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Saddam Hussein demanded that the Gulf countries simply write these loans off, and not have Iraq pay them back for the money they had loaned Iraq. He was very concerned with the low oil prices in the late 1980's because oil in Iraq accounted for nearly ninety-five percent of the government's revenue. So if Hussein did not have to pay his neighboring countries back it would not send his countries economy into the ground. Hussein had to figure out some sort of way to get the money that he owed the other Gulf countries. In February 1990, at a summit meeting of the Arab Cooperation Council in Amman to mark the organization's first anniversary, Saddam virtually demanded that the Gulf States bail him out of his financial difficulties...
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