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...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 is to ensure the UN as a key player in the reconstruction effort, allowing European countries to get on the gravy train for future reconstruction contracts, particularly for the development of large gas and oil projects. The U.S. Treasury Department still assumes a deal will be brokered...
...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 Iraqi oil except through the oil-for-food program. This program is set to expire in early June and unless it is extended by a vote in the Security Council it will be illegal for Iraq to sell its oil on international markets. Once again France, Russia are playing...
While the U.S. and Britain would like a UN agreement to extend the oil-for- food program, they are also examining alternative methods. Most international legal scholars, led by R. Dobie Langenkamp (Director of University of Tulsa's National Energy-Environment Law & Policy Institute) agree that there is a strong case that the U.S. and Britain will be able to administer and sell Iraqi oil as they see fit under the rules of the Hague Convention that provide an occupying power specific guidelines when it comes to administering natural resources like forests, mines and oil fields. Such resources remain...
...return to the Security Council helps Britain press its case in Washington for UN authorization of the transition in Iraq, which Prime Minister Tony Blair believes is essential to its legitimacy and success. Blair met with both Chirac and Germany's Chancellor Gerhard Schroeder on Wednesday at an EU summit in Athens, and reported a positive atmosphere of cooperation on Iraq. And Chirac broke the diplomatic ice with President Bush in a 20-minute phone call earlier this week, in which the French leader promised to take a "pragmatic" approach to postwar Iraq. And antiwar France and Germany join...
...bargaining at the UN may be tough, in the weeks to come, but it's more likely than the prewar wrangling to produce agreement - because this time, France and Russia can't afford to remain on the sidelines...