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US Snubs Debt Relief at G7 Conference

Finance ministers from the Group of Seven ...
(this is the G8 of watercanon demo fame minus Russia)
"industrial countries said Saturday they were willing to provide up to 100 per cent debt relief to the world's poorest states..." unfortunately"...it did not meet the U.S. budgetary framework." (WTF!)
CBC News
London(02-05 05:49 PM EST)


Britain has made tackling poverty in Africa and the developing world a priority for its presidency of the G-8 - the Group of Seven plus Russia. The G-7 includes the United States, Japan, Germany, France, Britain, Italy and Canada.

The communique issued at the close of the conference noted that corruption in poor countries was a "significant barrier to growth, private sector development, investment and poverty reduction."

It also said wealthy countries were committed to energizing the round of trade talks, launched in Doha, Qatar, in 2001, that aim to slash subsidies, tariffs and other barriers to global commerce, and to use trade to help poor states.

Britain's Treasury chief, Gordon Brown hailed the summit as a success, saying that for the first time a G-7 communique had specifically tackled the issues of development aid and debt relief.

However, he failed to secure full backing for a new financing mechanism that would raise more than $60 billion Cdn a year on the world capital markets to boost development aid.

The United States said it could not sign up to the proposed International Finance Facility, as it did not meet the U.S. budgetary framework.
Our budgetary framework includes war on iraq and debt relief for the wealthy. Obviously, we're already overcommitted.
full story

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