UK writes off Third World debts - Democratic Underground

the Kelly Gang

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Fri Sep-24-04 10:20 PM
Original message

UK writes off Third World debts

some sanity at last in this world gone mad :
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UK writes off Third World debts
12:00 AEST Sat Sep 25 2004

PAAIN - Chancellor Gordon Brown is set to announce that Britain will write off its share of debts owed by the world's poorest countries to the World Bank.

And he will throw down the gauntlet to other rich nations to do the same, in a bid to lift the crippling burden of debt repayments from Third World nations, Treasury sources confirmed.

His initiative was hailed by aid charities and is expected to be warmly welcomed by Labour activists at this week's annual conference in Brighton.

http://news.ninemsn.com.au/article.aspx?id=18965

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madrchsod

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Fri Sep-24-04 10:26 PM
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1. good start that is for sure

but the usa will never do this.well not unless walmart needs a new source of cheaper labor.

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AliceWonderland

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Fri Sep-24-04 10:29 PM
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2. Good heavens...this is huge

I had to read it a few times to make sure I didn't misunderstand. I have no idea how this is going to work, since parts of the international economy are built on the "virtual export" of debt payments from developing countries. It's not a sexy sounding story, but it is surely a huge one. Thanks for posting.

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ThomCat

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Fri Sep-24-04 10:32 PM
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3. Why the hell couldn't the World Bank

structure loans to actually HELP third world countries. Those loans might have done some good if they didn't come with conditions like, "privitize everything and give all your public resources to multinational corporations."

Finance people, as a general rule, disgust me and make me ill. :mad:

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MisterP

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Fri Sep-24-04 11:21 PM
Response to Reply #3

8. that would foster independence; Kerala and East Asia

SOARED by ignoring U.S. advice--doing its opposite--until the IMF-induced East Asian Crash, when the IMF and WB yelled "you're failures; bond to us!"

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Maple

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Fri Sep-24-04 10:40 PM
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4. Canada already did

Nice to see the Brits follow suit

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the Kelly Gang

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Fri Sep-24-04 10:46 PM
Response to Reply #4

5. we all know that Canadians are saner than most

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kwolf68

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Fri Sep-24-04 10:55 PM
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6. Now HOWS about that for leadership

John Kerry was just saying this very thing yesterday...

He isn't even elected yet and other nations are following him. Good omen.

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Maple

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Fri Sep-24-04 11:03 PM
Response to Reply #6

7. Heh heh

Much as I like Kerry, Canada started doing this years ago.

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no_hypocrisy

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Sat Sep-25-04 01:35 AM
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9. This country's debts won't be as easily forgiven.

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burrowowl

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Sat Sep-25-04 01:37 AM
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10. Well, I'm glad they have

followed Canada's example. What would Jesus do?
I guess Jesus and these countries are un-Amurican.

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