As religious believers of numerous traditions, we assert

• that the world and its resources are for the nourishment and well-being of all.
• that property is a social construct that does not override the right of others to nourishment, housing, health-care needs, or the opportunity to participate in society on an equitable basis.
• that those who have come into possession of the world’s goods have, as their primary responsibility, the obligation of assuring the well-being, freedom, and participation of all.
• that a fair distribution of the world’s goods is a prerequisite for peace, mutual harmony and understanding, growth in freedom of the world’s peoples, cultures and religious traditions, as well as being a necessary requirement for the health of the planet.

Many of us have seen with our own eyes that the international debt and the structural adjustment programs imposed as a condition of loans and of debt relief have destroyed the economy, health, education and development of many countries while leading to depletion of the earth’s ecosystems and resources.

Therefore, with urgency, we call on the Genoa Summit of the G8 for the following:

1. 100% cancellation of the debt of impoverished countries, where 100% really means 100% and includes debt to the World Bank and the IMF.
2. An end to structural adjustment programs.
3. Recognition of the reality of illegitimate debt (even of countries that are in the middle income range) and establishment of mechanisms to deal with it.
4. Establishment of a neutral, independent and transparent arbitration process that would enable fair and equitable representation of creditors, governments of indebted countries, and civil society.
5. Establishment of a code of conduct for lenders to sovereign borrowers that would provide a basis for ensuring transparency, a just and fair apportioning of accountability, and a means of controlling the process of lending so as to avoid debt crises. This code of conduct should be worked out with the participation of both private and public creditors, representatives of governments, academics and other specialists, and representatives of civil society.
6. Real participation of ordinary people in shaping their own local economies.
7. Transformation of the global economy to make trade agreements, etc., beneficial for the most marginalized communities, so that these countries will not be back in five years.

We believe that the present economic system has not worked but has escalated the gap between rich and poor and destroyed much of the natural environment. Our times call for bold and courageous initiatives to create a new, just and equitable economy respectful of the dignity of every human being and of the natural world.