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LDC Debt Cancellation There is absolutely without question that debt cancellation is desperately needed for many HIPCs. (Highly Indebted Poor Countries) Debt in many LDCs (Lesser Developed Countries) is causing a perverse transfer of prosperity from impoverished peoples to their creditors. Over the years of 1981 through 1987, less developed countries paid approximately $1.5 trillion U.S more in debt service than they received in new loans. In 1995, the countries of Latin America had a total external debt burden of more than $600 billion. These debt payments, and the structural adjustment conditions imposed by creditors, exacerbate inequalities among nations, which are resulting in the deaths of many innocent people and overall disfigurement of many LDCs economical development. Majority of the debt that still burdens many of the LDCs today, can be retraced back to the end of the 1970's when many oil-exporting countries had large amounts of extra money (also...

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