Wolfowitz Wavers on Debt-Relief Plan

[salin]

Wolfowitz Wavers on Debt-Relief Plan
World Bank's Financial Viability Cited


By Paul Blustein
Washington Post Staff Writer
Friday, September 23, 2005; Page D05

Paul D. Wolfowitz, president of the World Bank, voiced concern yesterday about a plan unveiled amid much fanfare this summer to cancel the debts of the world's poorest nations, saying it could weaken the bank's finances.

Wolfowitz's comments underscored the depth of the controversy bedeviling the debt-relief plan, which faces a crucial test at this weekend's meetings of the World Bank and International Monetary Fund. The worries he raised also put him somewhat at odds with the Bush administration, which tapped him six months ago to leave his former post as deputy secretary at the Department of Defense to lead the World Bank.

At issue is a plan endorsed by President Bush and his counterparts from the Group of Eight major industrial nations at their summit in Scotland in July, following a high-profile campaign by rock stars and other celebrities demanding forgiveness of the debts that poor countries owe big international lenders, mainly the World Bank and the IMF.

snip

Although Wolfowitz emphasized that he supports debt cancellation, he expressed sympathy for the complaints advanced by the Netherlands, Belgium and other nations. They say the plan must include strong commitments to ensure the bank's financial viability even after it loses the repayments on the loans being canceled. Their fear is that the commitments made at the G-8 summit to provide future contributions to the bank may be too flimsy and that the bank's ability to provide aid may thus be at risk.

more: http://www.washingtonpost.com/wp-dyn/content/article/2005/09/22/AR2005092202102.html

(underline was my emphasis, not the article's.)

[Binka]

1. Mother Fuckin Comb Licker

The only flimsy thing I see in this article are Wolfowitz's flaccid LIES!

[punpirate]

2. Belgium, Netherlands, all complaining...

... but, since when did Wolfowitz care about "old Europe." This probably has a lot more to do with CitiGroup's whining and moaning....

[salin]

3. or perhaps an acknowledgement

that the ones whose pledges might be flimsy are... ours - given the complete debt inflation (ala HUGE and growing deficit spending of the GOP) of our budgets?

[tainowarrior]

4. here he goes!

He doesn't wait, does he. Attacks the strongly supported debt-cancellation program right away!

[DrZeeLit]

8. Exactly. Undercover of chaos, he thinks it's a stealth move, however,

he forgets that the world press will not be so blind, and the world press is not currently agog over hurricanes and the president's falling numbers.

The world press has a lot more at stake in the World Bank than Wolfie might have bargained for.

This could be a reallllllllly bad move for him. The other countries weren't very happy with his nomination to this post and won't wait to cut him cold.

A good one to watch carefully.

[DeepModem Mom]

5. Enraged kick!

[hatrack]

6. I smell another Presidential Medal of Freedom!

It takes rare courage to ignore what's right and instead protect the financial interests of your bank - especially when it's the World Bank! :puke: :puke: :puke:

[Maggie_May]

7. Another one of Bush buddies

Look at what a mess he left in Iraq. I can't even image the shape he going leave World Bank. I guess my mind can't be that corrupt.

[UTUSN]

9. Kick for Sadly Hilariously Headline #6 n/t

[slater71]

10. Now we know why he was put there.

Who better to help in their (PNAC) quest to control the world. One of their own founding members.

[AzDar]

11. I think the appointment of Wolfowitz may be one of Shrubber's

most damaging to the entire PLANET,and yet it goes mostly unscrutinized. This is the genius, after all, who insisted pre-invasion that the war in Iraq "wouldn't cost American taxpayers one dime".
Jeebus help the World Bank....(and the World, LOL)