ITWASSOOTED: Finance leaders agree on debt forgiveness

Sunday, September 25, 2005

Finance leaders agree on debt forgiveness

By Edmund L. Andrews
The New York Times


WASHINGTON Finance ministers from around the world have reached agreement on a plan to wipe out as much as $55 billion in debt owed by impoverished countries.

The deal still needs to win support from the major shareholders of the World Bank, which would forgive a large portion of the outstanding loans, but American and European officials said they were confident the plan would win approval Sunday.

The agreement, which will initially affect about 18 countries, came after two years of grinding debate between the United States, Japan, Britain and most of the wealthy countries in Europe.

"The breakthrough is that we now have a set of proposals that are supported by the whole international community," said Gordon Brown, the chancellor of the Exchequer for Britain and the chairman of the International Monetary Fund's policy making committee ....more

The exact criteria remained unclear Saturday, though Brown said it was based on a country's per capita income. In addition to being poor, however, a government has to follow "sound" economic policies and meet standards for good governance

sell off all state owned assetts to who? the very same bankers and multi national corperations that are allegedly "forgiving" debt?

for the CGI meeting in November 2001 on PRIVATISATION

Plunder and Profit The IMF and World Bank continue to push privatization, in spite of its massive failures

Against the Workers How IMF and World Bank Policies Undermine Labor Power and Rights

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