Holy See: Transparency, justice needed with foreign debt
(Vatican Radio) The Holy See is seeking transparency and justice as guiding principles
on foreign debt.
“Unjust, and especially exploitative, economic transactions
are invalid and must be made just, even if each party agreed to the legal terms of
the exchange, as it may happen when the rich lend to the poor,” said Archbishop Silvano
Tomasi, the Permanent Observer of the Holy See to the United Nations in Geneva.
Speaking
during a meeting of the Human Rights Council, Archbishop Tomasi said human rights
must be fundamental to any system of international loans.
“Financial relationships
that increase inequality and do not promote income convergence are contrary to justice,”
he said.
Archbishop Tomasi also pointed out that transparency in the process
can help make sure money is spent wisely.
“We acknowledge the role that corruption
has played and continues to play in aggravating the problem of debt obligations in
many less developed countries,” he said.