Summary / Resumé
Heribert Zingel: Caught in the Debt Crisis – The Example of Sambia. Backgrounds and Perspectives
Once Sambia belonged to the more prosperous countries in Southern Africa. Today, it is one of the poorest countries in the world. It still suffers, despite an extensive debt relief in 2006, from the fi nancial dependence from its international creditors. This paper shows the backgrounds of the Sambian debt crisis and sheds light on the history of its debts: In the wake of perpetually renewing credit arrangements the IWF and World Bank enforce programs for structural adjustments, which in the 1990s led to a rapid impoverishment of the population. The ethical issue of the legitimacy and reasonableness of ever-growing mountains of debt and interests paid on debt is particularly pressing in the case of Sambia. In view of the enforced burdens and the powerlessness of the poor majority the need for the reform of the world fi nancial system, which puts democratic and social achievements at risk, is revealed.