Drop the Debt 2009

The world's poorest countries pay almost $100 million every day to the rich world. Read the basics about how this works - and why it should stop. 1. Why should we drop the debt? Debts should be cancelled because they are unjust in terms of their origin, and also because they worsen poverty. 2. How big is the debt of poor countries? The poorest 49 countries have debts totalling US $375 billion, whilst for the poorest 144 countries, it is over US $2.9 trillion. 3. Where did the debt come from? Much of the debt of poor countries is left over from the 1970s - and often arose through reckless or self-interested lending by the rich world. 4. Hasn't all the debt been cancelled? No! Thanks to campaigners, debt cancellation has become a reality - but the debt crisis is still with us. 5. Hasn't the UK cancelled all debts? No! The UK has cancelled many debts, and been active in calling for further cancellation for the poorest – but it still holds billions in debts from other poor countries. 6. What do countries have to do to get cancellation? There are lots of harmful, undemocratic and irrelevant conditions attached to debt cancellation - we want these strings to be cut. 7. Where do debt payments go? Poor countries are paying debts to the World Bank, the IMF, other international bodies (all controlled by rich countries), to rich country governments and to companies. 8. Doesn't corruption make debt cancellation pointless? No. Corruption is a big problem in some places - but funds from debt cancellation do make a difference. 9. How do we prevent future debt crises? We need economic justice - covering debt, trade, aid, tax, etc - and responsible financing in the future. 10. What can I do? Plenty! Campaigning does make a difference. http://www.jubileedebtcampaign.org.uk