Ottawa -- Finance Minister Paul Martin (There's A Better Way -- May 8) should be congratulated for his persistence in crafting better "rules of the game" for international financial markets. Mr. Martin has clearly tried to make the international economic system more just, particularly for the world's poorest countries and people. The G7 action plan contains elements he has doggedly promoted, such as a temporary payments standstill for debtors in acute crisis.
But Mr. Martin knows that the G7 action plan is not enough. Most evidently, it lacks the bankruptcy mechanism recently proposed by the International Monetary Fund, but even more recently rejected by the U.S. Treasury Department. The United States has also refused to modify bond contracts to ease renegotiation by the majority of bond holders.
Along with the stalled Kyoto accord and the pitiful stalemate at the United Nations on children's rights, this is yet another instance of powerful domestic interests dictating the policy positions of the Bush administration to the detriment of the world community.
Given Canada's support of the war on terrorism, it is time we confronted the United States on these and other issues. Will Prime Minister Jean Chrétien and Mr. Martin have the courage to do so in Kananaskis?
President, The North-South Institute
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