Dear friend,
A new report we released this month exposes the human cost of the global debt crisis.
In one country, the Democratic Republic of Congo, public spending on health and education has been halved and 80% of people are living in extreme poverty.
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Our report revealed that public spending has been cut in 14 out of 15 countries with the highest debt payments. And average debt burdens look likely to continue rocketing to the highest levels in over 20 years.
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These new shocking figures, covered by the Guardian and the Financial Times, show us the IMF and World Bank must change their approach. The failed policy of bailing out reckless lenders at the expense of a country’s citizens needs to give way to fair and rapid debt restructuring to help countries get back on track and meet the needs of their citizens.
It's time to bail out people not banks.
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In solidarity,
Jenny, Abinaya and the Jubilee Debt Campaign team
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