Lift the Lid on Lousy Loans

article from Issue No. 29/2007 for Sunday 22nd July

Two years ago, the Make Poverty History Campaign highlighted the need for the poorest countries to be relieved of their burder of debt before they could begin to make economic progress. A number of countries have benefited from debt cancellation and are now able to provide basic health care and education for their people.

But there is still much more that could be done. Many of the debts which cripple the economies of poor countries are the result of irresponsible lending by international banks, often for projects which did not benefit the people who now struggle to repay even the interest on the loans. So much interest has been paid over the years that the lenders have had more than an adequate return on their capital and could afford to cancel the remaining debt.

The Jubilee Debt Campaign is asking for more of these debts to be cancelled and is preparing a petition asking for the support of the Government. Please take a moment after Mass to read the petition and consider signing it. It could make a real difference to ordinary families who would just like to have, what we consider to be, a normal life.