If human rights are to be respected, we cannot subject countries and people to debt repayments where people are already living below the poverty line. Are current and future generations obliged to repay debts which have nothing to do with them?
Jubilee South believes that the External Debt of countries of the South is immoral and illegitimate:
Creditors have used debt as an instrument of exploitation and control of people, resources, and countries. This alone is enough to render the so-called debts of the South as illegitimate.
The immorality and illegitimacy of these debts also rests on the terrible impact of the burden of debt servicing on the economies of the countries of the South, on the environment, and on the lives and well being of the people.
Furthermore, many of these debts were contracted by illegitimate parties, and/or through illegitimate means, and/or accompanied with illegitimate terms, and/or used for illegitimate purposes.
The peoples of the South do not owe these debts. These “debts” have in fact been paid many times over in financial terms and, more importantly, in human terms by peoples of the South. Jubilee South rejects the continued plunder of the South by way of debt payments!