The illegal drugs trade is the major earner for heavily indebted countries like Peru, Bolivia and Colombia. The International Labour Organization estimates that there are about 100 million legal or illegal immigrants and refugees in the world today. Many go to the richer countries of the North to flee poverty and the effects of IMF-imposed economic policies. But in most cases this has not reduced the actual debts of poor countries. By 1991 UK banks had gained from tax credits for more than half their exposure.
Debt creates social unrest and war.