Sicilian Culture: News: Italy Cancels Third World Debt

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Italy Cancels Third World Debt
From Italy-News.net
The Italian government signed into law last year's agreement that calls for the cancellation of debts incurred by Third World nations. The first country that will benefit from the action will be New Guinea, which will formalize the accord with the Italian Church in the upcoming weeks to take advantage of the "counterpart fund" which will be issued by the Ecclesiastic Campaign for the Reduction of World Debt. With the signing of the accord, the Italian government has effectively cancelled New Guinea's debt in exchange for the financing of an equivalent fund for the real value of the debt (10% of the nominal value) on behalf of the debtor nation. Included in the fund is the church's contribution, which has already passed the 30 billion lire mark, a number higher than previously predicted.

Required Reading for Italian-Americans...

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