Collecting on Iraqi claims

Article Abstract:

The US Treasury Dept Office of Foreign Assets Control's (OAFC) unwillingness to release frozen Iraqi assets, at the request of American corporations owed money on defaulted letters of credit with Iraqi banks has led creditors to seek remedy in federal courts. The OAFC cites the US embargo against Iraq as the reason for its refusal to invade the impounded $1.4 billion worth of assets within the US. Corporate claimants take issue, however, with the OAFC's practice of allowing US banks access to the Iraqi assets, to make good on their letters of credit with Iraqi nationals or government agencies.

International aspects, Remedies, Letters of credit, Breach of contract, War reparations

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What economic future for Iraq?

Article Abstract:

The effects of the Iran-Iraq war, the 1991 Gulf War, and the West's economic sanctions have devastated Iraq's economy and nullifed 5 decades of economic growth. Iraq's chances of economic recovery look bleak even if it is able to sell its oil again because of the great gap between potential foreign exchange earnings and the country's foreign exchange needs. Iraq will need decades to recover its economic initiative.

Economic aspects, Economic policy, Iraq, Iran-Iraq War, 1980-1988

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