Key points

• At the time of the US invasion in 2003, Iraq had around 130 billion US dollars in external debt that needed to be restructured. The restructuring was one of the largest in history, yet no clear and detailed historical account exists. Through primary sources and interviews with key actors involved, this article tells the story of how Iraq managed to get a deal done.
• The restructuring was permeated by politics to inflict harsh terms on creditors, at a time when creditor-friendly restructurings were the norm. Despite its apparent success, in going for a politically expedient deal at the Paris Club, the restructuring missed an opportunity to enshrine a doctrine of odious debt in international law.

中文翻译：

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伊拉克主权债务重组

关键点

• 在2003年美国入侵时，伊拉克需要重组的外债约为1300亿美元。重组是历史上规模最大的重组之一，但尚无清晰详细的历史记录。通过主要消息来源和对参与其中的关键人物的采访，本文讲述了伊拉克如何成功达成协议的故事。
• 政治渗透到重组中，对债权人施加苛刻的条件，而此时对债权人友好的重组已成为常态。尽管重组取得了明显的成功，但在巴黎俱乐部寻求政治上有利的交易时，重组却错失了将可憎债务学说纳入国际法的机会。