Oxfam calls for bailout of the poor from G-20

Oxfam goes on record this morning criticizing all of the economic stimulus packages that the developed world have been issuing lately. The trillions of dollars could have ended extreme poverty for 50 years.

From the UK's Sky News, we learn of poverty fighting groups statement.

The £5.88 trillion promised by governments to bail-out banks would be enough to end global extreme poverty for 50 years, charity Oxfam has claimed.

G20 leaders meeting in London could make a "massive difference" to the world's poorest people by diverting a "tiny fraction" of this money to help the poor.

It would provide an economic stimulus, social safety nets and health services for those affected by the financial crisis in deprived areas, the charity said.

Oxfam was calling for a $580bn-a-year rescue package - around £405bn - for poor countries.

That would be made up of an immediate fiscal stimulus for the poorest countries of at least $24bn, around £17bn.

It would also mean debt relief and fulfilment of existing pledges to increase development aid.

Oxfam's Barbara Stocking said: "When you look at the amount of money that has been found for banks, it seems inconceivable that G20 leaders will stand aside and allow the economic crisis to destroy poor people's lives.