Written by Jubilee USA Network   

G7 Heads of State released their annual Declaration as their summit finished in Bavaria, Germany. The summit focused on rising debt levels and risks to global economic stability amid geopolitical tension around the world. They call for halting corruption and tax avoidance, reducing debt to more sustainable levels and increased transparency.

"We support the words of the G7 to address tax and debt issues to build a more stable and transparent global economy," stated Eric LeCompte, executive director of the religious anti-poverty coalition Jubilee USA Network. "We now need the G7 to turn those words into action."

G7 leaders discussed Greece's ongoing debt crisis at the summit. Greece is currently in negotiations for emergency funding from the European Union, European Central Bank and International Monetary Fund. It is the most indebted country in Europe.

"Behind closed doors, G7 conversations focused on Greece," LeCompte said. "If the G7 is unwilling to address debt and tax policies head-on in Greece, how will they do it in the global economy?"

The G7 promised to provide updates on national progress toward preventing corruption through anonymous shell companies. Top FIFA officials currently face allegations that they used these shell companies to hide criminal behavior and launder money.

"Clearly the G7 wants to tackle the risky world of anonymous shell companies," LeCompte noted. "The developing world loses nearly a trillion dollars each year to corruption, crime and tax evasion and these anonymous companies are partly to blame. The FIFA scandal is a perfect example of the problem."

At the summit, leaders turned from corruption challenges to pressing humanitarian crises. They pledged support for Nepal as it rebuilds after a powerful earthquake struck April 25. The leaders offered to consider financial assistance if Nepal's government requests it. Nepal owes $3.8 billion in debt, including approximately $1.5 billion each to the World Bank and Asian Development Bank. Nepal paid $217 million in debt in 2013, an average of $600,000 per day or nearly $26 million since the earthquake.

"I commend the G7 for pledging support for Nepal," LeCompte said. "Nepal needs debt relief immediately to recover and rebuild. Every day it's paying thousands of dollars that should be used to build schools and health clinics."

In addition to economic issues, G7 leaders focused on pressing conflicts in Ukraine and the Middle-East as well as threats posed by climate change and health crises. The G7 leaders invited African and Middle-Eastern leaders to the summit to discuss regional security and stability challenges including failed states, governance and the Ebola epidemic.

Jubilee USA Network is an alliance of more than 75 US organizations and 400 faith communities working with 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org