Debt-relief is a sexy topic right now.
Everyone wants to be a part of it:
Developing countries, because it frees up their budget, and makes the current government look like friggin superheroes, and developed countries, as they attempt to buy UN votes and open up markets to their multi-nationals.
I’m serious; though I may be cynical, if you haven’t been reading about China and the States trying to out-do one another in munificence and influence, you obviously haven’t been reading developing-country newspapers.
There’s a war of goodwill being fought on all fronts: Africa, old Soviet satellites, South America, the
Caribbean.
Us.
Right now, I get to see the happy beneficiaries of it.
Nothing makes a headline like a 13- or 30-billion dollar buyoff of national debt (by the
U.S. and
China respectively, within a matter of days, if memory serves).
I think it’s been mentioned before, but this country has walked a brilliant if fine line between Western capitalism and Eastern communism.
It’s nominally a socialist state, but non-aligned with big soviet powers, and then is in the western sphere of influence, being
Caribbean.
Lately, this has paid off well:
Doctors from
Cuba, volunteers from the States, as well as
Canada and
England (the country is part of the
British Commonwealth, which is another big boost).
So, when we got to see the president of the country, he was able to brag about bringing down the debt burden that had been a whirlpool for the national budget. So, take a minute and imagine the implications: Paying the interest on the national debt now takes up 7% of the annual budget, down from…
Wait for it…
94%.
Chew on that one.
