Congressional Hispanic Caucus Calls for “Definitive Cancellation” of Impoverished Latin American Country Debts; Debt Cancellation Would Benefit US in Promoting Sustainable Development in the Region

“Fifteen members of the Congressional Hispanic Caucus in the United States Congress sent a letter urging US Treasury Secretary John Snow to enact the “definitive cancellation” of impoverished Latin American country debts at the annual meetings of the Inter-American Development Bank (IDB) which begin today in Belo Horizonte, Brazil.

Recognizing that poverty in Latin America remains one of the root causes of immigration to the United States – a hot topic in Congress this week – these members of Congress argue that debt cancellation would “ultimately”¦benefit their neighbors in the hemisphere, including the United States.” Fighting poverty has also emerged as a key campaign issue in this weekend’s Peruvian elections; Peru is an impoverished country with a substantial debt burden of $38 billion and twenty percent of the population living on less than $1 a day.”

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