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Topic: Third World debt

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In the News (Thu 25 Apr 19)

  Developing countries' debt - Wikipedia, the free encyclopedia
Third World debt is external debt incurred by Third World countries (the term "Third World" is still in use, although many prefer less pejorative terms, such as "developing countries" or "global South").
Odious debt is debt incurred by undemocratic countries and misspent (for example, on armaments or repression of the population) or misappropriated.
First world critics of this point of view state that many of these debts were freely entered into by those countries' governments; it has, however, been argued that many of these governments were dictatorships or kleptocracies, and that the people of Third World countries cannot be held responsible for the actions of those governments.
en.wikipedia.org /wiki/Third_World_debt   (2491 words)

 debt boomerang
If the goals of managers in the official institutions that rule over Third World debt were to squeeze the debtors dry, to transfer enormous resources from South to North and to wage undeclared war on the poor continents and their people, then their policies have been an unqualified success.
Third World debt should not, therefore, be seen as a straightforwardly "national" problem.
Third World debt is not the only cause of, say, increased illegal drug exports to the U.S. and Europe, or of accelerated deforestation hastening the greenhouse effect.
www.thirdworldtraveler.com /IMF_WB/boomerang_50YIE.html   (1872 words)

 The Hindu : Cancel Third World debt
But half of the world's population lives on less than $2 a day, a quarter on less than $1 a day; one third has no access to electricity; a fifth has no access to clean drinking water; one- sixth is illiterate; and one in seven adults and one in five children suffers from malnutrition.
This yearly sum is less than a fourth of the average external debt repayment of $200 billions to $250 billions a year by the Third World to the advanced countries.
it is a debt incurred by a regime which is odious for the population concerned and should be annulled when the regime falls, since it is not obligatory for the nation to undergo unjustified suffering to repay such debt.
www.hindu.com /thehindu/2001/08/18/stories/05182524.htm   (1338 words)

 Third World Debt, by Kenneth Rogoff: The Concise Encyclopedia of Economics: Library of Economics and Liberty
The world's poorest countries, mostly in Africa and South Asia, were never able to borrow substantial sums from the private sector and most of their debts are to the IMF, World Bank, and other governments.
Third World debt grew dramatically during the seventies, when bankers were eager to lend money to developing countries.
The sharp rise in world interest rates in the early eighties greatly increased the interest burden on debtor countries because most of their borrowings were indexed to short-term interest rates.
www.econlib.org /library/Enc/ThirdWorldDebt.html   (1713 words)

 Third World Debt
If debt had been cancelled in 1997 for twenty of the poorest countries, the money released for basic healthcare could have saved the lives of about 21 million children by the year 2000, the equivalent of 19,000 children a day.
The failure by the rich countries to cancel the odious debts to the poorest countries in the world leaves the poorest countries in the world with nothing to spend on basic needs and much needed infrastructure, leaving millions in poverty and destitution.
Spread over 20 years, the cost of canceling the debts of the 52 Jubilee 2000 countries is only one penny a day for each person in the industrialized world.
www.worldcentric.org /stateworld/debt.htm   (340 words)

 Global Debt and Third World Development
Debt service, defined as the sum of actual repayments of principal and actual payments of interest made in foreign currencies, goods, or services on external public and publicly guaranteed debt, accounted for 1.5 percent of their GNP and 12.4 percent of their to exports of goods and services in 1970.
For the developing world as a whole, in 1991, the total external debt was $1.362 trillion, which was 126.5 percent of its total exports of goods and services in that year, and the ratio of debt servicing to the gross domestic product of the developing world reached 32.4 percent.
In 1990, the World Bank's definition of poverty was all of the world's population living on less than $370 a year; a figure derived from the average of the poverty lines of the poorest nations in the world.
www.mtholyoke.edu /acad/intrel/globdebt.htm   (10491 words)

Third World debt bonds form part of the assets of commercial banks, and all banks are obliged to maintain parity between their assets and liabilities (deposits).
The acknowledged need is for Third World countries to develop their agricultural and industrial infrastructure for their own domestic consumption and direct less effort towards export-led growth.
The Third World cannot be said to be in material debt to the industrialised nations.
www.sovereignty.org.uk /features/articles/candebt.html   (1644 words)

 Third World Debt Turn of the Screw in Africa
The forests were devastated, but the policies didn't help relieve debt: World lumber prices were dropping, partly because other countries were boosting their logging exports, often under IMF pressure.
World Bank President James Wolfensohn has called debt cancellation a "whimsical" idea that would "screw up the market." Yet pursuing the payment of debts from these countries is criminal, "screwing up" the lives of a billion people and devastating the environment.
Debt cancellation is a first step toward reviving the economies of these nations in ways that raise living standards and protect ecosystems.
www.thirdworldtraveler.com /IMF_WB/TurnScrew_AfricaDebt.html   (679 words)

