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Bailout for Wall St – What about the Poorest?

PRESS RELEASE


October 2 2008

Bailout for Wall St – What about the Poorest?

WITH the meltdown of international banking and credit filling investors with dread, developed nations are using the crisis to legitimise backing away from the Millennium Development Goals (MDGs), said TEAR Fund Executive Director Stephen Tollestrup.

The MDGs signed by 189 nations promised to halve poverty for the poorest of our planet’s people by 2015 and increase aid to 0.7 per cent of their countries GDPs.

“The truth is”, says, Mr Tollestrup, “the MDGs go well beyond a handout. If we dare to think outside of the square we will find that we need to see productive and growing economies in the developing world to help us move out of this current mess and bring long term economic stability.

“Rather than simply throw a trillion dollars at failed Wall Street financers, perhaps it’s time to think clearly about an economic shot in the arm for the two-thirds world. This will strengthen the global economy and counter the poverty where over a billion fellow human beings languish and die, and fundamentalism and terror incubate.”

Micah Challenge advocates for governments to honour their commitment to the MDGs, TEAR Fund, as a member of this international Christian campaign, is urging New Zealand voters to make honouring the MDG promise an election issue.

ENDS

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