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Press Friday 29th September
Guardian: Prague/Debt: Editorial which says that the lesson from Prague is that reform is needed and that violence doesn't pay. Although the protest movement has shifted the thinking of the financial institutions, calling for abolition is not the answer, the only credible path is reform. Progress on debt relief has been agonisingly slow and frustration is understandable but the struggle is best served by the hard graft of campaigning and persuading the G7 governments to go back to the drawing board on debt relief. Prague/Jubilee 2000: A summary of Prague press coverage in “The Editor” includes a quote from the Jubilee 2000 website on the reporting of violence. Prague: Comment from Katherine Viner who criticises Clare Short's labelling of the protestors as “Luddites.” The author praises the impressive organising skills of demonstrators who gained access to the conference centre despite 11000 police, army back-up and tanks. Condemning the protestors in crude terms is misunderstanding “the most significant political movement to emerge in a generation.” Indonesia: Violent street protests erupted in Jakarta following the dismissal of corruption charges against the former dictator Suharto. Similar to the Pinochet decision he escaped trial on grounds of poor health. Environment: Two separate studies show that extreme weather conditions have increased dramatically and more wildlife is on the brink of extinction.
Independent: Prague/Jubilee 2000: Editorial which criticises the protests in Prague saying they threaten to obscure the single valuable cause, speeding up debt relief. Jubilee 2000 understands the arguments well and real change can only be achieved by people who get their hands dirty with policy detail and engage with the financial institutions. Prague: Monitor section which rounds up some of the international press coverage of the protests at the IMF/World Bank summit. Globalisation/Aids: Speaking at the Labour Party conference, Nelson Mandela warned of the need to protect the poor from the perils of globalisation and issued a rallying call to combat AIDS in the developing world.
FT: OPEC: Oil prices fell further yesterday after Saudi Arabia, the world's dominant exporter, vowed to stabilise prices in the latest effort to prevent volatile world petroleum markets from threatening global economic growth. The comments of Crown prince Abdullah that Saudi Arabia was “willing and ready to offer the amount necessary to stabilise the world oil market” caused crude futures prices to fall in London and New York. Full survey on energy and oil. OPEC is back with a vengeance. With oil prices testing fresh 10-year highs and warnings of possible economic damage from soaring oil prices, OPEC has found itself under the fierce glare of the western public spotlight. UK/Sierra Leone: Britain is considering an increase in its military presence in Sierra Leone, just weeks after the controversial capture of a patrol in the war-torn African country. UK/Arms: International arms dealers will face new licensing controls under plans announced yesterday by Stephen Byers, the UK trade and industry secretary. The controls will cover arms traders in the UK brokering deals between other countries. However legislation is thought to be extremely unlikely before the next election.
The Economist: World Bank: Economics Focus analyses the new study from the World Bank entitled “The Quality of Growth.” The article says the report marks another stage in the shift of World Bank thinking on development but suggests that it is a harmful muddle like its predecessor the “World Development Report.”
IHT: Globalisation: Comment by William Pfaff that “the West's globalisation drive is proving a massive failure.” The Asian economic crisis two years ago virtually wiped out globalisation's growth gains, the IMF and World Bank are divided by internal controversies and the gap between rich and poor has not improved. Peru: President Fujimori is seeking international support for his position at home, with the country experiencing a transportation strike and concern over the Peruvian military's loyalty to the president. Bolivia: President Hugo Banzar has postponed a Japanese visit due to social unrest sweeping the country.
Telegraph: AIDS: Nelson Mandela has repudiated the controversial AIDS policy of his successor as South African president Mr Mbeki.
Daily Telegraph: Prague/Jubilee 2000: Letter from Ann Pettifor, director of Jubilee 2000 UK, correcting the paper's report that 19,000 children die every year—in fact the UN estimates that 19 000 children die every day because their governments are forced to prioritise debt payments over spending on basic health care, clean water and sanitation. Those who orchestrated violence in Prague this week deserve contempt and no excuses should be made for their action. But as long as the World Bank, the IMF and the G7 governments that control them seem indifferent to the appalling loss of life caused by the debt crisis, the anger of peaceful protesters will mount.
IHT: Prague: International financiers ended the formalities of their annual meeting of the World Bank on Wednesday—a day early—but insisted that they had finished their business and denied that they were retreating after violent anti-capitalist protests shook this capital on Tuesday.
The Guardian: Prague: The annual meeting of the World Bank and IMF ended early and in confusion last night after anti-globalisation protesters brought Prague to a standstill. Two thousand police were bussed into the city overnight to boost the ranks of 11 000 officers already on the streets.
