Creditors agree deal on Iraq debt

An agreement that would see up to 80% percent of Iraq’s debt written off has been reached, Germany’s finance minister said today.

“I had talks with my American colleague, John Snow, which created the basis on which the forgiveness of Iraqi debt can be settled mutually in the Paris Club,” [of creditor nations] Hans Eichel said.

He was speaking on the sidelines of a meeting of ministers from the Group of 20 major economies.