News: Uncc Completes Processing Of All Claims Against Iraq!

[Big Daddy Dinar]

Here is the press release announcing that all claims have now been resolved. (Of course, bilateral negotiation is still possible in the future.)

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

For all of those who have been monitoring the forum lately, luminaries like DrCashflow have predicted that this was an essential condition to the dinar's appreciation. Hopefully, more good news will follow. (Personally, I'm just glad that they didn't postpone things again.)

[H2OLover]

Thanks ..going to read this now

Here is the press release announcing that all claims have now been resolved. (Of course, bilateral negotiation is still possible in the future.)

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

For all of those who have been monitoring the forum lately, luminaries like DrCashflow have predicted that this was an essential condition to the dinar's appreciation. Hopefully, more good news will follow. (Personally, I'm just glad that they didn't postpone things again.)

[Jared]

This is fantastic news!!

Jared :)

[BigE]

wasn't this one of the conditions that even Lance referred to in "his" rumor post about this weekend.

[Big Daddy Dinar]

wasn't this one of the conditions that even Lance referred to in "his" rumor post about this weekend.

I don't remember whether Lance referred to this or not. I definitely remember DrCashflow saying that this was critical to resolve before the dinar could appreciate. He's posted that on here numerous times. Hopefully, this is all just what the Dr. ordered.

[BigE]

He sated the following: "I have excellent information as well that the Saudis and Kuwaity governments are about to reach agreements on the debt reduction for Iraq in writing are you gonna love the numbers."

is this all in the same.

[Sandman]

Next time someone tries to bag on Lance just direct them here.

Nice work there Big Daddy. :D

[Big Daddy Dinar]

He sated the following: "I have excellent information as well that the Saudis and Kuwaity governments are about to reach agreements on the debt reduction for Iraq in writing are you gonna love the numbers."

is this all in the same.

Those are different negotiations taking place directly between Iraq and the Kuwaiti government, and the Iraq and the S.A. government. The UNCC is there for wrapping up all of the other claims submitted, whether from governments or individual citizens. Read the press releases and you will see what kind of claims that they are talking about. We still need to see a debt reduction agreement between S.A. and Iraq, and a debt reduction agreement between Kuwait and Iraq. Hopefully we will see that soon.

[eosirl2]

Here is the press release announcing that all claims have now been resolved. (Of course, bilateral negotiation is still possible in the future.)

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

For all of those who have been monitoring the forum lately, luminaries like DrCashflow have predicted that this was an essential condition to the dinar's appreciation. Hopefully, more good news will follow. (Personally, I'm just glad that they didn't postpone things again.)

252,028,468.00
-25,872,466.70
----568,296.05
--4,457,188.09
-79,287,500.00
--4,164,964.99
----373,500.00
===============
366,772,383.83

What a pretty number!!!

[lance]

I don't remember whether Lance referred to this or not. I definitely remember DrCashflow saying that this was critical to resolve before the dinar could appreciate. He's posted that on here numerous times. Hopefully, this is all just what the Dr. ordered.

This is exactly what the good doctor ordered, repeatedly. Praise the lord and pass the ammunition. You called it Doc.

[Hawk]

This is exactly what the good doctor ordered, repeatedly. Praise the lord and pass the ammunition. You called it Doc.

This is going as I have foreseen it!

Hawk

[KennyinOC]

Okay, I'm not very bright. I read the article but I don't see how it pertains to Iraq's economy.

I am missing something here.
Please someone help me so I can be happy like the rest of you!! :crying:

[lordrazor1]

This is going as I have foreseen it!

Hawk


All I know is with all of the great info Lance has provided, and Dr. Cash we were close, but with Hawk's statement......We're more than likely closer than we all think....

I'm going on things happen in threes....and Hawk makes three, now if Fed chimes in, we better wait at the bank!

[sprtbuf]

This is going as I have foreseen it!

Hawk


What do you forsee through next week Hawkeye? ;)

[nyinvest]

It looks like they approved the last of the claims and today added $366M to the total debt load. I don't see anything that they reduced any standing awards.

This is mixed news. It means almost 6 more months of debt payments were added to Iraqs balance.

[nyinvest]

I just had another stange thought..

Iraq sends Kuwait about 900 million Dinar.

Kuwait kind of looks at them and says "WTF are we going to do with $650K in Dinars?"

Iraq looks at them, looks at their watch, looks at them again and says "wait for it.. wait for it...."

Guess you had to be there.....

