U.N. Finance Summit A Bust

June 25th, 2009

CBS News

The United Nations’ three-day Head-of-State Summit on the global financial crisis had promise. The goal was to convene a summit of world leaders at U.N. Headquarters in New York to assess the worst global economic downturn since the Great Depression. Over 100 million people per year, the summiteers noted, will fall into extreme poverty.

On the first day, the message was clear: developing countries are the victims of the financial crisis and they need money. U.N. Secretary General Ban Ki-moon said, “surely, if the world can mobilize more than $18 trillion to keep the financial sector afloat, it can find more than $18 billion to keep commitments in Africa.”

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