Monday, June 14, 2004

Sick, sick, sick

Language buried in the final resolution of the recent G-8 summit meeting, as it relates forgiveness of Iraq's indebtedness, contains the insidiously obtuse language quoted below. This is what it really means: We well-heeled nations will reduce portions of the debt (the debt having been incurred by Saddam, and long touted by Bush as an unfair, crippling burden on Iraq's citizens) if Iraq follows the previously-imposed "privatization" of its commerce, as called for by the International Monetary Fund; that it keeps up its payments (sustainability); and that these measures are effected by Iraq before the elected government is in place, i.e., "in 2004."

"Debt reduction is critical if the Iraqi people are to have the opportunity to build a free and prosperous nation. The reduction should be provided in connection with an IMF program, and sufficient to ensure sustainability taking into account the recent IMF analysis. We will work with each other, within the Paris Club, and with non-Paris Club creditors, to achieve that objective in 2004."


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