Presently Iraq has contracts for all sorts of things with monies owing to Russia, Germany, and France--among others.

The interesting situation thus arises as to how this debt is going to be handled?

If the call is to start Iraq out with a clean slate and let the new Iraq develop on a Western market economy paradigm, and it is successful, it could be the model for a new Mid-East.

On the other hand, the weak economy of Russia will be greatly damaged if it cannot collect its debts and continue its contracts. The dollar will certainly strengthen against the euro if Germany and France take this major hit.

The Euro strengthened as a result of the 1999 decision by Saddam to take payment for Iraqi oil in Euros.

If the only recource those holding old paper on Iraq had was seizure of (Saddam) Iraqi assets throughout the world, this would not only end the Saddam regime forever, but would effectively prevent it from rising from the ashes in the future.

Look for new opportunities in international law and new and important theory in the area of contract law.

Also, it will be interesting to see if the US and Brits go for war reparations and re-imbursement for occupation costs.

Wow, do we live in interesting times, or what?

Publius