This book explains in a simple but precise manner how and why the debt impasse for developing countries has arrived. Illustrated with figures, maps and tables, it details the roles of the actors involved and the mesh in which indebted countries are caught. It explains scenarios for getting out of this impasse and alternatives to future indebtedness. It also sets out the arguments–moral, political, economic, legal and environmental–for a wholesale cancellation of developing countries’ external debt, while proposing new ways of financing development at both local and international levels. A comprehensive, up-to-date and radical guide, Who Owes Who? provides clear, practical arguments for students of development, activists and educators.