Letter: Bad debts
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Bad debts
Sir: It is not Diane Coyle who has forgotten that, during the Eighties, more than a half of the Third World's debts owed to the commercial banks were written off as losses; it is Nigel Wilkins (letter, 2 January) who has forgotten that these write-offs were purely in the banks' books, in recognition of the fact that they probably were not going to get the money back; they did not presage any diminution of the vigour with which debtor countries would be pursued for repayment. In any case, the most highly indebted countries (in terms of debt as a percentage of GDP) - the ones in sub-Saharan Africa - owed other governments and the international financial institutions (such as the IMF), not the commercial banks. They still do.
As soon as the world banking system was safe, the IMF lost interest in the debt crisis.
BILL LINTON
London N13
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments