P. M. BRIEFING : 3rd World Debt Plan Wins Backing
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BERN, Switzerland — Major industrial nations gave broad backing today to a U.S. plan to slash the Third World’s $1.3-trillion debt, but they warned commercial bank lenders not to expect a bailout by taxpayers.
Endorsement by the Group of 10 was a welcome boost for U.S. Treasury Secretary Nicholas F. Brady after strong criticism of Washington’s trade and budget policies at the Organization for Economic Cooperation and Development in Paris on Thursday.
Further support for Brady’s controversial initiative, which aims to spur economic growth in developing countries by persuading banks to forgive part of their loans, is likely at a seven-nation economic summit in Paris next month, however.
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