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Bolivian leader asks G20 for debt write-off

02 November 2011 04:11 (UTC +04:00)

Baku-APA. Bolivian President Evo Morales Tuesday asked the G20 members to write off debts lent to the poorest countries as a way to bolster world economic recovery from the current crisis, APA reports.

Morales told a press conference that it is important to care about the well-being of the working class when implementing the austerity measures to tide over the crisis.

Among his proposals for the G20 members that are meeting in France this week, Morales suggested a cut in military expenditure by 50 percent, the creation of a compensation fund for those most affected by the crisis, and that multi-national companies pay double the level of current tax rates.

"If the United States wants to end its economic crisis, the best way would be to end the military invasions and army bases it keeps across different continents of the world," he said.

Morales complained that the underdeveloped countries are permanently excluded from the meetings of groups like the G7, G20 and other similarly important economic forums.

He said he hopes G20 members such as Brazil and Argentina will speak up for the rest of the South American region and push forward the proposals from countries like Bolivia.