Debt Cancellation:Good Or Bad Idea?

What's your opinion on debt cancellation for poor countries?

What I'd like to know is if these debts are cancelled, what's going to be done in these countries that owe money to prevent them from going back into debt after the debt is cancelled? Shouldn't these countries be able to demonstrate how they are going to prevent going into debt a second time before their debts get cancelled?

 

http://news.bbc.co.uk/1/hi/world/africa/4410109.stm

" Mr Obasanjo has warned officials their greed is undermining his attempts to win international debt relief."

This influenced my question.

 

They should definitely be able to demonstrate their ability to recouperate before anymore of it is erased.

An idea that had often crossed my mind is have a few of the more financially stable countries meet with the heads of the countries in debt and come up with a "5-year plan" to come out of debt and be self-sufficient. Teach these countries proven methods of taxation, job creation, money management, etc. then guide them through 6 months or a year, then hand them the reigns.

 

The debt cancellation has to be accompanied by fiscal and monetary discipline, otherwise new debts will build up and these countries will think "if it happens to us again, we will be bailed out again."

So, debt cancellation is not always a good idea.

 

The united States needs help have you looked at our national debt rate. We keep spending but we aren't getting any money in. Do you know that the interest is 19k a sec.

 

America is pretty strapped. If there was a global economic crisis then there would be a general leveling out of economies anyway, as richer economies stand more to lose from an economic crisis.

It would have a similar effect to debt relief anyway

 

bad idea. read this:
http://www.monbiot.com/archives/2005/09/06/the-man-who-betrayed-the-poor

 

Great! Now they can buy more weapons.

 

bah if i was as rich as bono i would give all but abit of money to pay off the debt personally for them and also start them up finacially again keeping little of my wealth (say 250,000?)

id keep doing concerts ec till i felt things were better.

 

Well the money to pay off all of Africa's debts are in Switzerland. Bono would be wasting his money if the corruption that contributed to the debts is not stopped.

 

Question

In regards to Africa how is the debt a debt?

 

Feed a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime.

 

...give a man genetically modified corn that don't work as a seed and when he fails call him lazy

 

It's not all bad news..

http://www.africancrops.net/

I think any debt reduction especial 100% as is the cas in some cases..has to be a good thing.. the whole economics of it all, just make my head spin.. just when i see 'debt reduction' i think ..though i realise strings are always attached..

 

It's an ill thought out plan that looks noble on paper.

White bankers getting rich off starving black children.....

NOT

More like they're trying to get their money back off double-dealing evil Idi Amin types.

 

that debts are already payed in full. this is cutting-off of interests on interests only.
my cynical alter-ego is asking me how rich countries will cash-in this debt cancelation. probably mining concessions and similar ''orchestrated maneuvers in the dark''

 

yeah right^^^^

the point is america doesnt understand that their 50 billion a year spent on diet products goes to show that the 40 billion needed to get africa back to zero...is called equality of world resources...

 

Que
Other than the monkeys in your head, who said anyhting about GM

 

you are rude at least as you are limited. your saying implies that natives are only waiting for aid, and they had to be teached to work. how they will ''catch fish'' with broken equipment, dead bait and poisoned pond, delivered by mighty fishing-teacher? they were perfectly ok until ''educators'' arrived. basic agricultural skills are ancient, and - hunter-gatherer tribes aside - those skills are well known amongst the now-hungry. they lack the means, taken by colonisators, not the knowledge.

if you want to continue this conversation, try with explaining your thoughts without upseting my monkeys

 

You are presumptuous and illequipped for intelligent constructive comment.
Any "Implication" comes entirely from you!
Who says the equipment is broken? you!
who says bait is dead? you!
who says the pond is poisoned? you!
who was 'perfectly ok until 'dumb educators" arrived? the starving people!
Who knows it all? obviously you are the one and only be all and end all most highly presumptuos self-opinionated know-it-all grand turkey!
Pull your head out of your arse and look at the world without the smear of shit that covers your eyes.