Here are 5 reasons you should care about debt
1.We’re facing a huge global debt crisis, the biggest in decades.
54 lower income countries are being crushed by debt, mainly owed to banks and hedge funds. Two huge financial institutions – the International Monetary Fund and World Bank – are supposed to support countries in crisis but instead end up pushing new loans, with dangerous conditions attached.
2.The debt crisis is fueling the climate crisis.
These financial giants are forcing lower income countries to make climate-wrecking investments. They attach conditions to their loans to force lower income countries to invest in fossil fuels to pay down their debts. Like in Argentina, where the government has just committed to a huge new fracking project.
3.Rich countries are pushing new loans to pay for the climate crisis.
They want lenders to loan even more money to countries already in a debt emergency. This forces these countries into a never-ending cycle of debt.
4. Lower income countries must not be forced to pay for a climate crisis they did not create.
Without debt cancellation, new loans will just be used to pay back existing lenders. We need governments to cancel the debt and provide grants to deal with the climate crisis. Not high interest bank loans.
5. Right now, (Oct 2023) the major financial institutions of the world are meeting in Morocco.
People are taking to the streets, fed up with decades of economic policies that are wrecking the climate and our future. We need to expose how these powerful lenders are wrecking the climate through debt.
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