‘When charity pop concerts for Africa are held in London or New York, the tens of millions raised are typically enough to pay the continent’s interest bill for a few hours. In 1999, the developing countries excluding the Eastern block were more than $2,030 billion in debt to the developed world’
‘The development institutions trumpet their aid to the world, to show that something is being done. But what is given with one hand, is taken back many times over with the other. According to the World Bank, in 1999 Angola received $261m in aid but paid $1144m in debt service, Cameroon received $190m in aid but paid $549m in debt service, Kenya received $195m in aid but paid $716m in debt service, and Vietnam received 257m in aid but paid 1410m in debt service’
Ranking for Deforestation
Ranking for foreign debt
In conclusion, our current banking method is not wholly fair; it is a system which favours the rich and denies the poor, with the poorest experiencing the worst of its effects. Earlier in the week, Mr Porter promised that he ‘wants to push the arguments beyond tuition fees’ and that ‘protests must be about wider issues’. One hopes that the student community has now realised that the issues we face are far deeper than one merely of tuition fee hikes.