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Resources download > Debt and Development

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    2014 Jubilee Economics

    Biblical teaching and financial crisis -6 study sessions
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    2014 July JDC Honest Accounts Report

    The true story of Africa's billion dollar losses
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    Jubilee Debt Campaign Debt Policy Update January 2012 We are into yet another year of debt crisis across the world, and it's time for your first debt policy update of the year (6-sides). Greece is still trying to negotiate a debt write-down with its creditors, and we don't know how the vulture funds who have bought up Greece's debt cheaply will react. So some other debt updates which you may have missed are in the attached document. Tim Jones, Senior Policy and campaigns Officer Jubilee Debt Campaign
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    State of Debt Report

    It is thirty years since the ‘Third World Debt Crisis’ came to the world’s attention when Mexico defaulted on its debts in August 1982. Over the following thirty years, people on all continents have suffered from a succession of devastating debt crises. The original Third World Debt Crisis swept across much of Latin America and Africa. The results of governments making paymentsi on the huge debt, continued low commodity prices, and implementation of International Monetary Fund (IMF) and World Bank radical free market economic policies were disastrous, leading to one, and in some places two, ‘lost decades’ of development as poverty increased and economies contracted. In the 1990s, Mexico faced another debt crisis. In the mid-1990s, borrowing by the private sector led to a crisis in much of East Asia, followed by Russia, Brazil and Turkey. And then another debt crisis in Argentina at the turn of the century. A worldwide boom through the 2000s came to an abrupt bust in 2007/08. The US and European debt crises began – the ‘First World Debt Crisis’ - and like crises before them, the response of bailing out banks and forcing austerity threatens to continue the pain for many years to come. Yet these recurring debt crises are not inevitable, but the result of ideologically driven economic policies and mistakes. In the 1950s and 1960s, the number of governments which defaulted on their debts to foreign private creditors averaged four every twenty years. Since the 1970s this has risen to four every year.1 The ‘Bretton Woods System’ from the late 1940s to early 1970s was a time of much greater government involvement in the economy, and specifically there were regulations on the movement of money – lending, speculation and investment – between countries. A 2011 research paper for the Bank of England contrasts the current global financial system with the Bretton Woods System: “The current system has coexisted, on average, with: slower, more volatile, global growth; more frequent economic downturns; higher inflation and inflation volatility, larger current account imbalances; and more frequent banking crises, currency crises and external defaults.”