31 December 2001
Australian World Aid
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The events in Argentina over the last few weeks have shown the hidden social costs of international loans and debt. Following rioting and political instability Argentina has declared a moratorium on paying back its loan to the IMF and is instead printing money. But it's only a short term solution with hidden costs. Last year the Jubilee 2000 campaign mounted by church, aid and community groups lobbied world monetary institutions and called on them to write-off the debts of the poorest countries in the world. Sarah Macdonald asked Jim Reddan, from the Australian Council for Overseas Aid, how effective the campaign has been it's been.
