Russia is Rejected by Iraq
The Russians came to the ICI meeting in Egypt and holding the carrot of the debt owed by the Iraqi government and wanting a little oil. Well Iraq government said no.
Iraq, struggling to rebuild its war-shattered economy, has declared unacceptable an offer from Russia to forgive the debt it is owed by Baghdad in return for access to a major Iraqi oilfield.
But Iraq has accepted an Egyptian offer to forgive $800 million in debt, Iraqi Finance Minister Bayan Jabor said on Thursday and three eastern European countries have offered an 80 percent writedown of debt owed to them.