Another reason why the third world debt should be cancelled is people born now are spending their lives repaying debts for their corrupt leaders in the 1970’s even-though it’s not their fault; this is clearly not fair! Because of loans from the past, they can’t get on with their own lives.
Furthermore, the debts should be cancelled because some loans were taken out die to the lenders bad advice. E.g. Bataan nuclear plant in the Philippines was built in an area at risk of earthquakes and has never been used. The Philippines still had to repay over $1.5 billion to us for the plant even though it wasn’t their fault.
In addition, third world debts should be cancelled because the MEDCs have enough money already to cancel them; e.g. UK has cancelled debts from over 30 countries, therefore this show if you really want to, you can cancel them!
A group of people who agreed to cancel the third world debt was Britain’s government, on 17th December 1999 it was announced Britain write off hundreds of millions of pounds owed to them by the world’s poorest countries.
Another group of people who agree to cancel the third world debt are the leaders of the rich G8 countries who went to Birmingham, England in May 1998 for their yearly conference. When they arrived, they found 50,000 people around the conference hall. They all wanted the Third World Debt to be cancelled.
Some banks also agree to cancel the third world debt and they help by covering the loss. Another way to cancel the third world debt and still pay the MEDCs is by raising taxes, this way the money would be shared out, coming from a lot of people leaving less of a burden on the LEDCs.
These groups want to cancel the third world debt because they want to help the LEDCs out of this crisis. They believe people who are more financially stable should help those suffering from debt and help them get on with their life.
On the contrary, the reasons for not cancelling the third world debt is because although MEDCs are richer than LEDCs, some of them need debt repayments to develop their countries and for their schools and hospitals.
In addition, the third world debts should not be cancelled because LEDCs knew they would have to repay the debts with great difficulty and interest so it’s only fair they pay it back just as promised when borrowing. If they knew they wouldn’t be able to take it from the beginning, they should never have taken the money!
All the more, the debts should not be cancelled is because if the debts were dropped, the money saved for it would just go in the pockets of corrupt politicians and the country would thereafter borrow loans again and go through the whole process again. You can’t keep cancelling debts!
Groups who disagree with cancelling the third world debt are some MEDCs. They disagree because it is there money going to waste. If the LEDCs didn’t borrow it in the first place, then MEDCs money wouldn’t be going to waste for no reason and the LEDCs wouldn’t have to worry about paying it back!
I think the third world debt should be cancelled because the world’s poorest countries pay around £23 million every single day to the richer countries. These countries will stay poor due to this reason and will never be free of debt at this rate.
Plus MEDCs do not need the money.it is clear that the lenders are already well of and don’t necessarily need the money so therefore would be much better if the money was spent of giving the debtor countries citizens a better life rather than letting them die trying to pay off loans.
I think the third world debt should be cancelled because the citizens of a country should not suffer from what the government has signed up for them. The citizens had no say in it which is unfair but instead are paying off debts which isn’t there’s.
From this essay I can see there are many reasons for and against cancelling the third world debt. I feel the third world debt should be cancelled because due to corrupt leaders and government, citizens are paying off debts for them by giving their hard-earned money, through higher taxes, less money being spent on public services and living in a country with an unstable economy.
BY SANA ALTAF.