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George Soros: "Oil Wealth Must Be Shared With Citizens"

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Talking of the wave of governments being challenged in North Africa and the Middle East, Mr Soros said: "What has caused the revolutions is a revulsion against a corruption that is fed by the misuse of natural resources like for instance in Libya. "Transparency and even more importantly accountability in the use of natural resources is what you need for people living in those countries to get the benefit of those national resources. "Libya produced enormous wealth which Gaddafi took as his own and now the people rebelled against it." Asked whether there should be more transparency with what happened to oil incomes, Mr Soros said: "Very much so." And he said the US and Europe needed to more actively support the revolutions in Libya and elsewhere so that the new regimes will co-operate with the West. [BBC]