Quote de jeur # 3 April 23, 2007Posted by Andreas in "The Economy", History, Politics, Quotes, South Africa.
I’ve cobbled together a couple of quotes about African and Third World debt from Patrick Bond’s book Looting Africa.
In absolute terms, Third World debt rose from US$580 billion in 1980 to US$2.4 trillion in 2002 […]. In 2002, there was a net outflow of $340 billion in servicing this debt, compared to overseas development aid of $37 billion. As Brussels-based debt campaigner Eric Toussaint remarks, ‘since 1980, over 50 Marshall Plans (over $4.6 trillion) have been sent by the peoples of the Periphery to their creditors in the Centre’
[…] Africa now repays more than it receives. In 1980, loan inflows of $9.6 billion were comfortably higher than the debt repayment outflow of $3.2 billion […] by 2000, only $3.2 billion flowed in, and $9.8 billion was repaid, leaving a net financial flows deficit of $6.2 billion. […] By the early 2000s, the debt remained unbearable for at least 21 African countries, at more than 300 per cent of export earnings.