11th January 2012
The premise behind the campaign is that the fault for the excessive debt levels lies as much with lenders as it does with borrowers, and the current repayment strategy is condemning these countries to a lifetime of poverty.
Jubilee Debt Campaign Senior Policy Officer Tim Jones said: "For the past 18 months the IMF and EU have been bailing out banks through giving new loans to Greece. Even if private creditors are made to write-down 50 per cent of their remaining debt, this will no longer be enough to save Greece from the debt and austerity trap. Including the debt owed to the IMF and EU, Greece's total foreign debt would still be 90 per cent of GDP.