UK banks and the debt crisis | War on Want
This short film from 1986 very clearly illustrates how banks, in this case UK ones, pushed debt on to developing countries as a form rent extraction which could then be used as a tradable commodity in itself. Interesting too in that it highlights how banks were also directly involved in any negotiations around the austerity measures imposed on countries as they attempt to resolve their debt crisis.
“Profits out of Poverty was War on Want’s groundbreaking 1986 report exposing British banks’ involvement in the debt crisis facing Latin America.
The report launched one of the first popular campaigns against ‘third world’ debt in Britain, and mobilised thousands of people to take action. More and more organisations have since joined the fight for debt cancellation, which is now led in the UK by the Jubilee Debt Campaign.”
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