Saturday, April 16, 2005

IMF Decided to Forgive Debts....but won't say how or when or whom

BBC news:G7 fails to agree on debt relief

Inside Debtor's Prison, Lancashire

Poor countries expect quicker results

Yes, they certainly do. Like sometime in the next millennium.

The world's most developed nations have reaffirmed the need to provide debt relief to poor countries.

After talks in Washington, the G7 finance ministers said they were prepared to offer up to 100% relief on a case-by-case basis.

But they failed to announce any concrete measures on how to do it.

Development lobby groups criticised the G7 for "yet another missed opportunity" to deliver the debt cancellation they promised in London in February.

Talk about cold feet! All these starving nations being hit by high fuel costs to boot...must keep paying while the G7 dither and dather and get all in a lather, here, now, no, not yet, how about...well, we can't, maybe....meanwhile, keep paying up, starving nations! You OWE us!

This grubby little farce will play on and on....hark....China has been going around with this kitty of cash offering to pay off IMF loans to various interesting countries and they are wildly popular as I have noted in other articles here at Culture of Life News. People like to live. They also like to eat and be merry. Seems the IMF can't figure this out. Note how the IMF never meets in any of these countries seeking relief.

From my favorite blogger, Richard in Britain comes this:

The comment below, from Oxfam's Jonathan Hepburn, sums it up well for me, Elaine.

"How many children have to die before these seven men in suits develop a sense of urgency?" Jonathan Hepburn, of Oxfam International, told the AFP news agency.

"There was complete silence from the G7 on the sale of gold. Yet the IMF has clearly said the gold can be sold to help cancel poor countries' debt," he said.

From the final G7 comedy report (the whole thing is hilarious):
Snow said he has the impression that other G7 members are coming round to the US position on the need for 100 pct debt forgiveness.
-Ministers called on Argentina to work out a deal with private creditors who did not sign up for its debt restructuring plan.
-'Following the debt exchange, Argentina needs to address the remaining defaulted debt, in line with the lending into arrears policy of the IMF,' they said.

Note that pushing only 53% of the population into the poor house just wasn't enough. So they have to pay up or else. They still have some people above third world status. Oh, and again, the USA promised to balance the budget. Isn't this a fun thing? Yup. I can't wait for the IMF to forclose on us.

The clock is ticking. Maybe, it is a timebomb.

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