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Should developed countries cancel debt of developing countries?

  • End Developing Countries Debt and Stop the Starvation.

    The developing countries have already paid off their debt but we are charging them never ending interest. Developed countries governments should be ashamed of their greed and corruption. If when we end third world countries debts and their own governments become more corrupt then at least we are not the corrupt anymore.

  • End Developing Countries Debt

    They have already paid it off however the interest is FOREVER. Our governments are the corrupt and do not support equality or human rights. They are causing the starvation in the 3rd worl. At least if we end their debt and their own governments become more corrupt dictators we are not to blame for the starvation.

  • Try To Make The Earth A Better Place Than We Found It?

    I think that if we're going to keep pretending we believe in equality, we should at least show it. The fact that the developed countries are already developed shows that the citizens of said country are fairly well looked-after and that the country in question has a fairly stable economy. Cancelling debt of developing countries would be the humanitarian thing to do and would allow their country to stabilize itself and look after its citizens as well as ours does. However, there is always the rather odious side, will the countries with newly-cancelled debt look after its citizens or oppress them?

  • Debts should be canceled

    Debt is a way of turning a country from rich to poor or even poor to poorer. Countries are in debt when the government owes other countries money. The people of the country in debt pay taxes that help pay it off. If they cannot pay the debt the country can get aid from another country. Poor countries can borrow money to improve infrastructure and develop, for example, bridges, roads and schools. Although the country in debt will gain money this way to pay it off, there is normally an interest on the loan which is the charge of taking it out. If the country does not pay it back within an agreed time period, they get a fine and owe even more money, this puts them in default. If a poor country cannot pay back their debt, they can borrow money, but this means they have to pay extra interest on this. This means they are short of money to improve roads and schools so it is difficult for new companies to start up because roads are poor and people are illiterate. This results in little money being taken from companies and workers as tax and so the country cannot pay back it’s debt. Some poor countries like Ghana are stuck in this cycle of debt and may not be able to get out. This means money is making richer countries richer and poorer LEDCs

  • They need the money more than us

    I think that rich countries should cancel the debt of poorer than us because how are the developing countries going to develop properly if they have to spend all their money on paying back ancient debt?! My answer to this problem would be to cancel the debt of the country and then when it has developed, maybe after many years, it could pay back half or even all of its debt. Our kind of countries are lucky enough to be able to take advantage of the essentials in life that some countries don't have, HELP THOSE COUNTRIES :]

  • They need the money more than we do

    I think that the rich countries should cancel debt in poorer countries because they need the money a lot more than we do. How are these countries ever going to develop if they haven't got the money to change it. It's good enough for the government to say that we want to help out these poorer countries but we can never do that because even if they are given money, they won't use it to improve their country-they will have to use it to pay back millions of pounds of debt! My answer to this problem would be to cancel the countries debt until it has become a developed country and then maybe, it will be able to pay back the money it owes us. This could take years but hey, whats money at the end of the day...

  • No reason to ask for money after years of exploitation

    I think they have no moral to ask for money after they looted The Americas and left us poor and full of problems. Europe, The States, Canada, Japan and Australia have always protected their interest no matter the harm they cause to other nations. I think they are in the morel obligation of helping out the countries they have cause to be poor.

  • Yes they should

    Yes they should cancel the debt cause it is not fare. Developed countries lend money to the developing countries and they imposed highest interest rates on them which crippled african development. Developed countries are also to blame because they looted too much funds from developing countries so if they cancel the debt it will be regarded as compensation

  • It is time...

    Much of the incurred debt is leftover from colonization and/or dictatorships that misused the funds in the first place. This is from a classmate about the situation - “I think lending to an ever-changing country is like trying to lend to a dysfunctional family. An abusive, alcoholic dad who beats his wife and children takes out a loan and uses it to buy alcohol and prostitutes. The Dad leaves the family defaults on the loan.. So now the children have to pay?” It is a good analogy.

  • Yes developed countries should cancel their debt!

