|Photo Credit: Simone D. McCourtie / World Bank|
Debt has been choking the world's weakest economies and blocking economic progress for billions of the world's poorest people. Governments borrowed money in the past for development projects, but often corrupt leaders stole the proceeds. To pay off the interest and principal, governments have been forced by creditors to slash their social spending and shrink their public sector. Even so, the debt burden continues to grow, placing the poorest countries in a kind of debt bondage. Campaigns such as Jubilee 2000 have demanded debt forgiveness, and a few debts have been canceled, but still the debt burden grows larger. This page contains information on the debt crisis and proposals to solve it.