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IMF urges China to cancel debt

The International Monetary Fund is urging China and other major creditors to make concessions to heavily indebted developing countries. If efforts for debt relief are not made soon, a downward spiral threatens, IMF Chief Kristalina Georgieva told Reuters. At the end of the week, the 20 leading industrialized and emerging countries will meet in Bali. The debt of particularly poor countries is likely to be a topic of discussion.

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