A Boycott on World Bank bonds brought dedicated members of the Rocky Mountain Peace and Justice Center to speak at Boulder s City Council meeting Tuesday evening. Members passionately against the social injustices further caused by structural adjustment programs in third world countries came seeking moral support for this boycott from the city council.
World bank offers third world countries financial hope in the form of high interest loans.
In doing so however, it is forcing already poverty stricken countries into unrecoverable debt. The repercussions that accompany such circumstances became the argument of those in favor of the boycott. Nicaragua spends half of its annual revenue on debt, said Ron Forthofer, affiliate with the Jubilee 2000 campaign. These debts are said to be a major cause of poverty, hunger, disease, lack of education, and death for the world s poorest people. 50 percent of Africa s population lives below the poverty line.