By: J. M. Lawrence

J. M. Lawrence — Sat, 22 Jul 2006 18:16:26 +0000

Unlike the U.S., the vast majority of defaulting emergineg market countries are net creditors to the rest of the world.

-"Is Africa a Net Creditor?...Capital Flight From Severely-Indebted Sub-Saharan African Countries, 1970-1996," University of Massachusetts, Amherst" "This paper presents estimates of capital flight from 25 low-income sub-Saharan African countries in the period 1970 to 1996. Capital flight totaled more than $193 billion (in 1996 dollars); with imputed interest earnings, the accumulated stock of flight capital amounts to $285 billion. The combined external debt of these countries stood at $178 billion in 1996."

-On the foreign bank accounts held by Nigerian elites, Mr. David Asonye Ihenacho writes for Nigeriaworld :

First, the sum of 170 billion dollars...is about 60% of the entire debt owed by the entire continent of Africa to the rest of the world...
Second, who are these Nigerians with this large sum of money stored overseas? The sum of 170 billion dollars is by far bigger than the entire wealth of the four richest people in the world combined. The wealth of Bill Gates III of Microsoft, Warren E. Buffett of Berkshire Hathaway, Karl and Theo Albrecht of Wal-mart retail and Paul G. Allen of Microsoft combined does not rise up to 170 billion dollars.

http://foreigndebtforgiveness.com, and please, also, note the links which include the first of the above.

Comments on: Have we made poverty history?

By: J. M. Lawrence