Individuals and corporations have the option of bankruptcy, critics say, while poor countries simply sink under the weight of their debt burden. It's a moral issue to many. Others point to the debt incurred by corrupt authoritarian leaders that used loan monies for prestige projects or military spending - or stashed them in overseas bank accounts. Some were made to strongmen who were cold-war allies, says Jo Marie Griesgraber, project director at Center of Concern in Washington. The poorest people in those countries, she adds, shouldn't have to shoulder the burden.
Many churches echo that view.
The Anglican church took a strong stand on debt at its global Lambeth Conference in July, as did the World Council of Churches this month at its World Assembly. The Presbyterians, Mennonites, Evangelical Lutherans, and United Church of Christ are involved. Firsthand View Many churches have been galvanized by the experiences of their members in poor nations, as Christianity spreads in the developing world. The priority is a legislative strategy, says Ms. Griesgraber, steering committee chair. But it wouldn't take that much to cancel it, according to Jubilee, since bilateral debt is written off according to market value.