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October 18, 2003
What's Wrong With Loans?
I have to say that I agree with Spoons. I found this arguement particularly persuasive.
- The best reason I see for making all aid to Iraq an outright gift is that Iraq is already saddled with enormous debt. ...most of this debt is owed to countries like France, Germany, and Russia... Are these countries lining up to forgive any of these "crushing" Iraqi debts? Of course not. And yet, we're supposed to just give Iraq tens of billions of additional dollars, while the countries that propped up Saddam's oppressive regime get paid in full? I dunno. Perhaps that's medicine we just need to take, but it strikes me as an awfully hard pill to swallow. If someone came up with a plan that says we won't demand any repayment from Iraq, as long as Russia, France, and Germany forgive a proportionate amount of debt as well, I'd be all for it.
Posted by crandal at October 18, 2003 09:33 AM