*sigh*. I don't answer this for you, but to people who might actually learn something with the following text.
They can stop paying and then state outright that they will never pay. They will be refused any further money, but that's beside the point; short of a military invasion, which banks lack the muscle to carry out, NOTHING will happen as a result.
No country or institution would never, EVER invest in that place again.
That's what being a "government" means - paper debt is only as good as the "government" backing it, and if that government chooses to default, banks have no real recourse.
No recourse, eh?
3rd world contries all have extremely corrupt governments and these banks will make it interesting for the country to pay its debts, I assure you.
(...) some foreign leader's excesses. His people should pay those bills, and they should learn a lesson in what happens when you have shitty leaders.
Fascist. If you were born a black man in miserable condition in Madagascar you wouldn't have this attitude. You're saying 3rd world contries stay in poverty because their inhabitants are mentally inferior to 1st world counterparts.
Loans are one thing, but some of these countries took out huge loans they didn't need for boondoggle projects to make their leaders feel important, and now want out.
"Leaders" of 3rd world countries don't represent the population's wishes. The population is so poor, uninformed and unenlightened that they unconditionally rely on "leaders" to make decisions for them. What would your "madagascan counterpart with an attitude" do? He can't speak correctly, can't articulate this thoughts, is illiterate, doesn't even know the names of the countries around him, doesn't know what interest rate is, doesn't know what WTO and IMF stand for, wears ragged clothes and a thousand people like him don't have enough money to buy an AK-47 rifle to kill their leader EVEN IF THEY COULD.
What you ignore the most is that tons of officials [emphasis on the word officials] profit enormously from this deal.
I ignore no such thing. A country is liable for the acts of its leaders.
I refer you to my previous paragraph.
A country IS liable for its past and for its leaders but your decision of cutting all supplies and communication to them only makes matters worse. Do you believe this nation's leaders will fall if the US et al decide to turn their backs on them? NO. Leaders will make the people's situation worse and they won't be the ones dying on gutters.
Meanwhile you say the fault is of the illiterate stinking niggers who insist on living on shantytowns, not going to school to work on pseudoslavery conditions and above all (...)
No, actually, I say the fault is on the country. If a "country" can take a debt, then a "country" is responsible for it. You cannot have your legal fiction when it suits you and then say "oh, well, we're tired of that, it has become inconvenient, so now we're a bunch of poor shantydwellers."
The leader is by now off to LA, Hawaii, the Bahamas or wherever else he likes spending his vacations. The country is now made of shantydwellers who have all the debt's weight layed upon them.
Yeah! Shame on someone who disagrees with the mighty Flavio's enlightened worldview! Flavio forever! You fucking idiot, that is NOT what the comment rating system is for. It does not exist to determine whether or not a comment is in agreement with Flavio. It does not exist to decide whether a comment is sufficiently socialist enough or anti-WTO enough or whatever you call yourself. Go to hell and DIE with your lame ratings abuse.
Your comment reflects your lack of knowledge of how international finances and politics truly work and worse: your lack of respect for other people, specially those less fortunate than you.
People aren't by default born enlightened with the power to act, choose and speak freely.
The US debt exists largely because Ronald Reagan spent money on the military like it didn't matter.
Oh, REALLY? Now imagine every single president you've EVER HAD squanders 850 times  more money than Ronald Reagan, every politician in your country supports him AND steals along with him and you can't do SQUAT to change things.
Puts things in perspective, doesn't it?
This was both good and bad, but it certainly was not a gigantic US conspiracy to stifle other countries.
News Flash: I NEVER SAID IT WAS! 
Some of those countries are probably getting a significant boost to their economic growth by the accumulation of that 4% on such huge sums
Repaying the trillion dollars would give a boost. What you give is A LOT but not a boost.
- and we're paying that interest, whether you realize it or not.
Ohhh, sorry, I didn't realise  that!
By now, many of them have received a full third of their money back purely in interest!
You can see on the main site that Africa pays $200 million each week in interest alone. For a continent with less revenue than most North American states, I'd say that's pretty much absurd.
 approx. the ratio from US' 1999 GDP ($9.255 trillion) to Madagascar's GDP ($11.5 billion) accoding to CIA's World Factbook.
 it was even written as an unimportant foot-note.
 still on the subject of unimportant foot-notes: realise and realize are both correct.
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