Summary
The Jubilee 2000 campaign is expected to generate strong international interest and debate about the proposed cancellation of the external debts of the world's poorest nations. Supporters of the campaign are urging creditors to just write off the debts, which they believe aggravate the already poor conditions of debtor countries. Campaigners also claim that the debts cannot be repaid in the first place, an argument that has some semblance of truth. From an economic perspective, most if not all of the external debts can be cancelled, but politics will make the exercise difficult.
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Extract
The Jubilee 2000 campaign.
According to the Holy Scriptures, the Jubilee year after every 50 years should be celebrated by writing off debts, setting slaves free. In a similar vein, the Jubilee 2000 campaign, which insists that the suffering caused to the developing world by its external debt is no less than the horrors of the slave trade, is calling for a one-off cancellation of the external debts of the world's poorest countries by the year 2000.
Although for most developing countries, the external debt is not the root of their problems; it aggravates them. The main argument of the campaign is that the debt isn't going to be repaid anyway. Meanwhile, the lim...See the full content of this document
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