Frank26: (See Article Below) I am 1 but if I was 12 ......... Then I would say ....... Hmmm Fascinating. (!2 possibly referring to 12 controlling families or groups in the world)
I would also say ....... Talk of no DELAY on this with KW ........ Instead do this payment WITHOUT asking for help and I will be impressed.
Do this WITH Your own efforts and agreements NOT JUST CASH .
Make COMPENSATIONS to CITIZENS and You have my CONTINUED ATTENTION !!!
Keep IMPRESSING US with Your accomplishment as a GOI and CBI.
Indeed ........... That's what I would say if I was 1 of 12. KTFA, Frank
billuke :Exclusive: Cash-strapped Iraq seeks Kuwait war reparation delay
By Dominic Evans BAGHDAD Fri Dec 12, 2014 5:45am EST
(Reuters) - Iraq is seeking to postpone a final $4.6 billion installment of reparations for its 1990-91 occupation of Kuwait, Finance Minister Hoshiyar Zebari told Reuters, as it faces a cash crisis caused by falling oil prices and war with Islamic State.
Since Iraq was first allowed to resume oil sales nearly two decades ago it has paid funds into a United Nations body overseeing compensation for looting and damage inflicted during Saddam Hussein's seven-month occupation of Kuwait.
More than a million claimants have been paid and nearly all the $52.4 billion reparations bill has been met through Iraq's annual allocation of 5 percent of crude oil exports to the U.N. Compensation Commission (UNCC).
But with its economy now set to shrink for the first time since the 2003 U.S.-led invasion toppled Saddam and ended more than a decade of sanctions, Iraq can ill afford to divert a large chunk of the 2015 budget to make that last payment due next year.
"We have been really committed to paying this on time up until now," Zebari said in a telephone interview conducted on Thursday. "We are in discussions with the Kuwaitis, trying to defer the payment for two years or at least a year, to allow some space... to present a realistic budget."
A senior UNCC official in Geneva said no decision had yet been made, and any change would require the agreement of the UNCC's Governing Council, which has same 15 member states as the U.N. Security Council.
"We are hearing the Governing Council will be considering the issue at a special session next week," the official told Reuters, adding that a meeting had been tentatively set for Dec. 18 in Geneva.
There was no immediate comment from Kuwaiti officials.
OPEC producer Iraq is suffering from the sharp fall in oil prices and the Islamic State takeover in the north and west, which has caused mass displacement of people, destruction of infrastructure and a sharp increase in military expenditure.
Two weeks ago, after the latest oil price fall, it scrapped a draft 2015 budget and said it would cut back spending plans.
Iraq needs Kuwait's agreement to delay payment because the last, and largest, outstanding claim for compensation comes from the emirate itself for damage to its oil facilities.
More than 700 Kuwaiti oil wells were set on fire by Iraqi troops retreating from the U.S.-led operation Desert Storm to recapture it in January 1991. Some of them burned for 10 months.
Iraq would also need to win broad international support for a deferral because its obligation to pay the money is enshrined in U.N. Security Council resolutions.
"There is an understanding," Zebari said. "Next week there will be some hectic diplomatic activity between Baghdad, Kuwait, Geneva and New York in order to present a joint request to postpone the payment." A delay of one or two years would give Iraq "some breathing space", he added.
Iraq's repayments were first set at 30 percent and then 25 percent of oil sales when it resumed limited exports under the U.N. oil-for-food deal in 1996. The portion was cut to 5 percent after Saddam was overthrown in 2003 and sanctions were lifted.
The International Monetary Fund said Iraq's economy is set to shrink in 2014 by 0.5 percent, its first contraction in at least a decade, and that its international reserves have fallen $10 billion so far this year.
The 2014 budget deficit is likely to reach 5 percent of GDP, the Fund said.
Zebari said he hoped the government could agree a revised 2015 budget at a meeting on Sunday.
Despite oil's fall below $70 a barrel, the finance minister said Baghdad will still base next year's spending plans around that price, since the IMF was forecasting crude will average that level over the course of the year.
Since the original draft budget was thrown out by Prime Minister Haider al-Abadi, the finance ministry has trimmed around $10 billion of spending, Zebari said, still leaving a projected deficit of around $30 billion.
"It was (originally) over 47 trillion dinars ($40 billion) with all the extra spending. So we cut down on unnecessary contracts or payments, or we are delaying projects," he said.
walkingstick » December 12th, 2014
China expresses regret at U.S. failure to pass IMF reforms
BEIJING Fri Dec 12, 2014 4:03am EST
(Reuters) - China expressed regret on Friday at the failure of U.S. Congress to pass reforms to give emerging markets greater say at the International Monetary Fund.
The White House signed off on the reforms in 2010, but U.S. lawmakers need to back changes in how the IMF is funded before they can be put into place, given Washington's position as a controlling shareholder in the global lender.
