Will Any Crumbs Remain After Bankers' Feast?

[marmar]

via CommonDreams:



Published on Wednesday, November 26, 2008 by Inter Press Service
Will Any Crumbs Remain After Bankers' Feast?
by Haider Rizvi


UNITED NATIONS - The vast resources the U.S. and Europeans are pouring into ailing financial firms could lead to disastrous consequences for global efforts to reduce poverty and mitigate the impacts of climate change, warns a new study by an independent think tank.

The study, entitled "Skewed Priorities: How the Bailouts Dwarf Other Global Crises", points out that the U.S and European governments are willing to help financial firms in crisis with more than 4 trillion dollars -- an amount estimated to be 40 times higher than what is being spent on measures to fight climate change and poverty.

According to researchers at the Washington-based Institute for Policy Studies, which released the study's findings Monday, governments of the rich industrialized countries are very likely to use the cost of their financial sector bailouts as an excuse to backtrack on global aid for poverty and climate change financing commitments.

The study comes as the United Nations is preparing to hold two major international meetings to advance its agenda on environment and development.

The three-day conference on financing for development is scheduled to commence in Doha, Qatar next weekend, while the U.N. conference on climate change is set for in Poznan, Poland next week.

The Poznan conference will last for more than a week, with more than 8,000 delegates expected to attend. It is supposed to hammer out further international commitments to fight climate change, including climate-related financial assistance for developing countries. .......(more)

The complete piece is at: http://www.commondreams.org/headline/2008/11/26-0