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EU still banking on financial deregulation in third world

Critics charge strategy undermines poverty reduction, creates instability.

by Leigh Phillips, EU Observer

BRUSSELS, March 12, 2009 — While EU and other global leaders have talked tough about re-regulating the financial sector in the wake of the economic crisis, they remain committed to pushing through banking deregulation in the developing world via trade deals.

This strategy is undermining poverty reduction in these countries and is reproducing the same type of circumstances that led to the crisis in the first place, warns a new report published on Wednesday (11 March) by the World Development Movement, a UK-based anti-poverty NGO.

Both via the WTO negotiations on a General Agreement on Trade in Services (GATS) and potential EU bilateral or regional trade deals with 34 countries in Latin America, Asia and the Mediterranean, the bloc continues to push for the lifting of restrictions on how Western banks operate in developing countries. . .

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  Brussels pushing finance deregulation in third world, by Leigh Phillips, EU Observer, March 12 2009

Posted: March 18, 2009

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