Michael D Higgins (Galway West, Labour)

The Minister of State referred to the World Bank initiative. Is he concerned at the high proportion of odious debt that remains in the outstanding debt of the southern countries referred to in the question? The World Bank is insisting on interest repayments from countries indebted by dictators, for example, Nigeria in 1995-2000, €15 billion - €1.5 billion in 23 London banks, €600 million in Liechtenstein, €500 million in Luxembourg. The Minister, Deputy Martin, referred earlier to Switzerland and its legate. With regard to the debt issue, is there any possibility of the opening up of the books in Switzerland?

The purchase of the debt of southern countries by debt vultures is a continuing heavy burden. I support the Minister's emphasis on development, but these debts - odious dictators' debts - are being serviced and providing remuneration to debt vultures. The World Bank is not forgoing that, nor is the International Monetary Fund with its Limón arrangements.

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