More on debt relief

[Kim]

I would be surprised to hear on debt relief this week with the news from this article. There is a donor conference July18-19 in Amman Jordan to discuss more debt relief.

6/28/05
Iraq Wants End to U.N. War Compensation Scheme
GENEVA - Iraq called on Tuesday for an end to a United Nations-run program that diverts part of its oil earnings to pay compensation for damage caused by its 1990 invasion of Kuwait and the 1991 Gulf War.

Iraq still owes $32.9 billion in awards approved by the U.N. Compensation Commission (UNCC), whose Governing Council is this week considering a further $50 billion in demands for environmental damage. Five percent of Iraqi oil revenues goes to finance the awards.

http://english.epochtimes.com/news/5-6-28/29901.html

[sprtbuf]

Thought all settlements were going to be completed by July 1 and the Donor conf was about countries giving money to invest in building up the country, not more write offs....could be wrong..what do I know...anyone else got an idea?

[Kim]

The debt relief discussion was postponed until the Donor Conference per Rice.

[Chaka]

2 different issues-debt relief and reconstruction

[sprtbuf]

Debt relief was the Brussels....reconstruction is the one in Mid july then....and Chaka will be starring in the next E! True Hollywood Story... :D

[Big Daddy Dinar]

Here is a quote from DrCashflow yesterday on Iraq's intentions vis-a-vis the UNCC:

"Right you are, IcarusII. Iraq is pushing for bilateral negotiations, thereby making any UNCC awards the max amount. Why? It's just like a creditor awarded a judgment but now challenged with collection."

Now here is a quote from the article itself:


"GENEVA - Iraq called on Tuesday for an end to a United Nations-run program that diverts part of its oil earnings to pay compensation for damage caused by its 1990 invasion of Kuwait and the 1991 Gulf War. However, it said it was ready to negotiate claims on a bilateral basis with individual countries, notably Kuwait."

See a correlation? DrCashflow is right on the money again. Hopefully all of his insights come to fruition.

[Sandman]

Here is a quote from DrCashflow yesterday on Iraq's intentions vis-a-vis the UNCC:

"Right you are, IcarusII. Iraq is pushing for bilateral negotiations, thereby making any UNCC awards the max amount. Why? It's just like a creditor awarded a judgment but now challenged with collection."

Now here is a quote from the article itself:


"GENEVA - Iraq called on Tuesday for an end to a United Nations-run program that diverts part of its oil earnings to pay compensation for damage caused by its 1990 invasion of Kuwait and the 1991 Gulf War. However, it said it was ready to negotiate claims on a bilateral basis with individual countries, notably Kuwait."

See a correlation? DrCashflow is right on the money again. Hopefully all of his insights come to fruition.


I think Dr Cash Flow knows MUCH more than he lets on.

[Lux]

A major multinational national company which has recieved compensation payments through the UNCC has indicated to Jubilee Iraq that it has decided to return the money to the Iraqi people, probably through donating it to a humanitarian organisation working in Iraq.

http://www.jubileeiraq.org/blog/2005_06.html#000848

[Chaka]

Great Post Sl!

[bert]

the uncc price against iraq for other countrys--kuwait.was 5% of there oil,which was 25$ a barrel.now it's 60$.read it was going down to 1% of there total.just a rumor at there conference floating around.what that equals not sure? :confused:

[F355]

I would be surprised to hear on debt relief this week with the news from this article. There is a donor conference July18-19 in Amman Jordan to discuss more debt relief.

6/28/05
Iraq Wants End to U.N. War Compensation Scheme
GENEVA - Iraq called on Tuesday for an end to a United Nations-run program that diverts part of its oil earnings to pay compensation for damage caused by its 1990 invasion of Kuwait and the 1991 Gulf War.

