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global financial crisis
Oxfam presents new evidence that the gap between rich and poor is growing ever wider and is undermining poverty eradication. This report delves into the causes of the inequality crisis and looks at the concrete solutions that can overcome it.
Oxfam’s Nicolas Mombrial said:
Today France and Germany’s leaders met in Paris to set out their
European austerity programs have dismantled the mechanisms that reduce inequality and enable equitable growth.
If left unchecked, austerity policies could put between 15 and 25 million more Europeans at risk of poverty by 2025, bringing the number of people at risk of poverty in Europe up to 146 million.
European leaders meeting today to discuss ways of boosting economic growth should press ahead with plans for a financial transaction tax (FTT), Oxfam said.
Oxfam spokesperson Elizabeth Stuart said:
Hundreds of thousands of poor people will go without life-saving medicines and many more children will miss out on school because of the first cuts in aid since 1997, Oxfam warned today.
This report examines the impact of the global financial crisis on the budgets of low-income countries, especially their spending to reach the Millennium Development Goals (MDG).