November 21, 2009
UTNE READER

Jubilee Year: Time to Pardon Financial Debt of World's Poorest?

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On July 8, International Monitoring, a London-based financial consulting group, reported that such debtor nations may face even more hardship in the year 2000. The group analyzed data from Moody?s Investor Service for 83 countries with high debt burdens and low credit ratings, concluding that many are also at greater risk of adverse economic impact from unremedied Y2K computer disruptions.

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The Jubilee coalition is trying to convince members of Congress to have debtor countries' debts canceled or reduced, on a case-by-case basis. 'What we want is to create a framework for these countries to get out from under their debt,' Bryden said. The resources that would be used to pay off debt would then be

funneled back into the country for basic health, environmental and education services.

One ray of hope for the group is pending legislation in Congress, the Debt Relief for Poverty Reduction Act, which would cancel most of the debt owed to the U.S. government. That bill is currently being debated in full committee, Bryden said.

'Our resolution is to look at the Year 2000 as an opportunity to do something meaningful for the poorest people in the world,' he said.

Contact: David Bryden, communications coordinator, The Jubilee 2000 USA Campaign, Washington, D.C., 202-783-3566; web site: www.j2000usa.org.

Background: International Monitoring group debt analysis, Year 2000 Information center, web site: www.year2000.com.

COPYRIGHT 1999 The American News Service, 289 Fox Farm Road, Brattleboro, VT 55301. For further information, please call 1-800-654-NEWS or e-mail info@americannews.com. 

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