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NEWS: G7 Agree "up to 100%" Debt Relief Plan

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posted on Feb, 5 2005 @ 04:14 PM
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Today's UK meeting of the worlds seven richest countries has been hailed a great success by the Chancellor of the Exchequer Gordon Brown. The UK has put debt relief at the top of the agenda for its hosting of the G8 meeting in July and Gordon Brown has gained international backing for his IFF plan, but the US opposes the UK's plan.
 



news.bbc.co.uk
G7 finance ministers have backed plans to write off up to 100% of the debts of some of the world's poorest countries.

Mr Brown said it was a major breakthrough for the international organisations to offer up to 100% multilateral debt relief - "the vast bulk" of money owed by the poorest countries.

"We could be at the beginning of the final stage of the process where the debts that were owed by the poorest countries, built up over 20 or 30 years, debts that are simply unpayable in the real world, are finally taken care of," he said.

...But the US says it cannot support Mr Brown's International Finance Facility to boost aid to developing countries.


Please visit the link provided for the complete story.


This is good news, it's good to see a politician taking the bull by the horns on this issue. No doubt more can be done but in addition to the UK already overhauling its debt issues and cancelling some outright, it's a good start. It's unsurprising the US opposes the plans though. Seems that they'll oppose anything that isn't of their own making these days.

I think this is kind of thing Tony Blair meant when he said "If America wants the rest of the world to be part of the agenda it has set, it must be part of their agenda, too" George.

Related News Links:
www.guardian.co.uk
www.reuters.com




posted on Feb, 5 2005 @ 04:53 PM
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I think it makes sense after all the poorest countries in world are not going to pay back their debt anyway.

They have not money to feed their own people.



posted on Feb, 5 2005 @ 05:54 PM
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they've already paid the debts back time and time again with all the interest that's being added it's impossible. the u.s of course do not agree with wiping the world debt because they will need that debt money coming in because of the immense cost of the iraq war. it's about time they cleared the debts...it's not doing anyone any good.



posted on Feb, 5 2005 @ 06:22 PM
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What was done to some of those countries was pure greed and evil. It is about time things are starting to be set right. I wonder how many millions of people have died because of the IMF?



posted on Feb, 5 2005 @ 06:29 PM
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Good work by Gordon Brown


Typical of the self-serving US Government to refuse to support this. And typical of the self-obsessed money worshippers to say something like this ...


I am not giving up my daily Starbucks and my three family cars for world peace
ED, Houston, TX

This was one of the quotes on the original webpage.

Any Texans here want to respond to this neanderthal ?



posted on Feb, 5 2005 @ 07:04 PM
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This is a wonderful initiative and I am disappointed but not surprised to see opposition from the US government, who won't agree to this because of the returns they want on the debt money and/or that they don't get all the glory of being the benevolent superpower because it's not their idea. (i know pretty sick minds eh?)




The US is completely committed to poverty reduction and providing financing to do that - US Treasury Under-Secretary John Taylor


this says it all selfish bastards


Anyways i'm not surprised by that redneck saying that, people can be so selfish.

thanks,
drfunk


[edit on 5-2-2005 by drfunk]



posted on Feb, 5 2005 @ 08:08 PM
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Wow, thats incredible. How does this default affect future lending?



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