Europe owes the US $32 billion -- and won't pay (fwd)

[Robert Weissman <rob@essential.org>]

>From Jubilee 2000 UK:

Europe owes the US $32 billion -- and won't pay 

Statistics released by the United States Treasury confirms that most
countries are still refusing to repay the loans they took during the First
World War, 80 years ago. By contrast, these same nations that won't
pay their own debts are demanding that the poorest countries pay. 

The three biggest debtors are Britain ($14.5 billion), France ($12
billion) and Italy ($3 billion). 

Many countries borrowed from the US during and after the First World
War, and in 1934, at the depth of the great depression, they all stopped
paying. Since then, only three have paid their debts -- Cuba, Liberia and
Finland. 

The total debt owed to Britain by all developing countries is #8.8
billion., according to the new Jubilee 2000 report In our own
backyard. This is $14.5 billion, precisely what Britain owes the US and
is refusing to pay. 

The US Treasury stresses that the debt has not been written off and is
still due. Indeed, each year interest is added to the debt. In a letter to
Jubilee 2000, the Treasury gave 

"Indebtedness of foreign governments to the United States arising from
World War l as of June 30, 1997. " ($ million) 

 Armenia
   58 
 Austria
   44
 Belgium
   955 
 Cuba 
   0 
 Czechoslovakia
   455
 Estonia
   56
 Finland
   0 
 France
   11,003 
 Great Britain
   14,508 
 Greece
   21
 Hungary
   0 
 Italy
   3,237
 Latvia
   23
 Liberia
   0
 Lithuania
   21
 Nicaragua
   0 
 Poland
   697 
 Rumania 
   194 
 Russia
   943
 Yugoslavia
   152 
 TOTAL
   $ 32,366 million