The Poverty Issue, Debt Cancellation, and Alternative Visions for Globalisation: Difference between revisions

On the other hand, the debt cancellation issue does not only concern the past  and past errors made by both the debtors and the creditors. It is also a  question of future and learning from past errors. Debt cancellation sets the  learning from past errors in a risky light as it may evoke the feeling that  ‘your debts will eventually be paid for you anyway.’ Until political, and often  military conditions for a new path toward the future are set up, debt  cancellation itself will not solve much. More effective institutional warrants  on credit agreements between credit banks and developing country governments, or  better still, private businesses in developing countries, need to be developed.  Effective bankrupt procedures for debtor country governments as an ultimate  means of enforcing their obligations toward creditors have been lacking.