European debt crisis: faith leaders call for radical economic change

In response to the European debt crisis, Archbishop Bernard Longley of Birmingham and Archbishop Peter Smith of Southwark with seven Catholic bishops and 37 Church of England bishops, have signed a multifaith statement calling for debt audits in Europe, cancelling the unjust debts of the most indebted nations, more progressive taxation and control of the financial system to prevent large debts being created.

Other signatories include the President of the Muslim Association of Britain, the Chief Executive of the Movement for Reform Judaism and the President of the Methodist Conference. The Buddhist, Hindu, Jain, Sikh and Zoroastrian faiths are also represented.

More than 300 clergy and faith leaders have signed the statement, which declares that the poorest people in the UK and around the world are paying the price for an unjust financial system.

It will be delivered to Prime Minister David Cameron after an event in Parliament on 5 February, run by the Jubilee Debt Campaign.

The call comes fifteen years after the launch of Jubilee 2000, when faith groups played a major role in a campaign that led to £80bn of debt cancellation for some of the world’s most impoverished countries. But many countries in Africa, Latin America and Asia are still burdened by debts, which have increased since the financial crisis began, while the problem has now appeared in Europe as well.

The letter declares:

'Over the last thirty years, there has been a series of debt crises culminating in the present one in Europe. A self-serving financial system has brought the global economy to its knees and we are now seeing the poorest people in our own society and around the world paying the price for this excess.'

The signatories make clear that their call is about justice, not charity. They point out that in its original, biblical meaning, a 'jubilee' was a festival of economic justice, when debts were cancelled and slaves freed.

Their letter adds:

'We need far-reaching changes in the global economy to build a society based on justice, mutual support and community. We need economic and political as well as spiritual renewal in our society. We applaud the efforts of citizens across Europe and the world to engage in democratic audits of their national debts as a first step towards reclaiming public control of national finances.'

The full text of the letter and the full list of signatories can be read at

www.jubileedebtcampaign.org.uk/Signatories3720to3720the3720Faith3720Leaders3720Letter+7709.twl