Iraq is demanding a reduction of 80% of war compensation, which goes mainly to Kuwait

[cowpoke]

Reuters) - Iraq's ambassador to the United Nations, told Reuters on Tuesday that Iraq has asked the International Organization reduction of 80 per cent in the volume of annual oil revenues allocated to the payment of war reparations, which go mainly to Kuwait.
Baghdad and requests from the Security Council of the United Nations "exemption from such compensation or reduction percentage" after nearly 20 years on the invasion of then-Iraqi President Saddam Hussein and occupation of Kuwait.
Iraq has said it owes compensation of 25.5 billion dollars, of which 24 billion dollars owed to Kuwait alone.
The ambassador said Hamid al-Bayati, "We either fully exempt by one hundred percent of compensation or reduced to a rate of one percent" of Iraq's annual oil revenue. "We can accept one percent."
And allocates Iraq under Chapter VII of the Charter of the United Nations five percent of oil revenues to pay compensation resulting from the invasion and occupation of Kuwait in 1990-1991.
When asked the Iraqi ambassador about what he is thinking of the UN Security Council said "I think that the Security Council is trying to persuade other bodies such as the United Nations Compensation Commission to approve a compromise or something like that."
Kuwait opposes ending the situation in Iraq under Chapter VII. Baghdad and argues that it needs the extra money to help finance reconstruction projects and investment.

The Secretary-General Ban Ki-moon said he would also support a strong Iraq's progress and others with alternative solutions for the payment of compensation.
Bayati said the payments a heavy burden on Iraq and that "people pay dearly for a crime committed by Saddam," who was overthrown by US-led invasion in 2003.
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[BILLYG]

It appears that memories, especially bad ones, have very, very, very long half lives. Throw Saudi Arabia into the mix and it's little wonder why Iraq can not gain traction economically. Thanks for the post Cowpoke.