more terrorist activity at home, or something. I'd think it would be in their benefit to forgive all the debts and start a fresh relationship of trade and trust.

[JASONTL]

Bulgaria plans to follow the agreement of the Paris Club and to cancel 80% of Iraq’s external debt, which is USD 1.7 billion

http://www.focus-fen.net/index.php?catid=98&newsid=73245&ch=0

[JASONTL]

http://www.thebusinessonline.com/DJStory.aspx?DJStoryID=20050925DN002864

Iraq and Malta agreed Sunday to cancel 100% of debt the Arab nation owes the Mediterranean island, totaling more than $8 million

The agreement was announced by the Iraqi Finance Ministry on the sidelines of the annual meetings of the International Monetary Fund and the World Bank.

Romania and Iraq agreed Aug. 18 to cancel $2 billion in claims against Baghdad.

The standby agreement, under which the IMF would provide an unspecified amount on money into the reserves of Iraq's central bank, serves as a kind of international economic seal of approval and could spur debt forgiveness deals with creditors who are members of the Paris Club as well as non-member creditors.

At question time in Parliament yesterday, Labour MP Leo Brincat asked the prime minister for the background behind the decision taken by Malta, and signed in Washington on Monday, that Malta writes off the Lm2.8 million debt owed to it by Iraq.

Mr Brincat asked whether this had been an administrative decision, a ministerial or a Cabinet decision. :confused:

[Tyreds Tale]

05 Oct 2005
Bulgaria & Iraq to hold talks about debts

Bulgaria is to hold talks with Iraq regarding recovery of 20%, and striking off of 80% of its US $ 1.7 billion debt owed by Iraq.

http://www.occkw.com/iraq/view_News_main.asp?pid=1279

Plus Italy is writing off 80%.