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| | Third World Debt.......... |
| created @ 03/2/2007 08:32 am |
| mum expired. [EVERYONE] |
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Do you think we (the developed world) should write it off, so these developing nations can start with a clean slate, or do you think hey they borrowed the money let them pay it back.......
Just a bit of background - most 3rd world debt was run up in the 1970's when all the profit's from the oil crisis were deposited into western banks. Instead of sitting on the money many loans were made to very poor African country's etc to fund large road projects etc, in the hope that improved infrastructure would allow them to compete in the Global market place. This did not happen most of the money was spent on arms or on providing a few with big fat swiss Bank accounts.
Factors has since combined to mean that some country's are now in the position where they are spending 3 or 4 times more on repayments of these loans than they are on health,schools and other basic services. Kind of makes a mockery of aid programs when its Western Banks who are creaming off huge amounts of money. Also most of the Goverment's who borrowed the money have long since gone, leaving the people with the burden.
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