Bono's Jubilee 2000 Aims to Cancel Unpayable Debt

By Sushuma February 29, 2000 5:49 PM

(VH1)-Following a meeting with Bono and a Jubilee 2000 delegation in Rome, Italian Prime Minister Massimo D'Alema agreed to put Third World debt cancellation back on his country's agenda. The Jubilee 2000 group is aiming for the cancellation of all unpayable debt by the end of the year 2000. "What we convinced him to do was not to miss the opportunity of the goodwill, the interest of the general public," Bono said. So far, Bono's efforts on behalf of the organization have seen results in the United States, Great Britain and Canada, who have all agreed to reconsider their positions regarding Third World debt. D'Alema's commitment to debt relief included reviving legislation aimed at forgiving the debt of 18 poor nations, with at least as many more countries to be made eligible for debt cancellation. His decision came after meeting last Wednesday with Bono, Jubilee 2000 coalition director Ann Pettifor and the Italian rapper - yes there are such things - Lorenzo Jovanotti. Bono was in Italy to appear at the six-day San Remo music festival, where he was joined by The Edge. On Saturday he thanked both D'Alema and the Pope for supporting his Jubilee 2000 endeavor before leading the festival's grand finale. Speaking in perfect Italian, he said, "To the Pope - thank you; to Mr. D'Alema - thank you for your promise."

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Posted by A random shemp (No Email) on February 29, 2000 3:44 PM

This is helping these countries perform economic suicide. Being responsible for your debts is something that third world countries need to learn. You can't spend your way out of recession, not in today's market anyway. 

I wish all these do-gooders would consider putting the money to use investing in high-tech ventures in these countries. Capital investment is what will help to turn economies around, not debt forgiveness.

RE: RE:   reply

Posted by A random shemp (No Email) on February 29, 2000 4:13 PM

Hey, you also need to understand that a lot of third world countries are pushed into debt by force. Do you know how much damage is done by capital investment in certain third world nations? Oil exploitation is an example. In several African countries, US multinationals came in to dig for oil in their land. Most of the environmental damage done by the US drilling team forced the third world nation to spend their own money to clean up the mess. Another issue is in India, where foreign capitalist exploitation has caused extreme brain drain from communal areas, and has caused many imbalances in the society. So dont give me that fucking shit about foreign capital investment making things better. Take a good look around. (Sorry about the bitterness). I'm just trying to show that there is more than one side of the argument, and people should realize this. 

- bittersweetlady

RE: Bono's Jubilee 2000 Aims to Cancel Unpayable D   reply

Posted by Acheron (denny@dtheatre.com) on February 29, 2000 4:47 PM

I'll play the middle man of the "arguement." Third world countries should not have rely on someone digging them out of the proverbial "hole." Capital investment would probably not help things either. These corporations, though a help for a lot of people, would run the other people out of business, instead of pushing them along to get its competitors up to speed. I don't think that the third world countries need to spend all of the money they get on technology. These countries need to build on what they have. Every country has a strong point in something. For now, they need to put any money they receive in building the local economy, establishing good/fair economic relations with one or two countries to export their national product, and make it worthwhile for the trained professionals of that country to stay in whatever country they're in. This "brain drain" that's happening, though true, is not merely due to the fact that working in another country is more satisfying (monitarily, socially, etc...), but because it is not benefical/profitable to stay in their home country. Politics and economy aside, most people would rather stay in their home country, than move to a foreign one. If the governments of these countries would look at their situation, and do something to keep its trained professionals from leaving, then eventually the economies in those countries would gradually grow on their own. It would be only a matter of time before the country got up to pace with the rest of the world in the technology and medical sectors, as well as all other professional fields. 

Of course, you've got to look through a rose coloured glass to see some of these things actually working out. It's ideal, but not real. Many of these third world countries have not advanced because the government officials are so corrupt, and comfortable with their personal ways of life, that a change so dramatic would severly cut their amount of control. In which case, that country would need a good old fashioned overthrowing of the government... 

My $.02