ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Third World Debt-The Approaching Holocaust

Third World Debt The Approaching Holocaust Frederick F Clairmonte John Cavanagh It is impossible that the outstanding principal of Third World debt will ever be repaid. Simply deferring interest payments and principal to the transnational banking circuit and seeking, like an obsequious mendicant, rescheduling agreements will perhaps mitigate the bleeding and the pain; it can by no means stop the haemorrhage. Nor is it desirable that the debt should be repaid. Debt repudiation stands out as the only ethically feasible and rational solution for the Third World.

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