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Jubilee Statements

Monitoring the impacts of government and corporate behaviour in communities overseas.

US Financial Crisis: let's hope the party really is over

Release Date: 26-Sep-2008

For years millions of families have suffered the consequences of repaying debts that have caused harm to themselves, their communities and their environments; have violated human rights; and have violated basic notions and rules of fairness. In recent days we have heard the US House of Representatives Speaker Nancy Pelosi declare 'the party is over’ for US financial institutions who have taken risks, privatised gains, and are now asking taxpayers to pick up the tab. Developing countries have been on the receiving end of irresponsible and immoral lending for more than 30 years. When are we going to end the party for international institutions and wealthy countries who continue to collect this illegitimate debt from the poorest people in the world?