Sunday, May 26, 2013

Brazil 'to write off' almost $900m of African debt


About a month ago, citizens of Mozambique protested in front of a Brazilian owned mine, angered for being forced off their land, and having to relocate to areas unsustainable for agriculture. Interestingly, It has been announced today that Brazil has decided to either reform or completely terminate large debts owed to them by African countries. This decision has been influenced solely by the future economic gain Brazil will acquire through Africa’s rich oil and mineral resources. As far as the displaced Mozambique citizens go, Vale, the Brazilian mining corporation and the Mozambique government say they are working on solutions that will better their circumstances.


 

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