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“Park East Capital”, World bank wants more money from the rich to give to the poor.
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“Park East Capital”, World bank wants more money from the rich to give to the poor.
According to recent reports by “Park East Capital”, the amous financier George Soros has spoke about the importance of supporting the developing nations through the credit-crunch by helping stimulating their economies.
“Park East Capital” notes that the developing nations are struggling more than developed nations yet it was the developed nations that got everyone in this problem.
Soros said, “if the periphery economies are allowed to collapse, the developed countries will also be hurt.”
The reports by “Park East Capital” apparently revealed that the world bank has called on wealthier nations to donate money to a fund to create stimulus packages for nations that need help.
Soros also said, “plans to double the resources available to the IMF to tackle the crises would help specific countries but not provide a systemic solution for less developed countries.”
Soros also went on to say that he wanted the richer countries to lend their allocations to nations that need help.
“Park East Capital”, are said to be of the opinion that it is late for this to brought up in the G20 meeting but that the issue could at least be raised.
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