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July 08, 2005

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Krishnan Patel

Hi,

Regarding: "It's hard to know how much the terrorist attacks yesterday in London caused the G8 leaders to take their eyes off the ball" I would say that it was probably not the terrorist attacks: the media and leaders would have taken their eyes off this quite soon anyway, as this is what they do each year.

In terms of what was achieved, there is a lot of spin, so even what you list above is not as good as the details reveal. This site has a lot more detail:

http://www.globalissues.org/TradeRelated/Debt/g8summit2005.asp

One thing that this site noted was about the $40 billion write off:

"
* It is spread over 40 years, amounting to $1 billion per year
* In real terms, this is around $17 billion in write-off
* Unfair and harsh economic conditions are still in place, promoting unequal trade
* While it is 100% cancellation for those 18 countries covered, it is around 10% for the total number of countries that urgently need debt relief.
* It is hardly a cancellation. What is given with one hand is taken with the other, because countries will receive a dollar for dollar reduction in aid flows equivalent to the amount canceled
"

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