Debts strangle "third world"
Socialist Press1981 1981-05-28Read it in the scan (PDF), scan page 3 →
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million, $100,000 crias sent TY LAINIE The cost of servicing their debts to the banks and to imperialist governments is now as big a problem for the neocolonial countries as the task of paying for their oil imports.
Indeed the problems of the huge indebtedness of the "third world" countries is now beginning to loom large in the calculations of leading imperialist finance ministers.
Total debts now exceed $600,000 millian and пто increasing by million every year. Of the non-oil producing economies the debts ada up to $418,000 million -meaning a thumping $32 billion in interest payments to Ine bankers in the imperialist countries.
More than 20% of all "third world" earnings are now devoted simply to servicing these huge and burgeoning debts-with their task made harder by the fact that an ever greater proportion of the debts are linked to commercial interest rates as opposed to fixed rate lane which Inse value against inflation.
More than 60% of the debts and 80% of the interest is to the private sector banks: those same banks which are profiting from the Thatcher/Reagan Thatchor/Danian monotarict strategy with its attendant mass unemployment.
The nationalisation of the banks is not therefore a punty Wiltil wall suicly nolin whinh ron enlalur benefit the British working class: our fight for planned, socialist economy must be linkea to tne nignt ----= d 1:.1-1 a. 1L -to liberate the super-exploited workers and poor peasants of the world from the burden of debt imposed upon them by imperialism. i