FT: Prague/debt relief: It is now routine for big economic summits—this time the IMF and World Bank meetings to pass with no progress announced on the heavily indebted poor countries debt relief initiative. This time, debt campaigners have claimed only the minor success of the IMF agreeing to re-examine the case of Zambia, which has large payments to the IMF becoming due. the World Bank and the IMF remain committed to the 20-country target, but display irritation with critics such as Jubilee 2000 which want to re-open fundamental question such as a the amount of relief on offer. James Wolfensohn said this week: “My philosophy is—let's get it started. We can't get everything done in the first five minutes.” FT leader criticises the response of World Bank president Jim Wolfensohn to the violent protests in Prague as too soft. The protesters must be opposed. There is no sane or honourable alternative. Comment from Samuel Brittan that there is plenty to protest about the behaviour of the IMF and World Bank, but for all its ills western capitalism has brought about an unprecedented increase in world living standards. US/domestic debt: The US reduced its public debt in the past year by $223 billion, the largest one-year pay-down of debt in the country's history, after a third fiscal year in a row of budget surpluses. Oil/Venezuela: Oil ministers may talk of lower prices, but finance ministers want the cash. The signing today of Opec's Caracas declaration prepared by Venezuela, is expected to be diluted by delegates with less aggressive foreign policy stances. but time will tell if Mr Chavez'a populist tune proves infectious. Serbia: Over 200 000 people gathered in Belgrade's Republic Square in opposition to the rule of President Milosevic.
Independent: Oil: The oil price surged back above $31 a barrel yesterday after an unexpected fall in US stocks compounded fears that a high-profile summit of the oil cartel OPEC will do little to ease the pressure. In his inaugural speech to the summit, Venezuela's President, Hugo Chavez, made it clear that there was a moral dimension to the consumer/producer debate. Prague: Not every demonstrator against the IMF this week was there to break windows and fight police. Some, like George and Philippa from Dorset, were there to do their bit for Third World debt and take in the culture of the historic Czech capital. Others were there for a spot of lively debate. And some like comedian and commentator Mark Steel just went along for the ride.
Press Wednesday 27th September
West Africa magazine(weekly): Jubilee 2000/Debt: Cover story on the debt issue with a front page picture of the Jubilee 2000 postcard. Several pages on the debt scandal with information from “Kicking the Habit” and Jubilee 2000's latest report “Shadowy Figures.” There are pictures of Jubilee 2000 demonstrations in London, Cologne and Nigeria, together with the handing over of the petition to Kofi Annan.
Wall Street Journal: Prague: Full page coverage of the IMF/World Bank meetings. US Treasury Secretary Larry Summers has urged wealthy nations to give more grants to the poorest countries instead of just providing loans that add to foreign debts. However he did not specify how much the US was willing to provide, nor address the political feasibility of securing congressional support. Lucy Matthew of Jubilee 2000 commented “It's fantastic that he said that. It's accepting reality. However, cancelling far more debt would be a more useful proposal.” Countries such as Cape Verde are poor and indebted but not quite enough to qualify for the HIPC initiative. Others like Zambia are likely to face higher payments after debt relief than before.
FT: Prague: Full page coverage of the IMF/World Bank meetings in Prague. The city experienced its worst rioting since 1989 yesterday when demonstrators clashed with police trying to protect the conference centre. Police in riot gear used water cannon, tear gas and stun grenades in a series of confrontations with militant protestors. An estimated 7000 protestors, fewer than the 20000 expected, demonstrated against global capitalism and IMF/World Bank policies in developing countries. IMF/World Bank: The two financial institutions seek to define their roles. Horst Kohler wants the IMF to concentrate on macroeconomic and financial stability, and to simplify the conditions for lending. However he also wants “to make globalisation work for the good of all” which means the Fund will stay engaged in poor country development. James Wolfensohn has pushed forward his long-term project of changing the World Bank into an overarching development agency rather than a builder of dams of dubious worth. World Bank: The Bank approved a $60 million loan in May to the Russian forest service, six days after President Putin abolished the agency. Debt/Development: Clare Short told the Labour Party conference that 20 countries would qualify for debt relief by the end of the year but other candidates for help were “mired in conflict” which was “a major barrier to development.” Amounts of £63m and £61m have been allocated to Rwanda and Malawi respectively, mainly for primary education. Italy: Prime minister Amato's decision to step down may risk offering victory to Berlusconi next year as his likely replacement Francesco Rutelli is seen as flamboyant but largely untested. Japan/Debt: Japan's runaway debt problem could derail the country's economic recovery. Pakistan/IMF: Pakistan's economic stability may rest on securing an IMF loan of $500-$700m before a request for an international debt rescheduling.
