What is the Jubilee?
The Jubilee or Holy Year is an ordinary celebration in the Roman Catholic Church, which is held every 50 years and seeks the plenary indulgence.
The Catholic Jubilee has its origins in the Hebrew Jubilee which finds its roots in the Old Testament to settle in Leviticus (25:10) " And let this fiftieth year be kept holy, and say publicly that everyone in the land is free from debt: it is the Jubilee, and every man may go back to his heritage and to his family."
What is the external debt?
The External debt is the sum of the obligations that has a country with other countries, which are composed of public debt (contracted by the state) and private debt or dept from the private sector, which is one that individuals contracted abroad.
In principle indebtedness is not a bad thing, since it allows to conserve proper resources and receive resources to exploit, process or produce new goods and services. But it becomes a problem when the debt is not actually used for what it was requested, or the terms and conditions harden. That being the case the dept become one of the causes of underdevelopment rather than a way to overcome it.
Translated by Lisa Brahms <<Back
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