Oil: Fueling Another Debt Crisis? - 0 views
www.multinationalmonitor.org/...watkins.html
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shared by Arabica Robusta on 23 Apr 08
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High oil prices have a clear economic effect. But for highly indebted, impoverished countries, climate change, fueled significantly by CO2 emissions from cars and other gas-guzzling vehicles in the North, will have serious ecological, social and economic impacts as well.
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Arabica Robusta on 23 Apr 08Comment on petroleum and global warming.
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Says Saul, “A key way to transition away from dependence on oil is through debt cancellation. Countries need fiscal space in order to invest in the post-fossil fuel economy — but the debt trap keeps countries from meeting a wide variety of social needs.”
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it is clear that soaring oil prices are undermining the benefits of debt cancellation in some countries, especially poor oil-importing nations.