Big Banks: #CancelTheDebt
Some of the world’s richest banks have made a fortune over the last year, profiting during the pandemic, while funds are being drained from the poorest countries in the world.
Covid-19 could push up to 150 million people into extreme poverty. At the same time, many large banks and speculators - including Blackrock, JP Morgan, HSBC and UBS - continue to demand debt repayments from some of the poorest countries across Africa, Asia, Latin America and the Caribbean.
Due to high interest rates, some companies could be making up to 250% profit from these loans if paid back in full. Poorer countries are left with less money to spend on tackling Covid, the climate crisis and essentials like education and health.
So, along with Global Justice Now, Christian Aid, and CAFOD we went to the HQs of some of these banks. They were out, so we left them a message... on their walls.
Jubilee Debt Campaign is a part of the global movement for debt justice