Call to Reschedule Iraq’s Debt

[k98nights]

Call to Reschedule Iraq’s Debt

December 27th, 2010 by Editor

Following Iraq’s exit last week from the UN’s Chapter VII restrictions, an Iraqi economist has called for a rescheduling of the country’s debt repayments.

“Iraq’s financial funds are under UN trusteeship, according to UN’s Article 7,” Dr. Nabil Jaafar of Basra Univesity told Aswat al-Iraq news agency, pointing out that “the official and private debtors would activate their demands to force Iraq pay back its debts, thing that necessitates its scheduling of the debts,” warning that such development “would cause a real problem, due to the increase of such payments.”

He said that “if this year’s debts payment would be US$ 1.3 billions (, it may become 5-6 billion ( dollars during the forthcoming few years, caused by the payment of the instalment plus the interest, that is linked to the average of the rate of inflation.”

Dr. Jaafar said that “Iraq might be forced to pay back such debts to the creditors, thing that would leave passive impacts on its economy, as such debts would drain out the country’s foreign currency reserves, along with the oil revenues.”

He added that Iraq “must treat this problem though avoiding foreign loans, so long as the local resources are enough,” calling for “holding talks with the creditors for rescheduling of the debts, in prelude to pay them back and get rid of their bulks.”

(Source: Aswat al-Iraq)

http://www.iraq-businessnews.com/2010/12/27/call-to-reschedule-iraqs-debt?wpmp_switcher=mobile

[LittleMissGrits]

What happened to Iraq being debt free and "home free" ... you know, able to RV and everyone get rich quick? NOW we see Iraq wanting to backpeddle on their economic issues. Another chat saying Egypt wants their money and things could get nasty. Yadda, yadda and on it goes. I would not bet a nickle for a million dinars that we see an RV now or ever. HOPE I am WRONG!!!

[Rhinestone Cowboy]

I agree with LittleMissGrits. Way too many people are REACHING way too far with things they are posting to keep themselves and all of us positive. We might see an article that some Iraqi official says "our job is to make sure that the Dinar has stability", and some guru will come on here and REACH so far as to say that in saying that they are saying that it is going to RV this year! Huh? Are you kidding me? Just start listening to some of the reasons that are being given as "fact from researching documents and comments" and you'll see how little facts there really are. People need to start taking things at face value and quit trying to over analyze things so much in order to make it positive. I'm hoping for the best too, but i'm just a little more grounded.

[Blue-Duck]

Iraq cannot be debt free even as their debt forgiveness from the nations they owed amounted to 90-95 percent and that forgiveness was to continue as long as Iraq was doing badly economically. But still the Arab nations did not forgive Iraq because of their knowledge of Iraq, knowing that Iraq has a reputation of "crying poor me", when Iraq has more riches than anyone can imagine that one nation could have. I see this as a positive note only to cause Iraq to see the urgency in bring up the rate of their currency to a level where they can pay back their loans in a timely manner. I can't imagine the amount interest that will build if they continue to stall now that chapter7 has freed up their money.

Great find Woody, thanks for the post, I see this as good news toward forcing Iraq to RV their currency!

Cheers!

[pureau79]

OKAY. Get ahold of yourselves. The fact that this is not happening on our individual time tables does not mean it will not happen. If your emotions are getting the best of you, you really have only two options. 1. Take a break from dinar for a week or so. Get a grip on why you bought into this and make a decision... 2.Get out. Sell your dinar and move on. Accept whatever losses you need to and forget about it. Join the ranks of all the other non-believers and tell the world "That dinar crap is a SCAM!"

Great post Brisco.

Great post Blue Duck.

[BamBam]

Now or Ever ? WOW over react much. Why are you here then. Just to spread that RV cheer of yours.

Come on pick yourself up by your panty hose, dust yourself off and keep up the good fight.Lots of good things are happening. Dont let a couple bad post get you down. You did this for alot of good reasons and there still in play KEEP THE FAITH.

YOU CAN DO IT

GO RV

I'm with ya brother! Why are people weak......scared, never invested before....and this investment is CHEAP!! Get rich quick? NOT!!! Ask those that have been in this for 7 years! LOL!!!

[LittleMissGrits]

Now or Ever ? WOW over react much. Why are you here then. Just to spread that RV cheer of yours.

