An Irish-based Third World charity which raised £5 million for projects in the developing world last year has condemned the "massive burden" of international debt faced by the poorest countries. According to Father Patrick Leonard, president of the World Mercy Fund, debt ranks along with land-mines and the growth of infectious disease as the greatest obstacle to the well-being of the Third World.
Speaking at the publication of the fund's annual report, Father Leonard said it would cost only 1 per cent of global income to eradicate poverty worldwide.
Debt relief for the 20 countries worst affected by debt problems would cost between £3.1 and £5.6 billion, less than the cost of one stealth bomber, he said.