Key U.S. lawmakers and other leaders in the fight to reduce Third World debt were expected to attend.
Bono has also been involved in campaigning against third world debt, joining a team of delegates to meet the Pope earlier this year.
Authorities in Italy are preparing to deal with an expected 120, 000 anti-globalisation demonstrators from hundreds of protest groups with agendas as diverse as global warming to third world debt.
And need I remind you of one of the major players in the Jubilee 2000 campaign to cancel Third World debt - yes, it was Pope John Paul II.
"Whether it's hunger or Aids or third world debt, it doesn't really matter - it's a continent that needs help and the help still isn't there yet, " he said.
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On the eve of the July G8 summit, due to be held in Genoa, he will be lobbying key developed countries to take more action on abolishing Third World debt.
But US President Bill Clinton and UK Prime Minister Tony Blair said the targets set out at the Okinawa summit were not only to relieve Third World debt but to offer basic education to all the world's children within 15 years and set new targets to combat killer diseases.
The Fund helped to contain the third-world debt crisis of the 1980s and to restore confidence in Mexico three years ago.
Interest rates hit 21.5%, a deep recession ensued with unemployment reaching 11%, the agricultural sector slid into depression, a bubble burst in the energy sector, the real estate industry collapsed, and third-world debt burdens nearly brought down the mega banks.
Italy has not only a substantial budget deficit but, more tellingly, the world's third-largest debt.
He has also been instrumental in the Drop The Debt campaign, which wiped out millions of pounds of international debt owed by Third World governments.
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The euro crisis has spread to Italy, the world's third-largest bond market, which means the stock of rich-world government debt that is considered safe has shrunk dramatically.
But it has widened in the past year or so, and credit-rating agencies have begun to sound the alarm over Italy's government debt, the third-biggest in the world.
Lack of growth means that, despite Mr Tremonti, the public debt is still 120% of GDP, the rich world's third-biggest.
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