The Group of Eight has agreed to forgive the debt owed them by the poor. I like this idea much more than simply giving poorer nations more money, regardless of how many strings are attached. For one thing, it’s hard to mis-spend not having to pay your bills. Any funds those countries raise can be put to more productive use, if they so desire. If they don’t…
And now that there’s a clean slate, they can accrue more debt!