cancel debts

See: liquidate
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A DRO should offer people on low incomes and without assets the chance to cancel debts they simply cannot repay.
Small airlines Tame, AeroMexico, Aruba Airlines and Insel Air agreed to receive a single payment of about USD$200 million between them to cancel debts from 2013, the Venezuelan Airlines Association said last week.
The initiative to cancel debts of those affected by the events of 2010 is wrong, said Anvar Abdraev, the President of the Union of Banks.
In 2005, leaders from all the 191 UN member states present at the World Summit recommitted to achieving the Millennium Development Goals, while leaders at the G8 Summit (the eight developed countries) in Gleneagles agreed to double aid to Africa to $50 billion per year by 2010 (roughly $70 per African per year) and to cancel debts for the poorest countries.
Rob Reynolds, Al Jazeera's correspondent in Haiti, said: "The pledge to cancel debts comes as the World Bank and IMF are also working on wiping the slate clean on Haiti's debt - a debt that this country is in no position to pay.
No details were given, but at the last forum in 2006, China pledged to double assistance to Africa by 2009, provide $5 billion in preferential loans and credits, cancel debts and establish a $5 billion fund to encourage Chinese investment.
Creditors rejected the proposal and are unwilling to cancel debts without getting something back.
In a prelude to the summit, G8 finance ministers announced on June 11 a plan to cancel debts owed by some low-income countries to global financial institutions such as the World Bank and the International Monetary Fund (IMF).
In the run-up to the G-8 summit, it was decided to cancel debts that Rwanda, Mozambique and 12 other African countries owe to international organizations.
The Prime Minister was "increasingly hopeful" on moves to cancel debts hanging over poor African states.
But, since then, the US has backed off on promises to cancel the debts owed to the IMF by the poorest countries, even though it spent precious political capital to cancel debts of Iraq.