Iraqi News China agrees with Iraq to forgive 80% of their debt.

[BMWman]

Found this news article and thought I would pass it on. Very interesting IMHO.

http://translate.googleusercontent.com/translate_c?hl=en&sl=ar&tl=en&u=http://www.darabeen.com/index.asp%3Ffname%3D/2010/02/02-01/2010-2-1-10-13-16.htm%26dismode%3Dx%26ts%3D01/02/2010%252010:15:39%2520%25D8%25B5&rurl=translate.google.com&usg=ALkJrhikOrNR36a3bH_Ec0_Bhgb-fpINWw

If I understand the article correctly (translated from Arabic into English), then China just agreed to release Iraq from $8.5 Billion in debt. Could this have been a hold up to the RV and/or release from Chapter 7? It has been rumored that China was a hold up to the process previously.

[virginialadybug]

Great news

[lwood]

Wish my creditors would forgive my debt too.

[BMWman]

Wish my creditors would forgive my debt too.

lwood ... very funny!!

[David]

that was very nice of china

[harvf150]

china wants some oil!!!

[BMWman]

china wants some oil!!!

Exactly! They have signed at least one deal, that I recall, to develop a field in Iraq. I'm sure they want more. I wonder if it had something to do with China finally being assured of what would play out with an RV of the Dinar and working out details of rate, et al? I have heard rumors before that China threw a monkey wrench into the RV process by not agreeing to the forgiveness of some % of the debt because they were not happy with the details of the process. I guess time will tell.

[Karebear]

It would be great if this does help move the RV forward

[gmc3796]

China should forgive all the debt

[cjp]

will china forgive debt???if so why ??

[TheGooch]

China wants in on the action now!

[lifechanging]

Appears more to follow ...