    Yes developed countries should cancel their debt on developing countries because we are taking so much money of them that they have no money for school, health care and so on! PEOPLE ARE dying - mothers, fathers, children. I know it's best to take of the debt! Thanks

  • Governments should not cancel the debt, but they should not be allowed to raise interest rates excessively

    Canceling the debt of developing countries is not an end-all. At most, it can be a part of a larger foreign aid payment. What is more important is that developed countries stop trying to balance their budgets by raising the interest rates of loans made to developing countries to punitive rates. It should be agreed among the developed countries that an interest rate cap be adhered to.

  • Why should we care?

    It's none of our business whether they can pay the debts... I think it's a basic moral ethic to pay after you borrow. And the whole interest thing is negotiated before they borrowed it... No one forced them to borrow the money. To be honest... It's really none of our business

  • If the shoe was on the other foot?...

    These countries chose to take the loans out, no one forced them to. Further, maybe it would be a much better idea to let them default - then maybe they will overthrow the corrupt regimes that put them in debt in the first place, and remove corruption from their economic and political system. Not to mention, if the shoe was on the other foot, I'm sure they'd be just as unwilling to cancel our debt; in fact that leads on to an important point - with developed nations like the USA now in debt more than 100% of their GDP, surely we should be removing our debt first, before trying to save the world. Who is going to write off our debts?

  • If the shoe was on the other foot?...

    These countries chose to take the loans out, no one forced them to. Further, maybe it would be a much better idea to let them default - then maybe they will overthrow the corrupt regimes that put them in debt in the first place, and remove corruption from their economic and political system. Not to mention, if the shoe was on the other foot, I'm sure they'd be just as unwilling to cancel our debt; in fact that leads on to an important point - with developed nations like the USA now in debt more than 100% of their GDP, surely we should be removing our debt first, before trying to save the world. Who is going to write off our debts?

  • Latin American Debt

    The Latin Americas have always been in debt for us, plus the fact that when they borrow enough money to finally pay us back, we'll be getting the money they spent from us only because we're buying from them. To conclude, we should not forgive the foreign debt from them.

  • Debt forgiveness is silly

    The US is trillions of dollars in debt, but Obama insists on helping every other country but ours with foreign aid. If the undeveloped countries would learn to pace there money and spend it more wisely etc.. Building better homes, schools and irrigation for the areas that are unsanitary they would be able to pay the US back even if its just a little at a time. Those countries borrowed to money, they dug themselves in a hole, they should take responsibility and get themselves out.

  • It won't help the developing countries much. The developed countries would find other ways to get the money back.

    Although the developed countries cancelled the debt for the developing countries, they would find another way to get their money back, such as, lower the tariffs to import their goods to the developing countries and higher the tariffs if the developing countries wanted to import their things to the developed countries. By the high-tech and low tariffs that the developed countries enjoy, the price of the stuffs that they imported to the developing countries, such as, food, probably be lower than the local price. So that no one would buy the local food and the local people in the developing countries couldn't get much money. In addition, the developing countries would not get money from the international market, because they have neither fair good things nor low-price things.

  • Debt should not be cancelled....

    Debt should not be cancelled for several reasons. The important being that countries borrow money that they do not have and they borrow money not anticipating proper repayment schemes. Debt grows much faster than you can repay. It's is unfair on the countries that lend
    Money to not receive any of it back.

  • Cancelling debt because they are not developed yet is wrong, because they borrowed money, and they are using it, so why should we not expect them to pay it back?

    Giving money to developing countries is just like investing money in a stock. The country is developing, so its economy is growing, and they should be earning more money to pay back the developed countries that helped them get there. Just because they are worse off than the developed countries, that is not an excuse. They would have been even more worse off without the developed country's help.

    Posted by: SpiritualRobt99
  • There is no reason why developing countries should get a free ride.

    When the United States was a developing country, one of the best ways that we were able to build our reputation and strength as a nation was by actually meeting our obligations. The same principle applies with people on a small level. And it will only help developing countries when they meet their obligations to already developed countries.

    Posted by: MariaR

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