Debt Crisis

2 Pages 470 Words

I. Global Debt Crisis
A. The harsh reality of poverty in poorer countries was an initial stimulus for loans in the 1970’s.
1. It consisted of poor countries, which suggested that borrowing
money would contribute to the economic plight of their citizens.
2. The fact that those who live in rich countries and are given access
to education, health care, good nutrition, housing, and live
alongside other countries who go hungry, and endure
homelessness and suffering is beneficial reasoning to allow
loans to countries in need for uplift.
B. I agree that contributing to countries, who are at a need for money
financially is a positive retribution, which uplifts economy and population of the country. I also feel that the countries should have a limit to the time they are allowed for repaying their debt and the amount of money given.
1. These countries need to pay their debts quickly because the longer they wait the less their money is going to be worth.
2. Also if the countries don’t pay off their debts, then the countries that have lent money could become third world countries also.
3. Debts of the fifteen most destitute third world countries were $36
billion in 1980 and are $1.362 trillion today.
C. Although some countries are having hard troubles repaying their debt,
many countries are getting away, with avoiding their repayment. For example:
1.) Rulers such as Mobutu of the Democratic Republic of Congo should take their enormous profits and use some of it to lesson their countries debts. Mobutu made a personal fortune of 84 billion by the mid-1980’s
2.) Other countries such as Dominican Republic, Costa Rica, and Mexico have experienced significant increases in tourism over the past 10 years. Tourism brings in a large amount...