Forgiving $40 billion in debt

Erasing Africa's debt was Bush's payback to Blair for his support in Iraq. Living in Britian for a year has given me insight into their country and their politics. While America pays nominal attention when Bush and Blair meet, the British political pundits constantly wonder "what Blair (and Britian) will get out of the meeting" or mention that "if Blair doesn't get something for his support of Bush, that this could be a poltical failure for Blair."

Most of the British press, at best, view the war in Iraq and support of the War on Islamofacists as a favor to America, as if defeating global terrorists isn't also in Britian's best interests. Blair and the Labour government are all about "helping Africa," apparently clueless to the wanton corruption that plagues the continent. So Blair can go home and tell everyone what a victory the meeting was and the Labour Party can sleep soundly knowing that Blair "got something" for his support of Bush.

No wonder we can't hold a budget together. Spend, spend, spend, that's the new motto of the Republican party.

On a side note, what is really interesting is watching the ministers debate in Parliment on TV. The Prime Minister will openly debate leaders of the opposite party. It requires them to take blunt direct questions and be quick on their feet. Heck, even during the election debates, our two candidates couldn't even ask each other direct questions.

The debt-forgiveness deal would aid 18 nations. U.S. and British officials presented their proposal Friday at a meeting in London of the finance ministers of the G-8 nations. If accepted by the finance ministers this weekend, the deal probably would be adopted.
The individual G-8 countries have already erased the debt owed to them by poor countries. The U.S. and British plan would wipe away an additional $40 billion owed by 18 countries.... Eliminating the debt, which would cost the United States $1 billion annually, would relieve the countries of making debt payments, freeing them to spend new money -- from loans or grants -- on social programs and economic development projects....
Two administration officials said Bush plans to announce additional aid to Africa at the G-8 besides the $674 million in new assistance he announced at this week's White House meeting with Blair. Some administration officials are lobbying for Bush to commit to doubling the $3.2 billion annual aid budget for Africa. SF Chronicle