The notions of a weak interpolation property and of weak amalgamation are introduced. It is proved that in varieties with the congruence extension property, the weak interpolation property is equivalent to the weak amalgamation property. In turn, weak amalgamability of a variety is equivalent to amalgamability of a class of finitely generated simple algebras in this variety.In the present paper, varieties of so-called bounded algebras are investigated. This name derives from the notion of bounded lattices having a greatest element and a least element ⊥. Various classes of bounded algebras are tied with logic. For example, classical logic is interpreted via Boolean algebras, modal logic via modal algebras, and intuitionistic logic via Heyting algebras. In a two-valued Boolean algebra, the constant is identified with a truth value "true," and the constant ⊥ with a truth value "false." In many logical calculi, such as classical, intuitionistic, etc., the inconsistency of a theory is equivalent to the absurdity ⊥ being derivable in that theory. In this event the theory becomes trivial, i.e., all formulas are derivable in it. Under the passage to algebraic semantics, investigations of the calculi reduce to studying suitable classes of algebras, and often varieties of algebras, i.e., classes that are defined by some sets of identities. In varieties of algebras associated with logics, inconsistency is frequently associated with derivability of the identity ⊥ = . The sentence "contradiction implies everything" has an algebraic interpretation as the statement ⊥ = ⇒ ∀x∀y (x = y). The algebras satisfying this condition are said to be bounded.The interpolation theorem, proved in [1] for classical predicate logics, has different equivalent formulations which become nonequivalent in intuitionistic and modal logics. Here we consider a weak interpolation property for varieties of bounded algebras. Some results concerning weak interpolation in modal logics were obtained in [2]. These results may be naturally re-worded in the language of varieties of modal algebras. In the present paper we show that part of the results in [2] can well be extended to arbitrary varieties of bounded algebras.