 World News & Prophecy > August 2000 > The Crisis of Third World Debt   (Site not responding. Last check: 2007-10-31)
What is feared is that unresolved Third World debt will further widen the gap between the rich and poor, the "haves" and the "have nots." Some believe that to allow this to happen at a time of immense change through globalization and other fundamental shifts in societal attitudes would be dangerous for everyone.
In an article on the Third World debt crisis, he suggests a radical solution is required.
Although the debt crisis is mostly blamed on inflation and the West's demand for oil, corruption and major inefficiencies also play a big part.
www.wnponline.org /wnp/wnp0008/debt.htm   (1262 words)

 Carla Cole - Solving Third World Debt
Global international debt is now so large that it is described in terms that are beyond comprehension.
The poor countries struggled to achieve oil-based "development" - not only in hopes of entering the exalted realm of "first world," but also simply to be in a position to repay their enormous debts.
Third, the banks that did the irresponsible lending, and the individual bank officers involved, should be made to pay as much as possible.
www.context.org /ICLIB/IC32/ColeDebt.htm   (839 words)

 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
The legacy of colonialism — for example, the developing countriesdebt is partly the result of the unjust transfer to them of the debts of the colonizing states, in billions of dollars, at very high interest rates.
The IMF and World Bank have actually admitted that the HIPC initiative is backfiring in some cases and are confirming warnings that debt-relief advocates were making even before the scheme was launched.
www.globalissues.org /TradeRelated/Debt.asp   (997 words)

 Third World Debt
Debt: An Intolerable Burden A 1998 statement by the Catholic Bishops' Conference of New Zealand
Third World Debt -- The Silent Killer By Christina Coburn of the Houston Catholic Worker
Third World Debt Relief Petition A project of The Church on the Hill in England to get one million signatures by the year 2000 for a debt-relief petition.
www.shc.edu /theolibrary/debt.htm   (406 words)

 THE THIRD WORLD DEBT   (Site not responding. Last check: 2007-10-31)
These enormous debts mean that repayments to Western Creditors take priority and ordinary people suffer: in poor health, in restricted access to education, in lack of employment and in limited ability to trade and provide for themselves.
Both the World Bank and the IMF acknowledge the unpayable character and the disastrous social consequences of the debt overhang.
Sack believed that debts not created in the interests of the state which he termed dettes odieuses should not be bound to this general rule.
consolata.org /imc/inglese/direzione/documentazione/57/World_debt.htm   (7275 words)

 The Shackles of Imperialism – Third World Debt
Debt crises often occur because of the devaluation of a given country’s currency, meaning that the amount needed to be paid back rises, in some cases astronomically.
In 1999, the total debt of the “developing world” (not counting the former Eastern Bloc) was around by the World Bank at $2,060 billion, less than 6 percent of total world debt ($37,000 billion).
The public debt of Belgium is approximately $250 billion, and the public debt of France is $750 billion.
www.marxist.com /Globalisation/third_world_debt.htm   (3270 words)

 Los Clems -- Third World debt
In recognition of the awful consequences of the debt trap, the Catholic Church commemorated the dawn of the Third Millennium by launching the Jubilee 2000 campaign to forgive the foreign debts of the poorest Third World countries.
The platform of the "Jubilee 2000/USA" movement calls for "definitive debt cancellation that benefits ordinary people and facilitates their participation..." but which "is not conditioned on policy reforms that perpetuate or deepen poverty or environmental degradation."1 Though quite timely, this cause assumes that poor people would benefit directly if their governments' debt burdens were lifted.
Jubilee 2000 explicitly rejects tying debt relief to such market-oriented reforms, however, avoiding the question of whether it is equitable to forgive "prudent" and "deadbeat" countries alike.
www.andrewclem.com /Politics/3rdWorldDebt.html   (884 words)

 Why Do The Poor Still Pay The Rich?
Although the world's poorest countries were assured of as much as $100 billion in debt relief from the richest nations, only $13 billion has actually been cancelled, according to Jubilee 2000, the coalition that has galvanised support across church halls and student common rooms.
Poor countries are more likely to concentrate on repaying "multilateral" debt owed to international bodies such as the IMF or regional development banks, because defaulting on loans from these has been likened to resigning from the world financial system.
If the world's politicians are serious about debt relief, they need to use the coming IMF and World Bank meetings to try to tackle the inadequacies of the current scheme.
www.commondreams.org /views/041400-104.htm   (2091 words)

Dozens of countries, large and small, have foreign debts so large that their interest payments on the debt are a crushing burden.
The problem with simple cancellation of the debt is that it gives a reprieve to third world elites-many of them undemocratic-without requiring any reforms.
Obviously third world elites and first world elites will initially resist this plan because of its democratic character and its goal of shifting economic resources downward in the class structure instead of upward.
www.globalexchange.org /economy/alternatives/debtCrisis.html   (1407 words)

