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Raven
25th January 04, 01:27 AM
http://www.globeandmail.com/servlet/story/RTGAM.20040123.wiraqdebt0123/BNStory/International/

Canada cancels Iraqi debt


By ALLISON DUNFIELD
Globe and Mail Update with Canadian Press

Prime Minister Paul Martin confirmed Friday that Canada would join a number of other G7 countries in eradicating the debt it is owed by Iraq.

Iraq owes Canada approximately $750-million (Canadian).

By forgiving the amount it is owed, the G7 is showing that it is able to overcome disagreements over the invasion of Iraq by the U.S.-led coalition last year to overthrow Saddam Hussein, Mr. Martin told a news conference in Davos, Switzerland, after a meeting with United Nations Secretary-General Kofi Annan.

"Debt reduction is critical if we want Iraqi people to have the opportunity to build a free, stable and prosperous country," the Prime Minister said in a statement on the debt reduction released Friday in Ottawa.

"Canada therefore supports a reduction of the vast majority of Iraq's debt. It is vital that this issue be dealt with quickly and effectively."

The United States has been pressing its allies in the industrialized world and throughout the Middle East to forgive the debt owed by Iraq to help it in its postwar reconstruction.

Mr. Martin said Canada will erase most of the debt through a program called the Paris Club, in which a group of creditor governments from industrialized countries work with debtor nations on restructuring the amount they owe. Friday's announcement is part of a commitment it made to the G7 last year.

The final amount of debt relief will have to be approved by all of Iraq's major creditors.

The G7 finance ministers are expected to discuss the reconstruction of Iraq in Florida on Feb. 6 and 7.

Canada is also continuing to provide humanitarian aid to Iraq, Mr. Martin said in a statement.

"Canada will provide up to $300-million in humanitarian and reconstruction efforts over the next five years. Our participation in Iraqi debt relief is one more sign of our continued efforts to ensure a brighter future for Iraqis."

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I think some of our social services and hospitals could have used that money. BUt today we did the right thing.

Phoenix
25th January 04, 01:38 AM
Originally posted by Shadowofravenwolf
I think some of our social services and hospitals could have used that money. BUt today we did the right thing.

Yeah, not to mention our military, R.C.M.P, municipal and provincial governments, and our OWN federal debt.

But yeah, we did good. We looked after other people, that are in more capable hands, instead of looking after ourselves.

Kudos to us.

Raven
25th January 04, 01:39 AM
Originally posted by Rising Phoenix
Yeah, not to mention our military, R.C.M.P, municipal and provincial governments, and our OWN federal debt.

But yeah, we did good. We looked after other people, that are in more capable hands, instead of looking after ourselves.

Kudos to us.

Yeah, I have a feeling this will be one of the few moves I agree with Martin making.

Phoenix
25th January 04, 01:42 AM
Ummm....I was being sarcastic there.

Personally, I think it was a dumb idea of Martin to do that. Mostly because we can't afford to.

And now, he's pledging to give more money to municipalities for infrastructure, emergency services, etc.

Where the hell he thinks he's gonna get the money for that, I'd like to know.

Raven
25th January 04, 01:44 AM
Originally posted by Rising Phoenix
Ummm....I was being sarcastic there.

Personally, I think it was a dumb idea of Martin to do that. Mostly because we can't afford to.

And now, he's pledging to give more money to municipalities for infrastructure, emergency services, etc.

Where the hell he thinks he's gonna get the money for that, I'd like to know.

Yeah, but if they can't afford to pay us back, then we lose the money regardless.

Phoenix
25th January 04, 01:46 AM
Originally posted by Shadowofravenwolf
Yeah, but if they can't afford to pay us back, then we lose the money regardless.

An oil rich country like Iraq can't afford to pay us back??

Pshaw!

Raven
25th January 04, 01:49 AM
Originally posted by Rising Phoenix
An oil rich country like Iraq can't afford to pay us back??

Pshaw!

Not at this current stage.

I mean, how many iraqis do we see living the lap of luxury.

Phoenix
25th January 04, 01:51 AM
Originally posted by Shadowofravenwolf
Not at this current stage.

I mean, how many iraqis do we see living the lap of luxury.

So you think that it's a better idea that we write off 750 MILLION dollars that we couldn't afford to do, just in the name of good will?

I know we Canadians are reputed for being nice, polite people, but there's a fine line between courtesy and stupidity.

Paul Martin found that line and took a whiz on it.

Raven
25th January 04, 01:53 AM
Originally posted by Rising Phoenix
So you think that it's a better idea that we write off 750 MILLION dollars that we couldn't afford to do, just in the name of good will?

I know we Canadians are reputed for being nice, polite people, but there's a fine line between courtesy and stupidity.

Paul Martin found that line and took a whiz on it.

Maybe time will tell

Phoenix
25th January 04, 01:55 AM
Originally posted by Shadowofravenwolf
Maybe time will tell

That's right.

More than likely, however, he'll just prove himself to be yet another incompetent and foppish politician, who makes too many promises he either can't or doesn't intend to keep.

Just like his predecessor.

Raven
25th January 04, 01:58 AM
I'll take Jean over Martin any day.

Phoenix
25th January 04, 02:00 AM
Well, I guess we're both lucky it's not Stockwell Day.

Raven
25th January 04, 02:02 AM
Originally posted by Rising Phoenix
Well, I guess we're both lucky it's not Stockwell Day.

Exactly.

PizDoff
25th January 04, 02:32 AM
*Blink*

Whoa......that's a chunk of money.....
Hopefully we will get something back when Iraq is MORE on their feet.



"Well, I guess we're both lucky it's not Stockwell Day."
LOL!

Raven
25th January 04, 02:38 AM
See that's whay I'm thinking?

Phoenix
25th January 04, 02:49 AM
Originally posted by PizDoff
*

Whoa......that's a chunk of money.....
Hopefully we will get something back when Iraq is MORE on their feet.




Well, that would certainly be nice, but I don't see how that could happen. Mainly because:

a) we wrote most of it off. and
b.) the US continues to run the show in Iraq

Since we're kinda on the US's shit list (because of the non-invlovement in Iraq, Mad Cow, etc.), I don't see any reason why they'd go out of their way to extend any form of gratuity to us, when we voluntarily waived the funds owed to us.

I admit that Martin's decision was noble and a very "Canadian" thing to do (meaning kind or insane - make your own interpretation), but we kinda need that money.