What is third world debt?

What is Thirld World Debt?

• what is is? who has it been affecting? when did it start? has it endeed, will it end? what has it got to do with any religion?

• Answer:

  the world used to be classified into 1st (most developed countries) 2nd (sort of developed countries under extreme governments ) and 3rd (poor) this system is rarely used now but third world is still used to describe the poorest coutnries such as malawi. third orld debt is the money the poorer countries owe us, it was usually exploitative with no realistic chance of them repaying, so large parts of it are being payed of (look up HIPC's, heavily indebted poor countries) it has been aroudn for ages but started to become a problem as early as the 60's when india borrowed a lot of money to try and industrialise its agriculture, it may have been before that this is just the earliest example i know of. it hasnt ended because these coutnries still exist, as does its debt. but it is being dealt with and the worst affected countries are heaving a lot of debt written off and a lot of debt is being put into sustainable payment schemes. as far as i know it has little to do with religion. it is a major issue because hte coutnries use the borrowed money to try and make more money, but it isnt enough and they use all the new money to pay off the interest. therefore they stay in debt and can never have any money to self invest and devlope the country. hopw ive helped