Russia writes off $4.5B in Libyan debt, signs business deals

[maddezmom]

Source: AP

TRIPOLI, Libya - Russian President Vladimir Putin wrapped up his two-day visit with Libyan leader Moammar Gadhafi on Thursday by writing off $4.5 billion in Libyan debts in exchange for multibillion-dollar deals for Russian companies, a Libyan oil official said.

The agreement was announced at a ceremony attended by Gadhafi and Putin, the first Kremlin leader to visit the North African country.

It came after the two leaders resolved initial "discrepancies" over the amount of the Libyan debt, said the Libyan official, who attended the Putin-Gadhafi talks. He spoke on condition of anonymity because he was not authorized to talk to journalists.

Russia had put the total owed at $4.5 billion while Libya insisted it was only $1.6 billion. But the parties agreed to "gradually write off these debts in return for contracts, and projects to be implemented by Russians in Libya," the official said.



Read more: http://news.yahoo.com/s/ap/20080417/ap_on_re_af/libya_russia

[JohnnyCougar]

1. Not good.

I'm not looking forward to Russia coming back to power, but it's going to happen because our country is overextended.

[David__77]

2. Excellent.

I'm glad to see Russia assisting developing countries. This is a move for peace.