Our latest research is in the news
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Hi friend,
Did you see? Debt Justice research has just been featured in the Financial Times ([link removed]) ! Our campaign is continuing to make strides forward and it's all thanks to supporters like you.
If you can’t access the article, then here’s a quick summary: our research shows that private lenders will still make a massive $14 billion profit on loans to just 6 of the 54 lower-income countries in debt crisis, even after agreeing limited debt relief deals.
That’s an average of 38% interest on the original loan!
It’s a shocking display of greed and it’s so important that we get the word out about it to build our case for change. That’s why getting our research into the Financial Times is a step forward for our campaign.
friend, can you now help spread the word by sharing the article?
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Our research looked in depth at six recent debt deals: Chad, Ghana, Sri Lanka, Suriname, Ukraine and Zambia. We found that some lenders are getting away with making eye-watering profits even after a deal has been agreed. Leaving countries still heavily indebted, even after debt relief.
We think this is a scandal, in the words of our director Heidi Chow,
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** “Debt restructurings should not leave countries still just one climate or economic shock away from another debt crisis.”
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So, what can we do about it? One thing that would really help is a new debt justice law, which would make banks, hedge funds and others cancel unfair debts on the same terms as other lenders.
Now it’s in the news, let’s keep the pressure up. Exposing this crisis is crucial to making sure that our government acts. Can you help by spreading the word on social media?
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In recent months we have heard how people in many countries have been affected by debt crises.
** “The suffering in my country is so plain to see. More and more people are living on the streets, with many Ghanaians barely getting two meals a day.” - Bernard Anaba, debt campaigner in Ghana
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Countries in debt crisis are still facing rising costs of food, water and bills. As the people struggle to make ends meet, private lenders made billions from countries in debt crisis, even AFTER debt relief.
What is absolutely clear is that the need for legislation in the UK is now pressing. With 90% of debt contracts based in UK law, we have a great opportunity to win justice for the millions of people whose countries are being exploited by greedy private lenders.
In solidarity,
Tim, Eva, Zak and everyone at Debt Justice
PS. Research like this is made possible by our donors. Set up a regular gift today ([link removed]) to go one step further and keep helping expose the scandal of the debt crisis and pushing for change
PPS. you can read more in our original press release on the website [link removed]
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