 Introduction: Third World Debt: A Global Problem - Editor
In 1982, the Third World debt crisis dominated the front pages of major newspapers around the globe.
Certainly, Third World debt problems are at the top of the industrialized nations' agenda for 1989, and Soviet leader Mikhail Gorbachev ranked them high in his address to the UN General Assembly last December.
Economist Christopher Kourth of the University of South Carolina explores the practice of overspending by Third World nations, the impact of the oil shock, and the failures of Bretton Woods and GATT.
www.worldandi.com /specialreport/1989/february/Sa15630.htm   (215 words)

 Catholic Campaign to Relieve Third World Debt   (Site not responding. Last check: 2007-10-31)
A key aspect of the jubilee was the cancellation of debts (Dt 15), giving those who could not repay their obligations a chance to start anew.
However, today there are no bankruptcy provisions for the Third World countries, many of which are struggling under the burden of debts incurred by leaders who may not have had their people’s best interests at heart.
Serve the victims of the Third World debt by sponsoring a needy child or a clean water project (contact the National Council of Catholic Women, 202-682-0334).
home.comcast.net /~sjchurch/deacon/peacemaking/world_debt.html   (522 words)

 Third-World Debt and Tropical Deforestation   (Site not responding. Last check: 2007-10-31)
Linkages are shown between debt, forests, macroeconomic and microeconomic conditions, and the public sector.
This study focuses on the relationship between debt and deforestation, examining conceptual and empirical arguments that debt is a source of deforestation pressure.
It was shown that debt is significantly correlated with deforestation under a wide variety of assumptions and specifications.
www.esd.ornl.gov /iab/iab3-11.htm   (264 words)

 THIRD WORLD DEBT & JUBILEE 2000   (Site not responding. Last check: 2007-10-31)
For the sake of ending the slavery of debt, and for creating a new and disciplined beginning in financial relations between rich and poor countries, remission of these debts should be achieved by the year of redemption - Jubilee - the year 2000.
Concessions should be required from commercial banks, governments and the international financial institutions: in particular remission of the unpayable backlog of inert debt of the poorest countries.
Consideration should be given to an international insolvency procedure that will allow international debts in future to be settled in a transparent and open court of arbitration; at which both debtor and creditor may appoint an equal number of arbitrators.
www.theopenmind.org.uk /responsibility/debt.html   (926 words)

 Augustinians at Third World Debt Conference
The problem of the third world debt is one that is beyond most of us who are not economists, yet I had the pleasure of having a view into the problem and some proposed solutions.
The guest speakers for the seminar were Ann Pettifore, the coordinator of a radical think tank on the debt problem for Jubilee Plus (formerly known as Jubilee 2000), and Juergen Kaiser, an expert on debt relief for Jubilee Plus.
These debt problems have been caused by a myriad of things but for the purpose of this article I will just say that these countries have become caught in a cycle of borrowing.
www.midwestaugustinians.org /justpaxdebtpowers.html   (932 words)

 "Forgive and Forget" Won't Fix Third World Debt
When the World Bank and International Monetary Fund spring meetings open in Washington, D.C., on April 29, 2001, officials will point proudly to the roughly $20 billion in debt that they have promised to cancel since their heavily-protested meetings last year.
For a complete picture of the Third World debt crisis, Roodman argues including three additional high-debt countries-Cambodia, Afghanistan, and Comoros-that are not on the HIPC list.
These 47 countries are so mired in debt and poverty that roughly $291 billion can never be repaid of their $422 billion foreign debt, according to the report.
www.ecoworld.com /ArticleExposure/Third_World_Debt.cfm   (967 words)

 Rich nations tackle Third World debt
LONDON (AP) - The world’s seven wealthiest nations said yesterday they were willing to take on as much as 100 percent of the debt owed by some of the poorest countries.
But it was the firmest commitment the G-7 industrialized nations have made to alleviate the debt burden that cripples the Third World.
The G-7 ministers said that if a nation is approved for relief, their governments would be willing to take on as much as 100 percent of the country’s debt owed to international bodies such as the World Bank and African Development Bank, meeting interest repayments and paying off the principle.
www.columbiatribune.com /2005/Feb/20050206News021.asp   (483 words)

 Third World Debt and International Monetary Justice   (Site not responding. Last check: 2007-10-31)
The debt crisis today has brought us to the perverse situation where the developing nations, those regions which need development capital most to meet basic human needs, have become net exporters of capital to the developed (or overdeveloped) world.
It will provide alternatives for the disposition of existing debt, and will suggest structural reforms of the international monetary system that will reverse the current outflow of resources from the Third World, making possible broad-based development possible and creating conditions in which democracy can flourish.
It is suggested that the repayment of international debt be permitted in debtor nation currency as long as development investment is needs-based.
www.ese.upenn.edu /~hunt/3rdWorldDebt.html   (370 words)

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