"During the 1980s many countries gave Saddam huge loans:

These loans financed his wars, palaces and oppression of the Iraqi people.
Today up to $200bn is claimed in debt and reparations (oil revenue is <$15bn).
Payment would hamper reconstruction and cripple the Iraqi economy for decades.

Jubilee Iraq, founded by Iraqis and citizens in creditor countries, calls for:

Cancellation of all odious debt, which benefited Saddam but not the Iraqi people.
Debt negotiations that are fair and include a strong Iraqi voice. (see tribunal)
A complete moratorium on payments until negotiations are complete.
A large enough reduction in debt to allow Iraq to recover and prosper. "