Third World Debt. Bib Incl.

Essay by PaperNerd ContributorUniversity, Master's April 2001

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Third World countries are the countries that are in the most debt. These many countries now suffer because of the debt that they owe to the World banks. Third World countries are having trouble paying this debt because of the high interest rates that these World banks charge. For example the "Congo has annual debt service payments equal to 50 percent of it's export earnings"� . How can we expect countries to develop if they can't even afford to pay off the debt? There is a list that is contrived of the 41 most in debt countries. They are called HIPC or Heavily Indebted Poor Countries . These 41 along with the other third world countries have been suffering because of the World banks. Leaders like, Irish Rock singer Bono (lead singer of U2), US senator Jeese Helms, and even Pope Johnn Paul II, people from all aspects of societies different cultures and groups have decided to take action against the World banks, in hope of eliminating debt in the third world.

Third World countries have become a drain on our society and life style, and their debt is slowing down all economies. Debt has got to stop.

What effect has the debt, really had on these countries? And why does the third world remain poor? To find out why the third world countries are poor, you must look at how the banks tie in with these debts, The environmental and human costs debt has, and also debt in relation to arms trade.

Who's to blame for third world debt? World Banks! These rich western banks and their high interest rates are what are really hurting the third world. In 1994 "third world debt had risen to a staggering $1.77 trillion"� . In 1981 before there was a debt crisis...