Researcher Noreena Hertz, in her latest book I.O.U: The debt threat and why we must defuse it argues that the resolution of third world debt is key to global stability. Hertz explains in her book how the Bank and Fund were alerted long ago to the destructive impacts of their programmes on growth, social well-being, the environment and debt levels. She recommends the cancellation of debts on the grounds of illegitimacy and unpayability, and the creation of bodies to oversee the spending of debt savings on development goals run predominantly by civil society.
The Bank, the Fund, the debt threat
21 September 2004