Iraq still owes $32.9 billion in awards approved by the U.N. Compensation Commission (UNCC), whose Governing Council is this week considering a further $50 billion in demands for environmental damage. Five percent of Iraqi oil revenues goes to finance the awards.

http://english.epochtimes.com/news/5-6-28/29901.html

Sorry, this makes no sense to me...If Iraq can escape debt because it is considered "odious" (not authorized by the people), how can Iraq not escape liability for odious environmental liabilities?
I'm quite sure the Iraqi people did not sanction the environmental terrorism in the first gulf war! :no:

[Big Daddy Dinar]

I would be surprised to hear on debt relief this week with the news from this article. There is a donor conference July18-19 in Amman Jordan to discuss more debt relief.

6/28/05
Iraq Wants End to U.N. War Compensation Scheme
GENEVA - Iraq called on Tuesday for an end to a United Nations-run program that diverts part of its oil earnings to pay compensation for damage caused by its 1990 invasion of Kuwait and the 1991 Gulf War.

Iraq still owes $32.9 billion in awards approved by the U.N. Compensation Commission (UNCC), whose Governing Council is this week considering a further $50 billion in demands for environmental damage. Five percent of Iraqi oil revenues goes to finance the awards.

http://english.epochtimes.com/news/5-6-28/29901.html


Here is another link to their press release:

http://www2.unog.ch/uncc/pressrel/pr_56c.pdf

[BigE]

Don't know if you all have seen this, found this in a china news web site from 30 minutes ago...about Kuwuit Granting money to Iraq. sorry if it is a repeat.

http://news.xinhuanet.com/english/2005-06/30/content_3159614.htm

[Joe D_inar]

Nice post BigE. I think more was discused in that meeting.JMHO

[Lux]

Here is another link to their press release:

http://www2.unog.ch/uncc/pressrel/pr_56c.pdf

As I posted on another thread:

This is a major victory in UNCC reparations. Basically $64.99B was still on the table and only $366M was awarded. We now have a clearer picture of Iraq's debt. Not pretty, but a little clearer.

$8B - Paris Club after debt reduction of $42B
$65-80B - yet to be treated by countries like Saudi Arabia and Kuwait which could become $13-16B if give 80% reduction like Paris Club.
$33.3B - UNCC Reparations ($32.93B unpaid + $366M awarded today)
Total pre-war debt could "shrink" to $54-57B

[ShadowMaster]

As I posted on another thread:

This is a major victory in UNCC reparations. Basically $64.99B was still on the table and only $366M was awarded. We now have a clearer picture of Iraq's debt. Not pretty, but a little clearer.

$8B - Paris Club after debt reduction of $42B
$65-80B - yet to be treated by countries like Saudi Arabia and Kuwait which could become $13-16B if give 80% reduction like Paris Club.
$33.3B - UNCC Reparations ($32.93B unpaid + $366M awarded today)
Total pre-war debt could "shrink" to $54-57B

I know where you got the $32.93B number from, and I'm sure it's wrong (there is no $32.93B unpaid debt). The paragraph in the press release you used to get that number is not about Iraq at all. It's talking about the UNCC and it's awards for the last 12 years. The $366M number is all Iraq owes for UNCC Reparations. Anyway here's the paragraph:

"The approval of these reports marks the completion of 12 years of claims processing at the
UNCC and brings to an end the work of the panels of Commissioners, as a whole. Since the
appointment of the first panels in 1993, over 2.68 million claims, seeking approximately USD 354
billion in compensation, have been resolved by the various panels of Commissioners. Awards of
approximately USD 52.5 billion have been approved in respect of approximately 1.5 million of these
claims, representing roughly 14.8 per cent of the amount claimed. To date, approximately US$19.2
billion has been made available to Governments and international organizations for distribution to
successful claimants in all categories of claims. In addition, pursuant to Governing Council decision
227, up to US$200 million will be made available for distribution to successful claimants in July 2005.
The resolution of such a significant number of claims with such a large asserted value over a period as
short as twelve years has no precedent in the history of international claims resolution."