[news] Wolfowitz at the World Bank: A New Leaf?

[Resist!ca]

Identity Withheld | MRZine | 25/08/05 Paul Wolfowitz's first major act as the new head of the World bank has been to suspend World Bank loans to Ecuador, "ostensibly to punish the government for revising the rules of the special Fund established from its oil revenues. Nearly all the money from this fund was to go to repaying the debt owed to foreign banks. Apparently, Mr. Wolfowitz objects to a new Ecuadorian law...under which 20% of the Fund would now go towards social needs and 10% for national development in science and technology.  When the special Fund was first established, Ecuador's oil was sold for $18 p/barrel.  Today it is 400% more.  Without this change, almost all of the windfall will be paid to the foreign banks."

URL: http://resist.ca/story/2005/8/28/91549/0098