G8 agrees to slash Third World debt

In the run-up to next month's G8 meeting in Gleneagles, Scotland, finance ministers from the world's seven richest countries and Russia agreed Saturday (11 June) to cancel 100 percent of the €33.05 billion in debt owed by 18 of the world's poorest countries.

Twenty more countries with debt of more than €12.4 billion could see their debt cancelled as well if they meet strict guidelines on corruption and good governance, according to press reports.

The historic move by finance minis...