Writing off the debt

"economist Adam Lerrick, who teaches at the Carnegie-Mellon University in the US, argued recently in his testimony before the US Congress: 'For decades, the multilateral agencies have played a shell game with what they privately acknowledged were worthless developing-nation loans by recirculating funding on fantasy balance-sheets. The money is long gone, the debt is uncollectable, and rich lenders and international financial institutions must move on from denial to a new life as donors.'"

And then there is this to consider:
there is little reason why poor farmers and nurses should pay taxes to reward international institutions that lent recklessly to a government mired in corruption or at war.
Guardian Unlimited | Economic dispatch | Writing off the debt:[debt]