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Iraq debt and low US dollar occupy G20 in Berlin

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Iraq debt and low US dollar occupy G20 in Berlin

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The US and Germany have reached a multi-national agreement to write off up to 33 billion dollars of Iraq’s debt.The deal has been reached at a meeting in Berlin of leaders from the G20 group of rich and developing nations.Europe and Japan also took the chance to voice their concerns about the low US dollar, but there seemed to be little concensus on what could be done.While US officials at the summit stayed silent, the German Chancellor Gerhard Schroeder spoke on the issue.

“The Euro-dollar relations are already worrying,” said the chancellor. “The cause is clear. There is a double deficit in the US, a budget deficit and a current account deficit, and partnership certainly means something has to be done about it.” The impact of rising oil prices on growth was also discussed, and ministers agreed to apply an OECD code on sharing information on tax matters.