23 May 2007
Since then some progress has been made in debt cancellation but many developing countries continue to be burdened by large amounts of unpayable or illegitimate debt which means that large sections of their populations remain trapped in poverty.
What is worse is that many western governments and financial institutions continue to seek to extract profits from the desperate plight of these impoverished nations.
An update of the situation in regard to this debt crisis can be found at the Jubilee Australia website.
Next month a summit of the eight richest and most powerful states in the world will take place in Heiligendamm on the Baltic coast of Germany. Even though the heads of state and governments of the G8 countries represent only 13% of the world’s population, they will deal with questions concerning the entire globe.
In the lead-up to the summit Pope Benedict XVI recently wrote to German Chancellor Angela Merkel calling for "the rapid, total and unconditional cancellation" of the debt of the world's poorest countries.
The international debt movement will demonstrate with giant red balloons in Rostock, near Heiligendamm, on Saturday 2 June, calling the G8 to ‘wipe out illegitimate debt’. Civil society will also be discussing alternatives to the G8 politics during the alternative summit in Rostock, Germany, being held 5-7 June.
By visiting the above website you can also add your name to the Jubilee Australia red balloon going to the demonstration.