Arab states that ousted their dictators got a financial shot in the arm Saturday with promises of tens of billion of dollars to help their rocky transformation into modern democracies.
G8 rich nations and institutions including the World Bank, the IMF, regional banks and the Arab Monetary Fund pledged nearly $80 billion in aid and loans over the next two years, doubling the amount promised earlier this year.
French Finance Minister Francois Baroin announced the massive increase at a Group of Eight finance ministers' meeting in Marseille, where close by up to 1,000 demonstrators gathered to protest against austerity measures.Unfortunately, bankrupt money lending money to other bankrupt nations is generally not a great idea.
As usual, you can count on government to do exactly the opposite of what should be done and destroy any creative action taking place... These interventions from outside usually empties these actions of their spirit and legitimacy and creates even more corruption at a time of high instability.