The culture of irresponsible lending that has for so long blighted the Global South has turned on its makers. And - just as with the debt defaults of the 1980s – it is only at the point where we in the rich world – and particularly our banks – are affected, that we use the word 'crisis'.

It is upsetting to see how much the media reflect the interests of the world's rich rather than poor in this way. But there is no escaping the fact that the current situation has created an opportunity for us to move towards the strong international laws on credit and debt we will need if we are to truly end debt slavery. Take Action now