A step in the right direction

In a move that will cost rich countries only 1.2 billion dollars a year, the G8 has agreed to cancel the debt of 18 well-governed but impoverished nations. Critics of the deal are saying more needs to be done and they are absolutely correct. However when trying something new, it’s important to move somewhat cautiously.

For example, Germany and Japan share real concerns about how to make sure that the money is being used well. Might debt cancellation encourage reckless spending? Time will tell and that is why this low-risk move is the right one. Certainly, resources should be collected to expand the program quickly as people are suffering and we need to help them soon. I’d just rather see numerous, quick, small steps than one big one.

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