With debt relief for poor countries shaping up as a focal issue at the July G-8 summit in Scotland, it is a shame that so few people appreciate what a farce such measures could turn out to be. Unfortunately, most of the public, egged on by well-meaning rock stars, religious leaders, and other popular figures, seem brainwashed into believing that debt relief is a giant step on the road to ending world poverty. But forgiving poor countries’ debts without agreeing on a better framework for future aid flows is an empty gesture.
With debt relief for poor countries shaping up as a focal issue at the July G-8 summit in Scotland, it is a shame that so few people appreciate what a farce such measures could turn out to be. Unfortunately, most of the public, egged on by well-meaning rock stars, religious leaders, and other popular figures, seem brainwashed into believing that debt relief is a giant step on the road to ending world poverty. But forgiving poor countries’ debts without agreeing on a better framework for future aid flows is an empty gesture.