UN General Assembly
1988

The banks of the North began to say: "We have been lending too much, even more than 20 times our capital." And so now we must pay more for every dollar we borrow, and there are less of those dollars to borrow. And so, after we were titillated into a borrowing pattern - nay, a borrowing spree - the spigot is turned off. Up to 1981 the money was coming into our countries: now it is going out. Now we of the South must together send out 320 billion more than we are receiving every year from our international creditors. Last year alone our country sent out 31.7 billion more than it received.