PRESS RELEASE: World Bank dam will generate debt burden for Laotians

(April 1, 2005) The World Bank’s decision to finance the US$1.2 billion Nam Theun 2 hydro project will become an intractable debt burden for Laotians in years to come, warns Probe International, a Canadian-based foreign aid watchdog. "It is projects like Nam Theun 2 that eventually need debt forgiveness because they are not economically viable and they don’t generate the wealth needed to repay the loans," said Patricia Adams, Probe’s executive director and an expert on odious Third World debt.

“Odious Debts”

(March 30, 2005) We’ve all heard of the Third World’s debt crisis, of hopelessly poor nations unable to pay their debts, and of the human suffering and environmental consequences of their desperate predicament. Amid emotional calls from some to forgive the debt outright come the sober solutions from bankers and bureaucrats, with their seemingly unending stream of Brady and Baker Plans, and bewildering variants of them.