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I just lifted this section of the report from the IMF. I believe it supports what we are discussing on this thread. Thank You.
http://www.imf.org/external/pubs/cat...cfm?sk=20591.0
Iraq has resolved most of the claims of Paris Club and private creditors. All bilateral agreements with the Paris Club members except Russia have been signed. By end-July 2006, Iraq had settled about $19 billion (or 96 percent) of private claims through debt and
cash exchange offers, including the arbitration process. The reconciliation process of the remaining outstanding claims is ongoing.