Australia's Position on Debt Relief

        Debt has been the major cause of extreme poverty in legion(predicate) countries of the foundation for a long time. These countries include most African and Latin American countries, in which hundreds of millions of hatful live away less(prenominal) than $1 per day. The reason for this un compensateable debt was rich western governments alter thumping a climb ons of money to dictators who misused the money and now the countries cannot pay it tail due to a reduced price on exports. unmatchable important thing was done lately to evidence to check mark the problem. Under the Heavily Indebted Poor Countries (HIPC) Initiative, either creditors agree to jointly reduce the debt burdens of the worst affected countries to a sustainable level where debt repayments are less than 20 to 25 percent of export earnings. This has availed many countries, but some are already in unsustainable debt again.         Australia has made a big gradation t o help HIPC. In 2001 it collected over 400,000 signatures in the Jubilee petition, in which a total of 24 million petitions were collected from near the world. In spring of 2001 the Australian government said it would chafe recreate of light percent of all debts owed to it by Nicaragua and Ethiopia.

This makes a appalling impact on Ethiopians because the average income in Ethiopia per year is $ nose candy! Nicaragua owes Australia $6.3 million and Ethiopia $12.7. These countries spend much more on repaying debt than on education and medical care. In being so problematic in other countries economic problems, Australia is greatly improving the lives of hundreds of millions of l arge number who are stuck in the slavery of ! their debt burden, knowing they would never carry been able to repay it. If you want to get a mount essay, order it on our website: OrderEssay.net

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