Thursday, 28 June 2012
President Obasonjo of Nigeria stated after the G8 summit in Okinawa in 2000
“All that we borrowed up to 1985 or 1986 was about $5 billion. So far we have paid back about $16 billion. Yet we’re being told that we still owe about $28 billion … because of foreign creditors’
interest rates. If you ask me what is the worst thing in the world, I will say it is compound interest.”
At that time, the developing world was spending thirteen dollars on debt repayment for every one dollar it received in foreign
aid and grants.
Tuesday, 26 June 2012
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