Guardian: Prague: Further coverage and pictures of the street battles in Prague. Acknowledging the legitimate questions of protestors, World Bank chief James Wolfensohn said “something is wrong when the richest 20% of the global population receive more than 80% of the global income,” and urged deeper and faster debt relief. Globalisation: Larry Elliott writes that anti-globalisation protests have had limited success with “inequity higher on the agenda.” He suggests that events in Prague have concentrated minds and created space for the moderate wing of anti-globalisation to push for more generous debt relief. The alternative to violent action is a hard slog, including persuading rich countries to speed up debt relief, and this democratic route will always be messy. Prague/Direct Action: Kate Connolly reports in the Society section under “Lessons in revolt.” Inpeg organiser Starhawk and Czech campaigners are interviewed and illustrate how Czechs are learning about direct action. There is disillusionment with transition and IMF policies are blamed for the Czech Republic GDP which is still below 1989 levels. Overseas/Aid: Tony Blair pledged that he would not cut the overseas aid budget for tax cuts. Oil: At the first OPEC summit for 25 years, oil ministers have warned that output may be cut. Venezuelan leader Hugo Chavez said that OPEC would also be focussing on global poverty, foreign debts and unfair terms of trade for developing countries.
Independent: Prague: Report stating there were two separate protests: violent activists and those peacefully dancing to live music. However all protestors were three days late as the real decision makers, finance ministers of the G7, met on Saturday and had already flown home.
Telegraph: Prague: More pictures and reporting on the Prague violence saying the protestors were besmirching the Czech's proud history of peace. Zimbabwe: Thousands of angry white farmers marched together with black farm workers yesterday for “law and order”, following another assault on a white farmer.
Times: India: Floods have now killed more than 700 people and the situation was made worse when engineers increased the water flow to stop dams bursting.
IHT: Prague: Front page pictures of the protests. Comment from Mr Chambrier, IMF director representing Africa, that promises of greater and faster debt relief form a critical part of the new approach to poverty reduction, but are not a panacea. He thinks the way forward for Africa is to improve the effectiveness of the IMF not to remove it from the development process. Uganda/Debt: Two pages in the “Sponsored Section” which includes an article on debt relief. The country's meeting with the Paris Club creditors on September 11th is described as a landmark agreement which sends a positive signal to the rest of Africa.
The Mirror: Prague: Report focussing on how Gordon Brown was trapped at the IMF summit and among VIPS airlifted to safety in helicopters.
Daily Mail: Prague: Article which says the majority of protestors kept away from the mayhem, waving banners demanding debt cancellation and the shutdown of the IMF.
Express: Prague: Robert Miller reports on how the “IMF pins its hopes on crisis prevention.” If a member country faces a problem with short-term debt repayments, the IMF and the central bank of the country can call in all creditors and suggest a temporary “time out” period to create recovery space. However this new global architecture is criticised by Jeffrey Sachs who says the IMF and World Bank are “the instruments of a few rich governments.” The writer's view is that the global trading system is here to stay but urgently in need of reform. Prague/Debt: Patrick Hosking writes in “City comment” that many people sympathise with the sentiment of some protestors in Prague. Big businesses are increasingly out of touch, becoming too powerful and not accountable enough. Cote D'Ivoire: Two page report on the exploitation of workers on cocoa farms in Cote D'Ivoire, a country producing almost half the world's cocoa beans, to provide a luxury confectionery for the West. International law and free market forces are unable to protect the most vulnerable people in the world. Channel Four screen a film on the issue tomorrow.
Metro: Prague: More on the violence in Prague.
