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A new report by the Jubilee Debt Campaign Debt shows burdens in the most impoverished countries are increasing, 10 years after the G8 summit committed to cancel debt cdeveloping country debts.
Activists from Global Justice Now and Jubilee Debt Campaign have projected “Cancel Greek Debt” in giant letters against the German embassy in West London.
Lending levels to the most impoverished countries in the world have tripled, ten years after the G7 finance ministers agreed a debt cancellation deal for low income countries.
Jubilee Debt Campaign has joined a call by more than 30 organisations across Asia for Nepal to receive immediate and unconditional debt cancellation.
Figures calculated by the Jubilee Debt Campaign, based on recent data from the World Bank show that loans to impoverished countries have almost tripled since 2008.
The IMF has announced that it will cancel almost $100 million of debt owed by Guinea, Liberia and Sierra Leone.
It is not the people of Greece who have benefitted from bailout loans from the IMF, EU and European Central Bank, but the European and Greek banks which recklessly lent money to the Greek State in the first place.
The election of anti-austerity coalition Syriza in the parliamentary elections in Greece opens up a new path for tackling debt, say reformers.
Syriza is right to be demanding cancellation of the debt which comes from bailing out European banks, says the Jubilee Debt Campaign.
New figures predict that current rates of lending could lead to debts becoming unsustainable in many impoverished countries over the next decade.