The Wire

Today is world debt day, a day of global action to help make third world debt a thing of the past. Many third world nations have been saddled with what has been termed “bad debt”. Sometimes this can involve debt inherited from dictators who simply filled their pockets rather then enhance their nations. Most of this money is owed to first world governments and multi-lateral organizations like the World Bank who in the past has forced countries to restructure their whole economies as a pre-requisite to receiving loans and further debt relief. Currently third world nations pay one out of every three dollars they receive in aid back in interest payments on their bad debts. In Sydney’s Hyde Park people gathered to voice their concern over the effect debt is having on the lives and prospects of third world nations. The Wire’s Sarah Bassiuoni went down to the rally and spoke to one of the events organisers Stewart Mills from Jubilee Australia. She asked him what the “drop the debt” movement has achieved since it came into effect a few years ago.