02 October, 2008

Bailout Persepective

Just to help us imagine what all this means:

To put the proposed Wall Street bailout into perspective. $700bn:

· Would clear the accumulated debt of the 49 poorest countries in the world ($375bn) twice over
· Is almost 5 times the annual amount of extra aid needed to achieve all the Millennium Development Goals on poverty, health, education etc ($150bn a year)
· Is about 7 years of current global aid levels ($104bn in 2007)
· Is enough to eradicate all world poverty for over two years (UNDP calculates it would take $300bn to get the entire world population over the $1 a day poverty line).

On the other hand it’s
· only a quarter of the cost of the Iraq war ($3 trillion on Joseph Stiglitz’ calculation )
· a half of annual global military spending ($1339 bn)


Thanks Peter!

0 reactions:

Post a Comment

 
© Amanda Lunday