FT: Debt/IMF/World Bank: Personal view by Jeffrey Sachs under the title “The charade of debt sustainability.” Mr Sachs describes how the rich governments would rather pretend all is well in the world than ask their taxpayers to address the urgent problems of the poor. The US has an annual income of $10000 billion but only scrapes together about $1 billion of development assistance for sub-Saharan Africa, 100th of one per cent of its national income. The IMF and World Bank are “mouthpieces of this deceit.” He argues that we need the Bretton Woods institutions as truly global organisations representing all of their members, not as “creditor collection agencies designed to shield taxpayers in rich countries from bad news about world poverty.” What is required is an IMF focused on global financial markets and a newly created World Development Agency devoted to the poorest peoples. Globalisation/Debt: Alan Beattie interviews Clare Short who argues that anti-globalisation protestors should not be trying to stop change. She comments that “globalisation is a set of economic and technological developments which are a fact of history.” Debt relief campaigners have forced the issue onto the agenda and now Ms Short wants to exploit this interest by moving development into the centre of politics. Prague/World Bank: Full page coverage of the meetings in Prague including a report that more than 2.6 million people around the world were being resettled against their will by World Bank projects. Italy: Prime minister Giuliano Amato has announced that he would not stand as a candidate to lead the centre-left at next year's general election. The Roman mayor Francesco Rutelli is almost certain to lead the challenge against Silvio Berlusconi next spring. Russia/EBRD: Despite having a large proportion of debts owed by Russia, the EBRD are keen to rebuild activities and investments in the country. Nigeria: A long-standing dispute over oil resources has now been resolved with Equatorial Guinea. Angola: The army has captured more towns and tightened its grip on Unita rebels. Peru: The departure of spy chief Mr Montesinos has left a trail of corruption, mounting economic troubles and president Fujimori facing political oblivion. FT Surveys: Three separate surveys on Argentina, the Philippines and the Czech Republic.
Guardian: Prague: Picture of a protestor abseiling from a bridge in Prague with a large banner against the IMF/WTO and World Bank. Clare Short calls the protestors “Luddites” with no constructive alternatives to the institutions they criticise. Prague/IMF: Report on the task facing IMF managing director Horst Kohler and his problem of legitimacy. The first test of IMF resolve to show that globalisation can work is to ensure that more of the poorest countries receive debt relief by the end of the year. Jubilee 2000 (Friday's paper): Praise for the Jubilee 2000 website in the “Weblife” section of the Editor magazine.
Express: Prague/Debt: Robert Miller reports under the headline “Bono calls tune with finance chiefs over world debt crisis.” U2's Bono, a leading supporter of Jubilee 2000, has called for a historic act to wipe out the $200 billion debt burden on the 42 poorest countries. World Bank chief James Wolfensohn and IMF leader Horst Kohler assured Bono that some of the tough conditions attached with debt relief would be eased. However Ann Pettifor said that “finance ministers seem incapable of understanding that the poorest countries are effectively insolvent and need a 100 per cent cut in debt service – not the one-third that is on offer.”
Daily Mail: Prague: Article by Alex Brummer on the day of Gordon Brown's speech in Prague. He argues that the chancellor's influence abroad has helped to renew political commitment to relieve debt for the 20 poorest countries. Brown is trying to ensure the IMF operates in a more sensitive way which may mean relaxing conditions for debt relief. Prague/Debt (Friday's paper): Alex Brummer writes under the title “debt relief on back burner as US clings on to its cash.” He blames the slowness of the debt relief programme on the failure of the US to deliver. Their $600 million contribution to the debt trust fund has become caught up in election year politics.
WSJ: Debt/Bono: In the IMF Dossier, Bono is said to have praised Wolfenson's efforts to obtain debt relief for the world's poorest nations but urged the world community to do more to support the HIPC initiative. World Bank: In a new report, the World Bank is said to be inching further away from the Washington Consensus, namely that the best way for developing countries to improve living standards was to liberalise their capital markets and open their borders to trade. (Monday's paper):
Prague/Debt: In an article sub-titled, “Institutions Listen to `Practical' Suggestions from NGOs”, James Wolfensohn is reported to have scribbled on his note pad as Ann Pettifor accused the Bank of subsidising dictatorships, creating poverty and harming the environment. Ann is quoted as saying “this is a really big deal, it's very seldom you get powerful people listening to civil society”. Mr Fischer, the No. 2 official at the IMF remarks that critics of the slow pace of debt relief are constructive and that [the IMF] looked at it and tried to speed up the process. Globalisation: The article “To the Enemies of Globalisation” criticises the Tobin Tax as a means to correct global speculation and to provide funding for big development and environmental projects. It states that the World Bank has come to the conclusion that globalisation and the introduction of communication technology is an opportunity for Africa to leapfrog stages of development it has missed before.
