G8 Debt Deal

There was good news over the last few days that the G8 has agreed a deal to cancel the debt of 18 African states. Its a great step in the right direction but people should be careful not to believe that the problem is solved. The debt being cancelled totals €33 Billion. Quite an amount and nothing to be sneezed at, but to put it in context lest consider these facts

1) The national debt of Ireland, the second best economy in Europe after Luxemburg, is €38.1 billion. 30 billion is alot but not necessarialy a cripilling amount to one small western country, let alone members of the G8.

2) Africas total debt is €300 billion.

3) The Iraq War costs $5.8 Billion (€4.79 Billion) a month.

4) World wide military spending in 2003 was $956 Billion (€790 Billion)

Now countries need to defend their national interests but do they really need that much new equipment next year? Maybe squeeze another year out of that fleet of reserve APCs and another few countries could have their national dept wiped out?

Of course the G8 needs to be careful who they give the money to or next year military spending may be €823 Billion.

Alot Done! More to Do!