Thirty years of debt crisis have devastated livelihoods across the
world. Debt cancellation finally released some countries from one debt
trap, but the First World Debt Crisis shows yet again why reckless
lending and borrowing need to be governed and controlled, says a report by the Jubilee Debt Campaign.
Under the current system, sovereign debt is primarily the responsibility of the borrower, regardless of reckless lending practices and the impact of repayments on ordinary citizens. Introducing an international insolvency regime is an important step toward a fairer global financial system, says a report by Jubilee Australia.
Over the past decade, there has been a sharp drop in aid dependency among some of the world’s poorest countries. If more donor governments delivered good quality, untied aid, dependency could become a problem of the past, says a report by ActionAid.
The European debt crisis closely resembles the experience of many developing countries over the last thirty years, with private banks’ reckless lending practices being paid for by the public. Now is the opportunity to fix the system and bring about debt justice, says a report by Jubilee Debt Campaign.
Due to the global financial crisis, a broad range of countries are experiencing increased and critical levels of sovereign debt. The principles and procedures of domestic insolvency should be applied to sovereign states in order to reach fair and sustainable outcomes, says a report by Erlassjahr and Friedrich Ebert Stiftung.
A close examination of the MDGs shows that they are inadequate measures of human progress. It is time to review what we mean by ‘development’ and how the international community can assist in its pursuit, says a report by International Alert.
‘Toxic debts’, generated by Western governments and institutions, have held back the fight against poverty across the Muslim world for three decades. Sovereign debt cancellation is a critical part of repairing this damage, says a report by Jubilee Debt Campaign and Islamic Relief UK.