[DrCashflow]

As you know, Kuwait's PM meets with Bush tomorrow. This is no coincidence. The plan was always for the UNCC to resolve the remaining claims at a low recovery rate. Why? Because the UNCC has a multinational composition, so it can not be said that the U.S. had undue influence in the claims processing and adjudication. Remember, the U.S. was criticized for acting unilaterally in invading Iraq. Now that the U.S. has worked diligently and successfully for global support of Iraq, Bush is using diplomacy and "calling in favors." The U.S. has leverage over Kuwait, which would no longer have national oil reserves if Bush Sr. hadn't interceded in 1990. Ergo, W has a lot of influence with Kuwait.

Bush is moderating negotiations between Iraq and Kuwait. Jaafari met with the Kuwaiti officials on June 18 - 19 and then with Bush on June 24th. Now, Bush will meet with the Kuwait PM tomorrow, July 1st, to finalize terms, etc. As a sign of good faith, Kuwait has already extended aid to Iraq with grants, etc.

Tomorrow, the IMF revises its valuation model inputs.

************************************************** ******
I strongly encourage those who only complain and never contribute anything substantive to stop reading the posts of members providing info in good faith.

['Prior' Dinar]

Thanks Doc, as always a breath of fresh air. :happy64:

[Kevmo]

lmao You know you could have a point....pay with the dinar they have, then say just wait for the opening at $.xx.


Didnt Lance post something about a week ago regarding a truck load of dinar getting stopped at the border full of NID and then allowed to pass into Kuwait?

hmmmmmm.....

[Big Daddy Dinar]

As you know, Kuwait's PM meets with Bush tomorrow. This is no coincidence. The plan was always for the UNCC to resolve the remaining claims at a low recovery rate. Why? Because the UNCC has a multinational composition, so it can not be said that the U.S. had undue influence in the claims processing and adjudication. Remember, the U.S. was criticized for acting unilaterally in invading Iraq. Now that the U.S. has worked diligently and successfully for global support of Iraq, Bush is using diplomacy and "calling in favors." The U.S. has leverage over Kuwait, which would no longer have national oil reserves if Bush Sr. hadn't interceded in 1990. Ergo, W has a lot of influence with Kuwait.

Bush is moderating negotiations between Iraq and Kuwait. Jaafari met with the Kuwaiti officials on June 18 - 19 and then with Bush on June 24th. Now, Bush will meet with the Kuwait PM tomorrow, July 1st, to finalize terms, etc. As a sign of good faith, Kuwait has already extended aid to Iraq with grants, etc.

Tomorrow, the IMF revises its valuation model inputs.

************************************************** ******
I strongly encourage those who only complain and never contribute anything substantive to stop reading the posts of members providing info in good faith.

DrCashflow, this post is priceless. Thank you for putting up with the occasional idiot critic (and you guys know who you are) in order to give the truth-seekers on this forum some valuable information.

By the way, how does Glenlivet sound? (Inside joke.)

[lance]

Those are different negotiations taking place directly between Iraq and the Kuwaiti government, and the Iraq and the S.A. government. The UNCC is there for wrapping up all of the other claims submitted, whether from governments or individual citizens. Read the press releases and you will see what kind of claims that they are talking about. We still need to see a debt reduction agreement between S.A. and Iraq, and a debt reduction agreement between Kuwait and Iraq. Hopefully we will see that soon.
You go big daddy, tell them how it is. You are smokin hot. Lance

[Big Daddy Dinar]

You go big daddy, tell them how it is. You are smokin hot. Lance

Looks like we are getting somewhere, thanks to the efforts and resources of guys like Dr Cashflow and yourself. I've been trolling the UNCC website all day waiting for that press release, because I remember how important it was to the future of the dinar.

By the way, as DrCashflow said, will all of the bashers with nothing constructive to add simply refrain from participating in the discussion? That DOESN'T mean that genuine posters who are trying to play devil's advocate or asking genuine questions are not welcome, they definitely are. (If you go back and look at my posts, you will note how skeptical I myself have been.) But the snide, demeaning slams against those on the board who are actually trying to make a contribution towards getting the truth are really starting to piss me off. To those posters, I say: take it to the Yahoo message boards, you'll feel right at home.

[Sandman]

I just had another stange thought..

Iraq sends Kuwait about 900 million Dinar.

Kuwait kind of looks at them and says "WTF are we going to do with $650K in Dinars?"

Iraq looks at them, looks at their watch, looks at them again and says "wait for it.. wait for it...."

Guess you had to be there.....


Is 900 million an accurate figure? If so would it be possible based on the other figures to estimate the opening value?

