It has also been known as Jubilee Debt Coalition and focuses on developing countries' debt. The idea of a debt jubilee has continued to inspire people through history. In the 1990s, campaigners for debt cancellation for countries in the global south decided to call for a Jubilee for the year 2000. Jubilee Debt Campaign (Drop The Debt) is a coalition of national organisations and local groups around the UK, calling for the unjust and unpayable debts of the poorest countries to be cancelled.
Jubilee Debt Campaign • Amount of interest being paid on government debt is at virtually the lowest level since records began • But the UK economy has the highest deficit with the rest of the world of any rich country, and is uniquely vulnerable to global financial shocks Founded in 1996, they are a UK-based charity focused on the connections between poverty and debt. These co-ordinate their actions through a loose global confederation.
From early 2001, Jubilee 2000 split into an array of organisations around the world; Jubilee South (encompassing many former Jubilee campaigns in Africa, Asia and Latin America); Jubilee Debt Campaign, Jubilee Scotland and Jubilee Research (hosted by the New Economics Foundation) in the UK; Jubilee USA Network; Jubilé 2000/CAD Mali in Mali; and many other national organisations. Jubilee Debt Campaign is part of a global movement working to break the chains of debt and build a finance system that works for everyone. Hours after Pope Francis on Easter Sunday morning said the debt burden on the most impoverished countries should be forgiven (aka debt jubilee), the Financial Times is now reporting that the G20 group is nearing a critical “action plan” to freeze debt servicing payments for poor countries to stave off an emerging-market meltdown. “Inspired by the ancient concept of the Jubilee, a time when debts were cancelled, slaves freed, and land and wealth redistributed, bringing about greater fairness and equality in … Jubilee Debt Campaign is the organisation in the UK which has continued and evolved that campaign.
Of G7 economies, only Germany has a lower government debt (as a proportion of GDP) than the UK. ❮ Go Back to Members’ List In total, the campaign secured $130 billion of debt cancellation, drastically reducing the debt of 36 poor countries who had seen their public finances drained away by spiralling debt payments and whose populations had suffered big hikes in poverty, hunger, sickness and premature death as a …