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Iraq’s Debt Relief: Procedure and Potential Implications for International Debt Relief
Martin A. Weiss (au)
Following the ouster of the Saddam Hussein regime in spring 2003, Iraq’s external debt was $130 billion. Reducing this debt to a sustainable level has been a priority of the U.S. gov’t. Since 2003, debt relief negotiations have led to the cancellation of a significant amount of Iraq’s external debt. Contents of this report: (1) Iraq’s External Debt: Paris Club Debt Claims; Non-Paris Club Debt Claims; Commercial Debt Claims; (2) The Debt Relief Effort: Paris Club Debt Relief; Evian Approach; Iraq’s Paris Club Agree.; Non-Paris Club Debt Relief; Commercial Debt Relief; (3) Potential Policy Precedents for International Debt Relief: Granting a Stay on the Enforcement of Creditor Rights; Flexibility of Paris Club Agree.; Implementing an Odious Debt Strategy. Illustrations.
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