THIRD WORLD DEBT REDUCTION

CONALL O CAOIMH,

CONALL O CAOIMH,

Sir, - World leaders are likely to arrive empty-handed at the UN Finance for Development Conference in Mexico this week.

In spite of a commitment made two years ago to halve world poverty by the year 2015, they have said a resounding "No" to a range of concrete proposals which would have resulted in extra cash for development:

No to a tax on the financial speculation which led to the devastating crisis of the 1990s in Mexico, Brazil, Indonesia and South Korea.

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No to concrete action on further debt cancellation, even though many of the poorest countries still spend more on debt than on health.

No to ensuring trade rules facilitate poverty reduction, in spite of the billions lost to developing countries each year through unfair trading practices.

Particularly shocking is the failure of EU states to agree to deliver levels of aid to which they committed themselves over 30 years ago.

It was possible to put together an international coalition against terrorism in the space of a month. Even with two years' intensive preparation, it was not possible to put together an international coalition against poverty, which causes thousands of deaths daily.

World leaders extol the virtues of free trade and foreign investment. But they refuse to tackle the real issue, which is how to redistribute the world's resources in a more equitable manner.

Together, we call on Minister Liz O'Donnell to pledge Irish support for reform of trade rules, cancellation of debt and regulation of financial speculation when she attends the UN conference. - Yours, etc.,

CONALL Ó CAOIMH,

Comhlamh,

CONOR Ó BRIAIN,

Attac Ireland,

DEIRDRE KEOGH,

Debt and Development

Coalition Ireland,

Upper Camden Street,

Dublin 2.