http://money.cnn.com/2004/10/02/news/international/group_debt.reut/WASHINGTON (Reuters) - Hopes of a deal to write off completely the debts of some of the world's poorest countries were dashed after the Group of Seven rich nations club failed to reach agreement.
Charities and aid agencies had been excited by the prospect of 100 percent multilateral debt relief for many impoverished nations after the United States proposed such a move ahead of the G7 finance ministers' meeting in Washington.
Britain has already pledged £100 million a year to pay off 10 percent of the debt owed by some 30 poor countries to the World Bank and African Devlopment Bank and it had called on fellow G7 members to follow its lead.
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"Once again rich countries have turned up with their notebooks not their checkbooks and the price will be paid by the world's poorest people."
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