Wednesday, June 06, 2007

Lift the lid!

The very poorest countries in the world are still paying over 4 million dollars EVERY HOUR to the rich world repaying debts which in many cases arose from irresponsible or self-interested lending. It's time to lift the lid on illegitimate debts.

Rich country lenders have often done very well out of the loans they gave to poor countries, winning political support or lucrative contracts.

The poor people in debtor countries often did not benefit at all.

But it is they who suffer from the demand that these debts be repaid, as the need to pay off debts drains their countries of money to fund healthcare, education and other essential services.

We are therefore calling on the UK and other rich country governments to thoroughly investigate past lending in order to uncover unjust debts; cancel all unjust debts, including all that are illegitimate or unpayable; and put in place responsible lending and export policies that will prevent another build-up of unjust debt.

To take action,
click here.

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