G-7 & Debt Relief GUESTS: C. FRED BERGSTEN Director, Institute for International Economics (Washington, DC) VEENA SIDDHARTH Global Advocacy Director, OxFam International Oxfam's Specialist on Debt Relief for Poor Countries In Cologne, the Group of Seven Summit has pledged to cancel a substantial portion of the debt owed by the world's poorest countries. The plan would reduce the debt burden for as many as 33 countries, which jointly owe the IMF and World Bank about 127 billion dollars. The savings generated by the debt relief program would be steered mainly towards health and education programs. The plan is a historic step to alleviate poverty and promote prosperity in developing countries. Ray and guests talk about the debt relief initiative and its implications for the global economy.