1.4 Example of Debt Relief

Debt relief is not reserved for individual borrowers. Firms and even nations can find

themselves in need of it. The Jubilee 2000, for instance, was a campaign in the 1990s by a

host of nonprofit organizations, Christian organizations, and others to relieve developing

nations of their debt by the year 2000. The petition had more than 21 million signatures.

Outcomes included wiping out approximately $100 billion of debt from 35 countries, along

with increased awareness of the nature and scale of existing debt and the significant

corruption behind lending and borrowing practices.

Government accountability subsequently grew in this regard. Savings were used to reduce

poverty and fund health, education, and rebuilding programs in these nations. Of the 40

nations served, 32 were in sub–Saharan Africa.