Friday, December 11, 2009

George Soros Proposes $110 Billion Cash For Poor Nations To Address Climate Change Mitigation

Billionaire investor George Soros, right, has unveiled a proposal to the 192 nations meeting at the Copenhagen climate change conference to provide up to $US110 billion in cash for poor countries to help them develop climate-friendly technology.

He suggested that the International Monetary Fund (IMF) use its gold reserves as the collateral for green loans. Under his proposal, countries would hand over their special drawing rights - international foreign currency assets distributed by the IMF as loans. (Australia Network News, 12/11/09)

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