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19/07/2001
WORLD BANK REJECTS US DEBT PROPOSAL
PRESIDENT BUSH has come under attack ahead of this weekend’s G8 summit in Genoa over his recent suggestions surrounding the resolution of the issue of third world debt.
Mr Bush is proposing an economic strategy that involves the conversion of a large proportion of the available financial aid into grants, rather than loans, on the basis that this would eliminate the crippling problem of debt that many impoverished countries face, as they would not thenhave to pay the money back.
However, the suggestion has come under heavy criticism from many sources, including the World Bank, which claims such a move could see a massive reduction in the amount of aid the World Bank could make available to poor countries, especially if richer nations are not prepared to up their contributions.
Despite President Bush’s comments of continued commitment to “responsible debt relief”, it is thought that the US administration is not developing any plans to increase its funding contribution to the World Bank funding.
Meanwhile, a group of peaceful protestors from Northern Ireland have arrived in Genoa, where they will to take part in a ‘drop the debt’ campaign aimed at exposing the burden of debt carried by third world countries.
The activists say they wish to help publicise how the crippling amounts of interest paid by such nations is adversely affecting their populations, with an estimated 19,000 children dying every day as a result of poor living conditions caused by imposed financial demands. (CL)
Mr Bush is proposing an economic strategy that involves the conversion of a large proportion of the available financial aid into grants, rather than loans, on the basis that this would eliminate the crippling problem of debt that many impoverished countries face, as they would not thenhave to pay the money back.
However, the suggestion has come under heavy criticism from many sources, including the World Bank, which claims such a move could see a massive reduction in the amount of aid the World Bank could make available to poor countries, especially if richer nations are not prepared to up their contributions.
Despite President Bush’s comments of continued commitment to “responsible debt relief”, it is thought that the US administration is not developing any plans to increase its funding contribution to the World Bank funding.
Meanwhile, a group of peaceful protestors from Northern Ireland have arrived in Genoa, where they will to take part in a ‘drop the debt’ campaign aimed at exposing the burden of debt carried by third world countries.
The activists say they wish to help publicise how the crippling amounts of interest paid by such nations is adversely affecting their populations, with an estimated 19,000 children dying every day as a result of poor living conditions caused by imposed financial demands. (CL)
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23 September 2011
World Markets Face Financial Melt-down
Although global stock markets had this morning reversed a dangerous slide into what was potentially a second worldwide crisis, European shares have since fallen further as investors continued to worry about the outlook for the global economy.
World Markets Face Financial Melt-down
Although global stock markets had this morning reversed a dangerous slide into what was potentially a second worldwide crisis, European shares have since fallen further as investors continued to worry about the outlook for the global economy.
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Northern Ireland WeatherThis Evening and Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 7 °C.