[MotorDown]

Dr C, Lance, & others who have provided good "rumors". I will Now be "waiting for it" ( I think that was NyI said it.)

Thanks. :happy64:

[guyincognito]

Does this mean debt has been reduced from billions to a few hundred million? I want to be excited but i just don't understand what it said. :confused:

[icarusII]

Does this mean debt has been reduced from billions to a few hundred million? I want to be excited but i just don't understand what it said. :confused:

With the UNCC finalization of the claims against Iraq.....the International Monetary Fund can now categorize the dinar as an international currency and assess, and assign a "realistic" value to the dinar. With this new value, all claims against Iraq can now be paid without burdening the emerging nation with unbelievable debt. This allows Iraq to recover economically and facilitates payment to the awarded creditors.

Icarus

[guyincognito]

WoW that is F*@king Awesome :happy64:

[MotorDown]

Does this mean debt has been reduced from billions to a few hundred million? I want to be excited but i just don't understand what it said. :confused:

The following is an excerpt from another thread. I believe it was posted by farquar:

"However, the UNCC's Governing Council, winding up a three-day meeting, only agreed to pay a total $252 million." [out of over 50 BILLION in debt]

"It is a very small fraction, 0.5 percent of the amount claimed," Mojtaba Kazazi, Governing Council secretary, told a final news briefing." [99.5% forgiven]

[BigE]

this is a good read (short history) i just got on google alert about the dinar; http://mathaba.net/0_index.shtml?x=236004

[Jared]

Not to burst any bubbles, but the $366M awarded was just on what was left of existing claims. There are still billions owed if you read the article that will take decades to complete at their current rate of $200M/qtr.

Total claims were over $350B, of which $50B+ have been awarded and 19B+ has already been paid. So they do still have some debt as far as the claims go. Just re-read that article and you will see.

Jared

[cweng]

Does this mean that Iraq now only owes $50B - 19B + a few hundred M ?

[Jared]

Does this mean that Iraq now only owes $50B - 19B + a few hundred M ?

Yes. Previous awards totaled $52.5B and $19.2B has been paid leaving $33.3B. Now this final claim adds $366M to that for a total of $33.66B to be paid. At the rate of $200M/Qtr it will take 42 years to pay it off.

This is why Iraq is trying to get released from the 5% UNCC judgement so they can deal with the individual claims on their own. Possibly negotiate a reduction of some sort.

Jared :happy26:

[Big Daddy Dinar]

Yes. Previous awards totaled $52.5B and $19.2B has been paid leaving $33.3B. Now this final claim adds $366M to that for a total of $33.66B to be paid. At the rate of $200M/Qtr it will take 42 years to pay it off.

This is why Iraq is trying to get released from the 5% UNCC judgement so they can deal with the individual claims on their own. Possibly negotiate a reduction of some sort.

Jared :happy26:

They still owe the reduced amounts owed to the Paris Club, and they still owe creditors like Saudi Arabia and Kuwait the debt incurred, though they are in negotiation to reduce this. That is apparently one of the reasons why the Kuwaiti prime minister is at the White House today, to finalize Iraqi debt relief. This UNCC debt is a different matter entirely.

[Sandman]

This is going as I have foreseen it!

Hawk

This post has been ringing in my ears all weekend. When I hear it it sounds strangely like Emperor Palpatine from Star Wars. :D

[ShadowMaster]

Yes. Previous awards totaled $52.5B and $19.2B has been paid leaving $33.3B. Now this final claim adds $366M to that for a total of $33.66B to be paid. At the rate of $200M/Qtr it will take 42 years to pay it off.

This is why Iraq is trying to get released from the 5% UNCC judgement so they can deal with the individual claims on their own. Possibly negotiate a reduction of some sort.

Jared :happy26:

No.

All Iraq owes for reparations is $366M which is 0.5% of the total claims asked for [approx 50B].

The $52.5B and $19.2B in the announcement were not about Iraq at all, but about the UNCC's acheivments. They where just stroking their egos.

[icarusII]

Those are different negotiations taking place directly between Iraq and the Kuwaiti government, and the Iraq and the S.A. government. The UNCC is there for wrapping up all of the other claims submitted, whether from governments or individual citizens. Read the press releases and you will see what kind of claims that they are talking about. We still need to see a debt reduction agreement between S.A. and Iraq, and a debt reduction agreement between Kuwait and Iraq. Hopefully we will see that soon.

