Father Eugene Ryan SSC

Mortgaged to Death

By Father Eugene Ryan, SSC

Bursar General of the Columban Fathers

ONE TRILLION DOLLARS. This is the amount owed by Third World countries to the richer nations I did not gradually mount up over a period of 30 or 40 years: It mushroomed in the last 15, and is still growing alarmingly.

This debt is effectively strangling the Thrird World and reducing it to a state that border on slavery. It is tearing apart the economic and social fabric of Latin America and bringing with it what Pope John Paul II recently called a ‘state of inhuman poverty.’ Even the Wall Street Journal refers to the ‘intractability’ of this debt problems and ‘its crushing human toll.’