Argentina in debt..

[Dan L]

Interesting peice of news I saw last night:

Argentina are in debt to the world bank, with a debt of something around $800 million.. which was due to be paid back yesterday, but instead, they could only pay back the interest, of around $70 million (the exact figures I'm not sure of.. but it's around that magnitude)..

As soon as I read that I had just one thought- "that's not right"..

I dunno.. I don't really think it's right to charge interest on a country.. but that's really just my own personal opinion.. so the point of this thread is this:

what do you think? with the amount of countries in debt as it is, is it right to charge interest on them?..

by the way- I know Argentina must have agreed to pay interest.. that's [i]not[/i] what I'm asking ;)

[Red]

[b]I don't think it's right to ask for money back at all unless it's absolutely necessary for the country loaning it out. We live in a world where if a country is loaned money they might as well give it back, plus lose money since they have to pay interest.

The World Bank shouldn't charge interest at all, as that just adds to the problems Argentina were loaning the money out for in the first place.[/b]

[Phantom]

Canada was in dept up int eh Billions a couple years basck but its all payed off....I just think the whole dept thing is wierd...its like, would we get invaded if we cant pay? lol...does the "world bank" lol...have some type of special army? lol, sorry.

[Sara]

[size=1]What does 'world bank' mean, exactly? I don't quite understand.[/size]

[::Ex-Soldier::]

Umm, I don't think he was serious. ^_^

[Phantom]

I wasnt, but there is an international organization that was assigned to manage and maintain global dept..who borroed who lended...etc. I think that should answer your question Sara.

[Dan L]

[QUOTE][i]Originally posted by Sara [/i]
[B][size=1]What does 'world bank' mean, exactly? I don't quite understand.[/size] [/B][/QUOTE]

all I know is it's called the world bank ^^; and it lent money to argentina, and presumably does so to other nations as well..

this is the first I've heard of it, too..

[Guest Matt]

[color=red][b]Maybe every country puts money into a "bank account" so to speak and if other countries need money desperatly, it comes from there but has to be paid back by a deadline. It isn't right that a county should borrow money that they cannot pay back by the deadline.[/b][/color]

[Delian]

[QUOTE][i]Originally posted by Sara [/i]
[B][size=1]What does 'world bank' mean, exactly? I don't quite understand.[/size] [/B][/QUOTE]

The World Bank Group is made up of a number of Financial and other institution, including the International Develpment Association, Int. Bank for Reconstruction & Development, Investment Agencies and one other i'm not sure of. I think it might be an International agency for disputes and setlements. The World bank is one the largest sources of assistance for developing (poor) countries.

I don't think it should be charging that amount of interest, however, the organisation is assisting over 100 nations with various poverty reducing strategies including infrastructure, health and medicine, education, etc.

[Phantom]

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[Guest cloricus]

Okay listen to the word you are saying "BANK!"
I believe Delian was right about the structure of it.

Yes Argentina should have to pay back the interest, why be nice to one country and not all the others that owe money?
And if they stopped all interest the bank wouldn't make any money, would it? They are a moneymaking organisation.

Think of it as just your normal bank loaning out money to a farmer, the farmer goes and spends in on some thing that isn't to help his farm (Argentina had a corrupt government) so why should this farmer get of the hook while all the honest farmers with loans are struggling to pay them back?

And don't say don't compeer it because that is exactly what has happened.

-Lord Epssy

[Phantom]

I think Deus started this thread as a lighthearted one that wasnt supppppposed to bring up any contraversy...*looks at Deus...* ..well maybe he did .. I dont know...but Boogity boogity! Either way, Argentina is in some deeeeep crap.

[Dan L]

[QUOTE][i]Originally posted by Mystic's Knight [/i]
[B]I think Deus started this thread as a lighthearted one that wasnt supppppposed to bring up any contraversy...*looks at Deus...* ..well maybe he did .. I dont know...but Boogity boogity! Either way, Argentina is in some deeeeep crap. [/B][/QUOTE]

Actually.. I think that opinions are a good things.. controversial or not.. so anyway.. yeah.. and regardless of why I started the thread it doesn't mean people have to be limited to my opinion :p

so yeah.. carry on ;)