The day before the General Assembly’s high-level summit on the economic crisis, the Director of the Millennium Campaign says financial institutions have received ten times more money in bailouts in the past year than poor countries have received in aid in the past 49 years – showing that finding money is a matter of political will, not lack of resources.
Financial Industry Receives 10 Times More Money in 1 year than Poor Countries Receive in 49 Years
June 23, 2009 – The United Nations Millennium Campaign today released an analysis showing that since the inception of aid (overseas development assistance) almost 50 years ago, donor countries have given some $2 trillion in aid. And yet over the past year, $18 trillion has been found globally to bail out banks and other financial institutions. The amount of total aid over the past 49 years represents just eleven percent of the money found for financial institutions in one year.
On June 19th, actions across the global are dedicated to the MDGs. 10 Days of Action: Countdown to Commitments is a collaborative effort by organizations and networks advocating for a more just, equitable and sustainable global economy leading up the UN Conference on the Impact of the Financial Crisis on Developing Countries from 24-26 June, 2009.
Rome, June 12, 2009: On the occasion of the G-8 Development Minister’s Meeting that took place at the Foreign Ministry in Rome on June 11-12, GCAP Italy organized a stunt in Piazza del Popolo in order to grab the attention of G-8 leaders. A huge weight with the word “crisis” crushed southern poor people while representations of G-8 leaders remained indifferent and kept on drinking coffee and reading the newspaper. The stunt occurred as development ministers met to discuss the impact of the financial crisis on developing countries and sustainable development.
Rome, May 29, 2009: The award ceremony for the creative competition “Little authors of great thoughts: G-8 children write to the big leaders” today took place at Villa Wolkonsky, residence of the British Ambassador in Italy, in the presence of British Ambassador Edward Chaplin, actor Colin Firth, Italian Millennium Campaign Coordinator Marta Guglielmetti and Tavola della Pace Coordinator Flavio Lotti. Even the President of the Republic of Italy sent a message to the young authors.