Here is the story:
'Kuwait to abide by Club rules on Baghdad debts'
KUWAIT CITY: Kuwait is obliged and committed to unanimous decisions taken by Paris Club on the issue of Iraqi debts Speaker of the National Assembly Jassem Al-Khorafi, said Monday. Stressing Kuwait's stance on this issue will not change, Al-Khorafi reiterated Kuwait is committed to Paris Club’s decision which represents the unanimous international decision.

Tick tock tick tock!

GLTA,
Icarus

[Jared]

No.

All Iraq owes for reparations is $366M which is 0.5% of the total claims asked for [approx 50B].

The $52.5B and $19.2B in the announcement were not about Iraq at all, but about the UNCC's acheivments. They where just stroking their egos.


The last set of claims totaled $50B which $366M was awarded. The previous awards are still being paid and have been paid on for 12 years now. If you go to the UNCC site you can review all the lovely PDF's that they have their showing the monthly distributions for many years. The $52.5B and $19.2B are very much about Iraq. It's the total claims awarded and paid (respectively).

If it was only $366M, the Iraqi leadership would not have been stressing the removal of the 5% hold on oil revenue. The Iraqi leadership wants to deal with the individual claims on their own and possibly negotiate a reduction with each which would help bring this to a close much faster (than 40+ years).

Jared

[BlueLake]

I still say, take Saddam's resources and let him pay it, it's his bill anyways. He shouldn't even be able to afford a lawyer, much less want and be able to pay for one from America. Let him be defended by an Iraqi lawyer, and not a Baath. do they have public defenders there yet? That's all he should be able to afford

[dinarcrazy]

it doesnt matter. iraqis want him dead. he could have OJs lawyers and he still wouldnt get off.

[ShadowMaster]

The last set of claims totaled $50B which $366M was awarded. The previous awards are still being paid and have been paid on for 12 years now. If you go to the UNCC site you can review all the lovely PDF's that they have their showing the monthly distributions for many years. The $52.5B and $19.2B are very much about Iraq. It's the total claims awarded and paid (respectively).

If it was only $366M, the Iraqi leadership would not have been stressing the removal of the 5% hold on oil revenue. The Iraqi leadership wants to deal with the individual claims on their own and possibly negotiate a reduction with each which would help bring this to a close much faster (than 40+ years).

Jared

here's a good website to get a clearer understanding of Iraq's debts. It needs some updating but...

http://www.jubileeiraq.org/debt_today.htm

[Lux]

What is being discussed is reparations.

http://www.jubileeiraq.org/reperations.htm

If you follow this chart, you will see what has been resolved, awarded, paid, unpaid, and unresolved. The unresolved has now been resolved and $366M has been awarded on top of the $32.93B it still owes. This was simply the last phase of processing.

All processing has now ended. Iraq needs to pay off $33.3B ($32.93B+$366M) it owes in reparations.

:cool:
Lux

[Lux]

The last set of claims totaled $50B which $366M was awarded. The previous awards are still being paid and have been paid on for 12 years now. If you go to the UNCC site you can review all the lovely PDF's that they have their showing the monthly distributions for many years. The $52.5B and $19.2B are very much about Iraq. It's the total claims awarded and paid (respectively).

If it was only $366M, the Iraqi leadership would not have been stressing the removal of the 5% hold on oil revenue. The Iraqi leadership wants to deal with the individual claims on their own and possibly negotiate a reduction with each which would help bring this to a close much faster (than 40+ years).

Jared

Exactly.

Here is the link.

http://www2.unog.ch/uncc/pressrel.htm (http://www2.unog.ch/uncc/pressrel.htm)

[OldWolf]

Lets see they added 336 million. At 60$ a barrel and 1.5 M barrels per day. That's what? Oh heck lets round it to an even four days. That's at todays production rate mind you :huge:

[Lux]

Lets say the non Paris club debt gets reduced by 80%, then the total bill looks like this:

$33B - Reparations
$ 8B - Paris Club
$16B - Non-Paris Club Debt
$57B - Total

[MotorDown]

Lets say the non Paris club debt gets reduced by 80%, then the total bill looks like this:

$33B - Reparations
$ 8B - Paris Club
$16B - Non-Paris Club Debt
$57B - Total


I guess that means that all debt/reparations talk is over with, which should mean it's time to start up the economy in order to pay off. Am I correct in this?

[Lux]

Actually I'm only projecting an 80% reduction on non-Paris Club debt, which includes countries like Suadi Arabi and Kuwait, who have not committed themselves to any debt reduction yet. Talks have been ongoing and we will be hearing more about it in the months to come.

see this summary for all the details

http://www.investorsiraq.com/showthread.php?p=75216#post75216 (http://www.investorsiraq.com/showthread.php?p=75216#post75216)