Come on pick yourself up by your panty hose, dust yourself off and keep up the good fight.Lots of good things are happening. Dont let a couple bad post get you down. You did this for alot of good reasons and there still in play KEEP THE FAITH.

YOU CAN DO IT

GO RV

I said "hope I am wrong" ... in the meantime, keep my post in your file ... if it RV's soon, I want to hear from you, and we can celebrate together. If we go months and months and nothing, I also want to hear from you ... fair enough.

[Halo9678]

IMHO,

The GOI was talking really, really big stuff while they were undergoing their "reconstruction" but now that the world knows that Iraq is back on the international stage, Iraq wants to say, "Umm, well, uh... we aren't THAT strong but give me a few years and we'll see." Not so fast, sonny jim! The jig is up and everybody knows it. I see this as an attempt by the GOI to stall the RV a little while longer. "A little while longer" may only amount to the 31ts of Dec considering the Paris Club agreement coming into effect. The GOI has two options, IMHO, pay what is owed and move on with building a prosperous nation or pay a whole lot more, to include ALL of the speculators/investors that got a piece of the pie at the last minute. Heaven forbid that Iraq be forced to RV and then have to pony up all the costs for their procrastionation. I wouldn't want to be the politician responsible for that slaughter... but that's just me...

[Charlene]

Good post Halo, Thanks

[Tubbs]

Of course we want the RV now, reality check it will RV

This is the roller coaster going up (the hype) antisapation (now) and the drop (good news) the smiles end of ride now go get your picture (the bank)

GO RV!!!

[Mammaw]

Thanks K98 for the post. I hope you had a great Holiday and I am anxious to read more of your info.

[usndiver]

I compare this article to my worst customers, the "affluent/rich". I provide a fair price for my services and they moan over my proposal, when the fact of the matter is it's peanuts to them, and then once the job is complete they stall making their payment!

Iraq will have the funds to pay its debts. We've all seen in the movies where mid-eastern people haggle over the price of everything, IMO this is just an example of this.

[jte70]

In a sense it's like the world sees Iraq as a wealthy aunt and they've all come a-calling.

BTW as far as I know Iraq owes the Saudis a LOT....

[Traconesu02]

Thanks for the post k98nights

[Nelson0528]

What happened to Iraq being debt free and "home free" ... you know, able to RV and everyone get rich quick? NOW we see Iraq wanting to backpeddle on their economic issues. Another chat saying Egypt wants their money and things could get nasty. Yadda, yadda and on it goes. I would not bet a nickle for a million dinars that we see an RV now or ever. HOPE I am WRONG!!!

Do a little more research and you will find that your "debt free" assumptions are incorrect. Iraq is quite debt "full", and will owe much for many years to come. They are, however, working diligently to take care of the many thousands of tasks they need to undertake in order to get themselves and their economy back on track. Hang in there, and we will see some progress in the coming months. It will never happen fast enough for most; but, it will happen. The New Babylon is coming!!!! Exciting times for mankind for sure!!!! Remember to focus on the good things in your life, do not dwell on the bad, and your life will be much more satisfying and fulfilling. Love everyone, hate no one; always try to do a kind thing for someone every day. Only you can make your life a good one!... Don't waste it on fruitless endeavors! Peace to all, and Happy New Year!!!!

Nelson

[Frank61]

What happened to Iraq being debt free and "home free" ... you know, able to RV and everyone get rich quick? NOW we see Iraq wanting to backpeddle on their economic issues. Another chat saying Egypt wants their money and things could get nasty. Yadda, yadda and on it goes. I would not bet a nickle for a million dinars that we see an RV now or ever. HOPE I am WRONG!!!

Any idea of getting rich quick is foolish. Iraq is a great investment but not a get rich quick scheme. If you want that buy lottery tickets (several).

What happened to Iraq being debt free and "home free" ... you know, able to RV and everyone get rich quick? NOW we see Iraq wanting to backpeddle on their economic issues. Another chat saying Egypt wants their money and things could get nasty. Yadda, yadda and on it goes. I would not bet a nickle for a million dinars that we see an RV now or ever. HOPE I am WRONG!!!

Any idea of getting rich quick is foolish. Iraq is a great investment but not a get rich quick scheme. If you want that buy lottery tickets (several).

[lechesuerte]

Like it ....thanks Woody!!

[behaviorkat]

Thanks for the post, we need all the info out there