Joanne98
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Sun Mar-08-09 05:23 PM
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World Bank Financial Report Grim |
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Developing nations are facing a massive financing shortfall of up to $700 billion this year as private investment evaporates and global trade collapses, threatening to return many countries to the days of heavy reliance on foreign aid, the World Bank warned yesterday.
In a report released ahead of a major summit of finance ministers in London this week, the World Bank also cautioned that the cost of helping poorer nations in crisis would exceed the current financial resources of multilateral lenders. It called on developed nations struggling with their own economic routs to dedicate 0.7 percent of the money they are spending on economic stimulus programs toward a new Vulnerability Fund to help developing countries.
The World Bank predicted that the global economy will shrink this year for the first time since World War II, a prognosis more dire than that of almost any private investment house. Its report underscored what many are calling a mounting crisis within a crisis, as the downturn that started in the wealthy nations of the West washes over developing countries through a pullback in investment, trade and credit.
"We need to react in real time to a growing crisis that is hurting people in developing countries," World Bank President Robert B. Zoellick said in a statement. Action is needed by governments and multilateral lenders "to avoid social and political unrest."
Continued>>>
"to avoid social and political unrest" That's code for "the capitalists will be in danger of getting their heads chopped off! OH MY!
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HeresyLives
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Sun Mar-08-09 05:25 PM
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Jack Bone
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Sun Mar-08-09 06:21 PM
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2. K&R..would love to read the whole piece! |
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could you post the link please?
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Po_d Mainiac
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Sun Mar-08-09 07:45 PM
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Those former Eastern Block nations really screwed the pooch when they pegged their internal debt (home mortgages, etc) to the Swiss franc or the Euro, while maintaining a national currency. :nuke:
Can u imagine having a loan that adjusts on a daily basis? Those emerging markets will be back to the barter system
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girl gone mad
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Sun Mar-08-09 07:50 PM
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4. The link is missing, Joanne.. |
marketcrazy1
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Sun Mar-08-09 08:10 PM
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5. link....................... here it is... |
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Edited on Sun Mar-08-09 08:11 PM by marketcrazy1
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upi402
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Mon Mar-09-09 01:02 AM
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6. The world bank triples lending to 35 Billion. meh |
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After the dazzling Trillion$ of our future earnings being handed over to the crooks that screwed this thing into the dirt, Billion$ sounds like chump change.
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DU
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Sun May 05th 2024, 10:14 AM
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