September 29, 2011

Africa to Europa: It hurts but do what we did

The European debt crises continues. Now a couple of ministers from the poorest countries in Africa are saying: "been there, done that" about the European debt crises. President of the African Development Bank Donald Kaberuka said:

"It is not easy, it is painful, and we went through the pain, and the Europeans must be prepared to go through the pain." 

The European countries in crisis needs the same reforms - including the kind of overhauls of public finances and labor markets and other structural reforms - that African nations have used over the last two decades and now have results to show for it. There are still many problems in Africa, but 150 percent of GDP in debt, like some European countries have is a problem as well. Donald Kaberuka thinks that the biggest problem today is the inability or unwillingness of the rich countries to take the decisions needed to return the global economy to growth momentum.

Source: Yahoo News

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