Libya has started to pay on an $1.8 billion compensation for US victims of terror in the 1980's attacks. The compensation agreement was reached earlier this year; $1.3 billion is for the 1989 bombing of a French airliner in addition to the bombings in Scotland and Germany. The other $500 million is for the Libyan citizens who were killed in US airstrikes ordered for retaliation against the bombing in Germany. Libya has looked for financial help in private businesses; however, the United States claims not to use taxpayers money for its portion of the fund but has yet to say where they plan on getting the money. David Welch, top US diplomat for the Middle East, says the payment is a promising development and hopes the rest will be paid soon even with the current state of the global economy. The Bush administration has agreed to grant immunity to Libya for any terror-related law suits; however the US will not completely agree until the full debt is paid. In the 1980's relations between Libya and the US hit an all time low but now are steadily rising after this agreement. It's good to see that this ball is actually rolling and developing strong relations with Libya is a step in the right direction for the US. However, with the state of the global economy right now, borrowing money from other places is not going to set this crisis of monetary struggle where it should be. The United States has already hit all time lows in the stock market this past week and another $500 million to be paid will just send us spiraling back down.
Citation: http://www.msnbc.msn.com/id/27100860/
2 comments:
I totally agree...We don't need to be borrowing any more money. We are already a debtor nation!
I think its crazy that we have to borrow money from other countries. I defintely agree that it needs to stop because were already in a very big crisis.
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