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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsEurozone austerity hits world's poor as Europe's aid falls by €700m
http://www.guardian.co.uk/business/2012/jun/25/eurozone-austerity-europe-aid-fallsONE, the charity supported by Bob Geldof and Bono, said the EU had fallen £18bn short of its 2005 Gleneagles G8 summit target on aid to Africa. Photograph: Mustafa Abdi/AFP/Getty
The flow of aid from Europe to the world's poorest countries fell by 700m in 2011, the first drop for almost a decade as the crisis in the single currency caused 14 member states to cut development assistance.
Figures from the pressure group One showed that Europe had failed to meet pledges made at the Gleneagles G8 summit in 2005, and it warned that growing budget austerity had "spilled over into life-saving programmes".
One, a charity supported by the rock stars Bono and Bob Geldof, said the EU was way off track to meet its 2015 deadline for devoting 0.7% of annual output to aid and expressed concern that the commitment would be dropped in the current negotiations to decide spending by Brussels between 2014 and 2020.
One's annual Data report showed that two of the countries worst affected by the sovereign debt crisis Greece and Spain slashed their aid budgets by 40% and 30% respectively between 2010 and 2011 as EU financial assistance dropped by 1.5%.
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Eurozone austerity hits world's poor as Europe's aid falls by €700m (Original Post)
xchrom
Jun 2012
OP
pampango
(24,692 posts)1. EU's foreign aid to world's poor has increased by £5 billion since 2005, though it has decreased
by £700 million since 2010. Even the £5 billion is way off the target they set for themselves of an £16 billion increase. It would be interesting to compare the EU's modest increase in foreign aid to that of the US and other developed countries.
" The pressure group) One said that the EU had fallen £18bn short of the aid pledge made at Gleneagles and had increased aid to Africa by £5bn rather than the £16bn promised."
Zalatix
(8,994 posts)2. The world's poor hasn't seen nothin' yet. Wait until the Euro currency explodes. Byebye imports.
This problem of cuts to foreign aid utterly pales in comparison to what'll happen when the Euro collapses and the poor people of the world can no longer export their stuff to Europe.
Then the US will take a hit and it'll be lights out for the third world industries.