Japan Hesitates on Iraqi Debt

[Tinoire]

Japan Hesitates on Iraqi Debt
Monday December 22, 3:22 PM

There are no doubts about Japan's support for the United States in Iraq. Tokyo was a strong backer of the U.S.-led invasion, is a top contributor to reconstruction and just approved a plan to send troops to the region.

But when it comes to the recent U.S. campaign for debt relief for Iraq, top creditor Japan is keeping its hands on its wallet so far.

While war critics France, Germany and Russia have voiced support for reducing Iraq's crushing debt burden during recent visits with U.S. envoy James A. Baker III, Prime Minister Junichiro Koizumi's government has been quiet on whether it's willing to join the effort.

The question is no small matter. Japan estimates its Iraqi credit at $4.54 billion, saying that rises to $7.76 billion when penalty fees are included. That puts it in competition with Russia _ owed an estimated $8 billion _ as the top holder of Iraq debt in the 19-nation Paris Club.

<snip>

"Japan has not made any decisions concerning that matter," said Yu Kameoka, a spokesman for Koizumi. "Japan is the largest creditor ... so Japan's view has to be reflected in the decision-making process."

<snip>

http://asia.news.yahoo.com/031222/ap/d7vj9na80.html

Thanks to pne of the best newsites out there http://www.antiwar.com/latest.html

[GRClarkesq]

1. They might as well

because I dont seen any scenario where they are going to get paid in full.

[StClone]

2. Why would Japan

Give money to a behemoth corporate suckling pigs as Bechtel and CheneyCorp (Root & Brown). Nippon company's wondering why they aren't in on the bigger U.S. taxpayer gravy train "Rebuild Iraq Contracts" are balking.