IHT: Debt/Bono: The article “Pro Bono: A Rock Star on a Mission” takes the view that Bono and the NGO advocates he represents make debt relief more likely. Bono is entitled to some of the credit for the promises to accelerate the debt relief process. Zambia: Ben Mwila, a wealthy former cabinet minister, who leads the month old Republican party hopes to garner support among the discontented in his bid to become president of Zambia. (Monday's paper): Prague: In its article, “Protesters and Police Gearing Up in Prague” the only protesters mentioned are the Initiative Against Economic Globalisation, a Prague –based coalition of mainly foreign anti-capitalist groups calling for the IMF and World Bank to be dissolved. World Bank: The editorial expresses the fear in its article “Drift at the World Bank” that the blurring of the economic definition of poverty to include not just lack of money but also “powerlessness, voicelessness, vulnerability and fear,” coupled with nervousness about telling countries what to do, may now lead the Bank and the IMF to hand out funds less carefully. Peru: Fujimori's weakening grip on power began, it is reported, when his security chief, Montesinos, became implicated in a corruption scandal involving the handing over of 10,000 AK-47 rifles to Colombian rebels in exchange for cash and drugs. Cote D'Ivoire: During his 9 months in office, General Guei is alleged to have used force and ethnically divisive politics to hold power, raising tensions and dividing the once cohesive military. Leaders of 10 West African countries, fearful of Cote D'Ivoire's destabilisation are holding an emergency meeting on Sunday in nearby Togo.
Independent: India: Floods in West Bengal have now killed 350 people with 15 million made homeless. Rioting has also broken out over food shortages
Evening Standard: Jubilee 2000: Report of the Armani/Marie Claire party where Armani-designed “Drop the Debt” T-shirts were auctioned in support of Jubilee 2000. Celebs included Bryan Adams, Joely Richardson, Chris Rea, Chris Eubank, Graeme le Saux and Mel, Claire and Nasty Nick from Big Brother. Nibbles included minted melon balls with parma charm and oyster mushroom filled with mozarella basil.
Independent: Prague/Jubilee 2000: Report on the Jubilee 2000 demonstration in Prague under the title “Mourners go in peace for millions of children” which highlights the peaceful nature of the protest. On Letna plain where Stalin's statue once stood, Jubilee 2000's director Ann Pettifor addressed the protestors and recalled that the Czechs overthrew communism in 1989 “peacefully, rationally, and through debate,” and said that “we want to do the same.” The symbolic funeral procession led by people carrying large white crosses is pictured, and there is mention of the giant puppets of the IMF and World Bank with their strings pulled by G7 leaders. The report says that Jubilee 2000 are “more sophisticated lobbyists than the anti-globalisation protestors” and have pursued a constructive dialogue with the IMF and World Bank. IMF/Labour conference: Anti-IMF protestors have staged a mass picket outside the Labour Party conference in Brighton. IMF: Following a decision by the G7 meeting in Prague, a newly proposed IMF framework will involve private sector banks in future bailouts to countries in financial crisis.
Guardian: Prague/Jubilee 2000: Full page coverage of the Prague meetings including a picture of the large white crosses at the front of the Jubilee 2000 demonstration. Report by John Vidal and Kate Connolly mentions the symbolic funeral march organised by Jubilee 2000 to draw attention to the 19000 children that die each day as a result of policies imposed by the IMF and the World Bank. Demonstrations so far have been mostly peaceful but consensus suggests they have been dress rehearsals for the major protest tomorrow. An estimated 4000 activists are in Prague plus several thousand development campaigners, and an unknown number are being turned away at the border. Prague/Debt Moratorium: Charlotte Denny reports on the Canadian finance minister's call for creditor countries to support an immediate halt to debt repayments by the world's poorest states. Karen Joyner said that “Canada's call for a moratorium is indicative of the need to take HIPC back to the drawing board.” Only 10 countries have begun receiving debt relief under HIPC, and promises by IMF managing director Horst Kohler to ease requirements to qualify for the programme, have yet to filter through the organisation. Prague/Oil: Larry Elliott reports on how the G7 are stepping up pressure on oil producers due to concerns about a possible global slump. Prague: Further coverage in the Economics section. Cartoon depicting IMF and World Bank delegates taking an Autumn Break Prague holiday with the headline “see the sights, avoid the protests.” Article by Larry Elliott which looks at a more activist approach by the G7 and also suggests the real power in the global economy is vested with finance ministers and central bank governors of the G7 and not with bureaucrats in the Bretton Woods institutions. IMF: Charlotte Denny suggests that the IMF is blind to the fact that market liberalism in the former Soviet bloc has allowed “vested interests” the opportunity to plunder the countries' economies. Manifesto/Debt: The Guardian has published its own manifesto for the next government. The section on Aid entitled “The great divide” includes the demand for a new debt relief initiative under which private creditors are required to reduce their demands on countries where debt is undermining health and education. There is also criticism of IMF programmes, the allocation of voting rights in the IMF and protectionism in rich countries. Peru: Vladimiro Montesinos has fled the country for Panama following allegations of corruption and bribery.
