G8 ministers back Africa debt deal

[HenryTo]

I believe this is most probably the most significant economic news item in 2005 so far. Writing off this huge amount of debt - with a promise to only write it off for countries that deal with corruption and reforms - is the best thing it could happen for world economic development in the 21st century. This is probably a bit idealistic but I like it:

Saturday, June 11, 2005 Posted: 9:46 PM EDT (0146 GMT)

LONDON, England -- Finance ministers from the world's wealthiest nations have agreed to a historic accord to cancel up to $55 billion worth of debt owed by the world's poorest nations.

Original link: http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh76269_2005-06-09_21-08-52_n09611030_newsml