Maldives President Cancels Trip To Copenhagen Climate Conference - No Money - Reuters

[hatrack]

MALE, Aug 19 (Reuters) - The Maldives on Wednesday said a budget crisis will keep its president from attending landmark U.N. climate talks, the results of which could have a huge effect on the future of the low-lying archipelago.

Famed mostly for its high-end luxury resorts and white-sand atolls, the Maldives has also made a name for itself as an advocate for mitigating climate change -- because rising sea levels are forecast to submerge most of its islands by 2100.

President Mohamed Nasheed has cancelled his trip to the talks in Copenhagen in December as a measure to cut government expenditure and reduce a yawning budget deficit worsened by low tourist numbers during the global downturn. "We will engage with Copenhagen as much as possible without the president travelling there," presidential spokesman Mohamed Zuhair said.

The Maldives' $850 million economy, based almost entirely on fishing and tourism, saw its budget deficit nearly triple to 14 percent of GDP last year, due to substantial increase in government spending, figures from the Maldives Monetary Authority showed.

EDIT

http://www.alertnet.org/thenews/newsdesk/COL342180.htm