Byron Dorgan: “I don't know of anyone here who would object or disagree with the contention that those who hold Iraqi debt ought to…”

“I don't know of anyone here who would object or disagree with the contention that those who hold Iraqi debt ought to forgive that debt. I have spoken on this subject at some length a couple of times. Ambassador Bremer appeared before our Appropriations Committee and indicated that Iraq would be producing about 3 million barrels of oil a day beginning in July of next year. I asked the question then about using future proceeds from pumping Iraq oil for the purpose of reconstruction. He indicated that would not be possible because of the encumbrance that existed with foreign debt. I asked Ambassador Bremer who holds this foreign debt. He said Russia, Germany, France, among others. When I did research later, I discovered exactly what the Senator from Oklahoma discovered. In fact, Russia, Germany, and France do hold Iraqi debt, but the larger debt is owed to Saudi Arabia, Kuwait, and other Arab states which, incidentally, in combination, equal about the debt that both the Saudis and the Kuwaitis hold with Iraq. It occurred to me that if we are concerned that Saudi Arabia and Kuwait recover the loans they gave to Iraq, maybe we ought to ask the Saudis and Kuwaitis to track Saddam Hussein down and present him with a bill. The Iraqi government that incurred that debt, the government that existed at that point, was the Saddam Hussein government. It clearly was not a legitimate government.”