To respond to the statement of my friend and colleague, he is exactly right. If one were trying to take this debt or paper on the international market prior to the U.S. liberation of Iraq, it would be worthless because no payments were made on it before. I think it was generally assumed no payments would be made by the Saddam Hussein regime. My colleague from New Mexico is exactly correct.
Discussing the value of Iraqi debt before the U.S. liberation of Iraq.
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