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Looks like those world leaders have finally gotten around to doing something about third world debt. Hurrah for them. But does it just encourage corrupt rulers to go and borrow more money for themselves safe in the knowledge that they won't have to pay it back?
I'm sure that these guys aren't stupid and will have taken that into account, but you never know.
They've actually agreed to it already? I didn't realise they'd even started yet. Can't see George Bush going in for it ('it doesn't fit in with our budget'). But good for them if they have.
The corrupty-typey people might do well out of it, unfortunately, but then there are so many people who will benefit. Hopefully.
-- Edited by Captain Centipede at 21:25, 2005-06-11
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Yes, they've agreed to cancel the debt of 18 countries pretty much immediately, with more to follow in the future.
But closer to home, many countries may have counted those debt repayments in their budget. So it comes at a risk to developed countries, too, especially the US who are running a huge deficit right now. Having said that, if it was gonna cause too may problems, they wouldn't have gone ahead with it
Well that's George Bush's fault. You know they had a large excess of money in Clinton's time? Bush spend all that, and all the rest of the reserves, and all of the money that was meant to be reserved for Social Security and was never meant to be touched, and more becides that. I think their defecit is now $600 billion.
-- Edited by Captain Centipede at 12:04, 2005-06-12
__________________
- All your TURKEY SANDWICH are belong to us!
- Ah canny do it, Sutton! Ah've got noo anthology!
- *Squeaky voice*...I am a class A drug. Snort me!