But a must-pass $1.1 trillion U.S. spending bill unveiled late on Tuesday omits the IMF voting reform provision, dooming prospects that it will get passed by a year-end deadline.
Chinese Foreign Ministry spokesman Hong Lei said that passing the reforms concerned the "reputation, electiveness and legality" of the IMF.
"China will continue to urge the U.S. Congress to approve it," Hong told a daily news briefing.
Finance chiefs from around the world had given the United States until Jan. 1 to ratify the reforms, and have threatened to move forward without it if it fails to do so.
The changes would double the fund's resources and hand more IMF voting power to countries such as Brazil, Russia, India, China and South Africa, also known as BRICS. It would also revamp the IMF's board to reduce dominance of Western Europe.
Some outside observers believe the lack of reforms was the impetus behind the decision of the BRICS nations to launch their own currency reserve pool and development bank earlier this year, intended as a challenge to Western dominance in global financial institutions.
China also launched a proposed $50 billion Asian Infrastructure Investment Bank, seen as a direct rival to the Western-dominated World Bank and Asian Development Bank.
Robdel Frank, Is this article mis-direction or true? I thought I heard you say on a past CC or Team chat that these reforms had passed back in Sept. 2014. If you don't want to comment on this that's ok also! Just don't know what to believe anymore! As far as the media is concerned.
So we wait! Have you ever stood by the shore and watched a large tanker in the distance? It seems like it never moves then suddenly its gone! Well, our ship seems to be in the near distance, but its so hard to judge how close or how far it really is!
Hawger03: I'm not Frank but I do know that the President Obama committed to these reforms back in 2010 but has yet to get approval from Congress. The problem with these IMF reforms is that it takes away the US economic sovereignity and the US would give up absolute veto power over any major decision in the IMF.
IMO, there is no way that the US congress will vote yes on these reforms which means our economy and country will more likely see a crash rather than a soft landing when the true value of the USD comes to bear.
We have to understand that the inflated value of our USD is not where it stands at the current moment. With the amount of currency printed during the FEDs quantitative easing, we simply don't have the assets to cover all of the money and bonds that are floating around the world in USD currency.
Legarde's statement is letting the US know that they will proceed to make reforms with or without the US blessing. How this will happen is far above my pay grade but you can be assured it's not going to turn out well for the USA. Blessing to you sir!
Aggiedad77: Well stated Hawger....and I agree....Congress won't allow this....and as you pointed out for good reason....what LeGarde may have up her sleeve is anyone's guess but you can bet that it will not be beneficial to the US or the USD. Aloha Randy
walkingstick » December 12th, 2014, 12:26 pm
China offers assistance to Iraq outside coalition
Newspaper, "Alvaanchial Times," the British, on Friday, for an offer by China to Iraq to help him defeat the "Daash" terrorist by supporting the air strikes, as pointed out that Beijing stipulated that this aid be out of the international coalition.
The newspaper said, citing Iraqi Foreign Minister Ibrahim al-Jaafari, said that "the Chinese display his Foreign Minister Wang Yi, when we met in New York during the United Nations meeting to combat terrorism in September," he said, "We have welcomed this initiative and I told him that we are ready to deal with the coalition and with countries from outside the coalition. "
He said al-Jaafari told the reporter, "Alvaanchial Times" during the anti-terrorism conference in Tehran last week, said that "Chinese counterpart told him that any Chinese aid will be outside the US-led coalition, because the policy does not allow her involvement in the international coalition."
The newspaper added that "the Chinese Defense Ministry, declined to comment on al-Jaafari's remarks," while a spokesman for the Chinese Foreign Ministry spokesman Hong Lei did not say whether China would like to provide air support or provide missiles to Iraq.
The Foreign Minister Wang Yi said in a meeting with al-Jaafari earlier, China supports efforts to strengthen Iraq's capabilities in the fight against terrorism, including the exchange of intelligence information and training.
mcdan » December 12th, 2014,
An old blind cowboy wanders into an all-girl biker bar by mistake...
He finds his way to a bar stool and orders a shot of Jack Daniels.
After sitting there for a while, he yells to the bartender, 'Hey, you wanna hear a blonde joke ?'
The bar immediately falls absolutely silent.
In a very deep, husky voice, the woman next to him says, 'Before you tell that joke, Cowboy, I think it is only fair, given that you are blind, that you should know five things :
1. The bartender is a blonde girl with a baseball bat...
2. The bouncer is a blonde girl with a 'Billy-Club'...
3. I'm a 1,85 mt tall, 78 kgs blonde woman with a black belt in karate...
4. The woman sitting next to me is blonde and a professional weight lifter...
5. The lady to your right is blonde and a professional wrestler...
'Now, think about it seriously, Cowboy.... Do you still wanna tell that blonde joke ?'
The blind cowboy thinks for a second, shakes his head and mutters, ‘No...not if I'm gonna have to explain it five times...