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G8 warns against luring poor states into debt trap

10 Jun 2006 13:58:40 GMTSource: Reuters

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By Swaha Pattanaik

ST PETERSBURG, Russia, June 10 (Reuters) - Finance ministers from the Group of Eight nations on Saturday warned fast-growing economies against tempting poor countries into new debt traps and told them to coordinate with other lenders.

China and Brazil have been singled out in the past as prime examples of countries that are handing out loans to some of the world's poorest countries, even as rich countries are cancelling debt they were owed.