Friday, 29 Feb, 2008 Politics

War in Iraq led to six trillion dollars loss


War in Iraq cost six trillion dollars resulting in enormous loss for the world , experts say.

Joseph Stiglitz, a Nobel prize-winning economist said that price given for Iraq war can be compared to the price of gold and currency reserves of all countries of the world.

The US spendings on this war outreached those given in 12-year-old war in Vietnam and on war in Korea. The total expenditures, including loan coasts of military operations will reach three trillion dollars.

As a result of war in Iraq, the oil prices will continue to grow making all the countries around the world suffer because of it.

Some countries already suffer from the consequences of war in Iraq, including 13 African countries having a three percent decrease in income level. European and East Asia oil importers lost more than three trillion dollars.

Joseph Stiglitz together with Linda Bilmes, who worked in former Bill Clinton’s administration started their analysis of the spendings on war in Iraq in 2005. Expenditures evaluated by the Congressional Budget Office were announced to equal $500 billion, which didn't correspond to real amount spent on military operations.

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