Director of Italy's Central Bank calls for more debt relief

Antonio Fazio, director of Italy's Central Bank, has added his weight to the growing campaign to cancel the debts of the poorest countries for the millennium. Italy has long been one of the most resistant creditors to providing debt relief, and it is very significant that the most important financial official is now calling for debt reductions. In doing so he is falling into line with the position adopted by Italian church.

He told an audience of financiers in Verona that “globalization is not a futile game; important advantages for the development of the world economy are derived from it, but it can cause instability and significant losses for the weaker countries. Therefore, "it is necessary to continue with determination the actions begun by the International Monetary Fund and the World Bank to relieve the poorest countries which are highly indebted from a weight contracted years ago at a time of extreme need."

Fazio made it crystal clear that the ideals of the Jubilee campaign were realistic. “This is not a Utopian call.” He believes that the proposal put forward by the Pope some years ago can be applied in the short term. "The conditions exist to be able to carry out this endeavour before the year 2000, just as the Church, international organizations and distinguished political personalities have requested."