PAPAL CALL FOR CANCELLATION OF INTERNATIONAL DEBT

VATICAN CITY, NOV 3, 1999 (VIS) - "Commitment to reducing the international debt of poor nations" was the theme of the Pope's catechesis during the general audience held this morning in St. Peter's Square.

The Holy Father recalled that the Christian Jubilee makes reference to the biblical jubilee and is linked with "the demands of the common good and with the fact that the world's resources are meant for everyone. It is precisely in this perspective that, in 'Tertio Millennio Adveniente' I proposed the Jubilee 'as an appropriate time to give thought, among other things, to reducing substantially, if not cancelling outright, the international debt which seriously threatens the future of many nations'."

"The problem," he continued, "is complex and not easy to solve. Nonetheless, it should be clear that it is not purely economic in character but concerns fundamental ethical principles. It must find space in international law in order to be faced and satisfactorily resolved in the medium and long term. It is necessary to apply a 'survival ethic' to regulate the relationship between creditors and debtors in such a way that the debtor in difficulty is not loaded with an insufferable burden." In a "globalized" economy, he added, the problem requires true "solidarity, in order to avoid catastrophic consequences."

John Paul II renewed the call for the "partial or even total remission of international debt." He concluded by indicating that the Jubilee "is an appropriate time for making good will gestures ... as a sign of a new way of understanding wealth in terms of the common good."

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