Third World Debt Undermines Development — Global Issues: "Debt reduction has been delayed for many years because governments have been unwilling to admit they have made bad loans, and it is only pressure by Jubilee 2000 and other groups that has made the difference, admits a former IMF and British Treasury insider in a candid article in the prestigious journal Development Policy Review (September 1999).
— Ex-IMF Director admits creditors refuse to acknowledge bad lending, Jubilee 2000, October 20, 1999.
Debt has crippled many developing countries. Often based on loans taken out by prior rulers and dictators (many of which various Western nations put into power to suit their interests), millions face poorer and poorer living standards as precious resources are diverted to debt repayment."
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