France is planning to give Iraq 430 million-euros ($513 million). According to the AFP, Jean-Yves Le Drian, the Foreign Minister for France, told Iraqi officials that the money will be delivered before the end of the year.
Iraq needs this source of income as oil prices have dropped and the fight against the Islamic State has continues to rage on. France stands as a major non-US nation pledging its support to help Baghdad fight against the Islamic State.
Sources if you want to know more:https://www.cnbc.com/2017/08/26/france-pledges-su…
https://www.bloomberg.com/news/articles/2017-08-2…
Do you guys feel that this loan could turn the tide and help the Iraqis take back their country?
lol that's going to the government officials and probably isis too.
Why doesn't OPEC loan them some money?
ISIS is being led by ex Iraqi military leaders. They aren't going anywhere (except the streets of Europe).
Is there a way to short this loan?
Why? Iraqi sovereign debt has returned ~20% YTD
France is doing this so that Total and other French companies can get a bigger slice of the pie once this is all figured out.
^ As a French person, seconded. You have no idea how close Total executives are to the Ministry of Defense.
I assure you this will get them on the short list for the best oil fields!
"help the Iraqi people get back on their feet" Its too bad that is not up to the collective but up to those in charge
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