Word: reconstructionism
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Retired Army LT. General Jay Garner, who will serve as civil administrator in charge of reconstruction and humanitarian until an interim Iraqi government is formed, has direct responsibility for setting Iraq on the road to democracy and prosperity. His self-imposed timeline: three months to complete the task. Slightly less...
It's clear that current oil revenues will not even keep the interest payments current. Before Iraq can begin to rebuild its economy it will have to either get massive amounts of debt forgiveness or repudiate these debts. At present, the capital markets are pricing Iraqi debt to reflect an...
However, these nations have received no payment on these debts for over ten years and would never have collected a penny if Saddam had remained in charge. In all likelihood they probably already assume that they will never recover more then a fraction of the current debt. Their real game...
Even with its debt burden behind it Iraq will need to raise billions of dollars in capital just to rebuild. Most of that money is supposed to come from oil revenues. However, the legal framework of the UN sanctions regime is still in place and it forbids the sale of...
The war appears to have changed the terms of discussion at the Council. The antiwar bloc led by France, Russia and Germany looks intent on cooperating with the U.S. and its coalition partners, having responded positively last week to their call for a revival and expansion of the UN oil...