Further info on Prague summit at
Telegraph: Prague/Jubilee 2000: Picture of Sunday's demonstration in Prague again showing the huge white crosses which symbolise deaths resulting from Third World debt. Accompanying report suggests that Czech police have uncovered a plan by anti-capitalist demonstrators to trap world financiers in their conference centre tomorrow. IMF: Comment from Christopher Fildes on Mr Kohler's first IMF crisis of rescuing the euro, also stating that the organisation's corporate governance must be reformed.
Prague 2000 Daily/The Prague Post: Jubilee 2000: Report of the various demonstrations in Prague including a brief mention of Jubilee 2000's funeral procession. More than 1000 people marched to Letna and laid crosses to protest at the 19000 children that die daily as a result of debt.
FT: Prague/IMF: The US is pushing a campaign to reduce borrowings from the IMF by governments with access to private capital. US Treasury Secretary Larry Summers is attempting to secure further reforms of the organisation in order to achieve financing from US Congress for a debt relief initiative for the poorest countries.
Metro: Column which advertises the Marie-Claire/Giorgio Armani party tonight. Celebrities will be gathering at the Metropolitan Hotel for a Jubilee 2000 fund-raising evening to coincide with the IMF/World Bank meetings in Prague. The article includes several facts which link debt and poverty.
The Voice: Cote D'Ivoire: Report of the attempted assassination of military ruler General Robert Guei.
Press Weekend 23 & 24th September
Independent: (Saturday's Paper): Prague: Report on the meeting between James Wolfensohn and representatives of 350 anti-globalisation campaign groups. The World Bank president said that “I am pleased there is growing awareness around the world about issues of equity and issues of poverty.” However experienced campaigners, such as Angela Wood of the Bretton Woods Project, have stressed that Bank and Fund policies still had to catch up with this new emphasis on poverty reduction. Counter-summit: The counter-summit being held across town has called on the IMF and World Bank to cancel all debts and make reparations to those who have had to submit to what delegates have said amounts to a new form of colonialism. Developing countries are forced to accept the economic policies of the West, in effect, the stripping of developing countries' resources for the benefit of the developed world. “Not only do the IMF and World Bank have to be stopped, the economics they represent have to be challenged.” Burma: A senior aide to the Burmese pro-democracy leader Aung San Suu Kyi was detained indefinitely after the two were barred from leaving the capital by train in their latest confrontation with the ruling junta.
Express (Saturday's paper): Prague/Debt: Robert Miller writes that the IMF and World Bank meetings will be dominated by four themes: oil, the euro, debt relief and street protests. He connects these themes by saying that the HIPC programme could be adversely affected if oil and the weak euro knock the global economy off its growth path. It is easier to sell debt relief to voters in developed nations while their economies are enjoying a relatively prosperous time.
Express (Sunday): Prague/Debt: Another report from Robert Miller in Prague under the headline “wealthy nations must stay healthy to help the poor.” He argues that stronger countries need to maintain their present growth rates in order to be able to tackle the debt crisis. However Christian Aid have condemned G7 efforts to protect their economies by supporting the euro, and suggest the support measure may end up costing $5 billion, equivalent to the entire debt of countries like Benin, Mali and Honduras.
FT (Weekend Paper): Prague: Tension is rising after allegations of harassment at border crossings and the announcement that protesters will try to surround the Congress Centre on Tuesday when the meeting officially opens. World Bank: James Wolfensohn has promised a new commission on mining, oil and gas industries. This would be similar to the commission on dams that he set up to examine the bank's policy towards often controversial water projects. Oil/US: Clinton yesterday ordered the release of up to 30m barrels of oil from the US strategic petroleum reserve over the next 30 days to ostensibly fend off a possible shortage of winter heating fuel. However, it is also widely viewed to take the panic out of the market and curb speculative fervour so as to bring petrol prices down before the presidential election in November.
IHT (Weekend Paper): IMF: Robert Borosage warns that if the Fund's advice to further tighten monetary policy in the US is followed, Asian countries will find it harder to export their way out of depression and indebted countries will suffer higher interest rates.
Telegraph (Saturday's Paper): India: Up to 10 million people have been marooned by flooding in eastern India that has claimed 125 lives in 5 days.
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