LATEST TWEET:
Mozambique bondholders indicate they want debt restructuring negotiations to drag on, possibly as late as 2022 https://t.co/oCjBQ5ZayJ
EU finance ministers try to spin proposal to change Greek debt payment dates in 2030s and 2040s as 'debt relief' https://t.co/S5pWvm7PuH
RT @nickdearden75: FT calls for return of Nigeria's dictator assets to fight famine https://t.co/a2oVsJgSlj @dropthedebt
RT @ProfSteveKeen: Brilliant! A new word to describe the damage done by ideologues convinced they're doing good as they kill you @welshboy8…
RT @welshboy82: @dropthedebt @ProfSteveKeen Pure Schäublenfruede.
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Since the global financial crisis of 2008, there has been a new boom in irresponsible lending to the developing world.

This lending boom is threatening to set a new debt trap for people in poverty around the world, particularly in Africa. Governments are unable to afford to pay off their debts and provide basic services like healthcare and education to their people.

Tell Credit Suisse and VTB to drop the debts claimed from Mozambique

Photo: eflon/Flickr

In 2013 Credit Suisse and VTB lent $1.1 billion to two publicly-owned companies in Mozambique from their offices in London. Details of the loans were not made public, and they were never approved by Mozambique’s parliament – in direct contravention of the country’s constitution. Civil society groups in Mozambique have condemned the loans as ‘illegal’, […]

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Latest from the campaign

  • Photo: Gage Skidmore/Wikimedia

    Trump win pushes up future interest costs for African governments

    Jubilee Debt Campaign, 17 November 2016

    Yields on African countries’ debts have increased by more than for countries such as the US and UK Calculations by the Jubilee Debt Campaign have shown that the future borrowing costs of African governments have risen across the board in the last week, following Donald Trump winning the US Presidential election. For 12 African countries […]

  • Photo: iStock/mevans (trap), iStock/Parliament Studios Inc (dollars)

    The new developing world debt crisis

    Jubilee Debt Campaign, 2 November 2016

    A new debt crisis has begun in impoverished countries. The UK needs to take responsibility now for the debt contracted under English law. Read the 4 page briefing here Summary A new debt crisis has begun in impoverished countries, with Mozambique and Ghana unable to pay debts. Unless dealt with effectively, the crisis could cause […]

  • Small-scale traditional fishing boats in Maputo, capital of Mozambique, with the city rising behind (Cordelia Persen / Flickr)

    Mozambique debt is unpayable and the UK needs to act

    Jubilee Debt Campaign, 25 October 2016

    Reacting to reports that the government of Mozambique has announced that it cannot pay its private external debt, Sarah-Jayne Clifton, Director of the Jubilee Debt Campaign, said: “Mozambique’s unpayable debt is the result of reckless lending and borrowing and the crash in the price of commodities. It is immoral for those who lent the money […]

  • World Bank President Jim Kim talking to World Bank staff in Accra in October 2014 (Dominic Chavez/World Bank/Flickr)

    World Bank misleads while guaranteeing speculators profit

    Tim Jones, 18 October 2016

    World Bank admits to breaking rules to guarantee high interest Ghana debt, but misleads in attempt to justify the decision.

  • Independence Arch in Accra, capital of Ghana (Joe Ronzio / Flickr)

    The fall and rise of Ghana’s debt: How a new debt trap has been set

    Jubilee Debt Campaign, 9 October 2016

    Read the report (32 pages) or executive summary (4 pages). Independence Arch in Accra, capital of Ghana (Photo: Joe Ronzio/Flickr) Ghana is in a debt crisis. Having had significant amounts of debt cancelled a decade ago, the country is losing around 30% of government revenue in external debt payments each year. Ghana’s crisis is the result of […]

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