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Actually debt forgiveness has been a standard part of aid to developing countries for decades.

It turns out not to have solved anything. There are several economists who have attempted to explain why this is so.

One of the easiest to read is William Easterly who has two books on the subject.

Joseph Stiglitz, Paul Collier, Ha-Jung Chang and Dani Rodkrik have also written about this. They are all critical of IMF and WB policies, but disagree about the main reasons for continued failure and what to do about it.

It seems that graft by leaders and the knowledge that the country will be bailed out, once again, in the future lead to poor use for the loans.

Policies not Politics
---- Daily Landscape

by rdf (robert.feinman@gmail.com) on Mon Dec 15th, 2008 at 11:52:19 AM EST

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