Many large banks and speculators, including Blackrock, JP Morgan, HSBC and UBS, continue to demand debt repayments from countries across Africa, Asia, Latin America and the Caribbean.
This is leaving countries in the Global South with less money to spend on tackling Covid-19, the climate crisis and to provide essentials like education and health.
Over 500 civil society organisations and movements had noted in an open letter that “It is deeply unjust that while millions of people need healthcare and financial support, private lenders like banks and hedge funds continue to rake in profits and refusing to play their part and cancel debt“.
And right now, the banks have the balance of power as countries who fail to repay risk being sued.
This isn’t right.
We demand debt justice. We must act now by demanding big banks #CancelTheDebt.
Tell the banks to Cancel the Debt!: https://jubileedebt.org.uk/actions/tellthebanks