Another G8 shell game
Bob Geldof and Bono may have screwed it for the world’s poorest countries. These are two well-meaning guys, and they certainly deserve kudos for the attention they have helped to focus on the plight of the world’s poor. But when they offered flippant sound bites last week about plans to relieve some of the debt of poor nations, they set back the path to economic justice by huge strides. It must be assumed they did not do so deliberately, but their fame and their ability to buttonhole the leaders of the wealthiest nations may have clouded their judgment enough to prevent them from remembering that they are spokespeople, not experts.
On June 11, the finance ministers of seven of the world’s leading industrial nations (the G8, minus Russia) agreed to write off the debt of the 18 poorest countries (14 of them in Africa). It is expected that a further nine African countries may qualify for similar relief over the next 12 to 18 months. Although the agreement still needs formal approval at the G8 Summit to be held in Scotland in early July, it sounds like good news and a noble humanitarian gesture. But is it? And what is actually to be written off?
Anyone with even a simple grasp of the issues will recognize that the conditions attached to the alleged debt relief are actually more onerous than the debt they relieve. When Geldof pronounced the deal as “a victory for millions” and Bono described it as “a little piece of history”, they set back by large strides the hard work that has been done round the world by those fighting to end poverty. For those workers know, even if Geldof and Bono don’t — or didn’t remember — that the enforced economic liberalization and privatization are not designed to ease third world debt, they are designed to open further lucrative investment opportunities for the West in a form of econo-colonialism. Geldof and Bono are running the risk that they will defuse the political campaign toward global justice and relegate any aid or relief to philanthropy.
Full: axisoflogic.com
‘Well meaning guys’?? The best that can be said of these two is that they are fools, and that’s a charity…