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International creditors cancel most of Iraq debt Alexandria Samuel at 7:51 PM ET [JURIST] Members of the Paris Club agreed Sunday to write-off $31 billion in Iraqi debt. All 19 members of the multinational group of creditor countries, which include France, Germany and the US, agreed to eliminate 80% of Iraq's $39 billion debt over the course of 3 years. 30% of the debt will be eliminated immediately, and the remaining 70% will cancelled by 2008, after Iraq's completion of an special program. Paris Club President Jean-Pierre Jouyet stated, “[the] deal is vital in ensuring Iraqi officials are able to meet the financial demands of reconstruction.” BBC News has more. Read the White House press release on the agreement here. Link | 
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