The recent UN report has revealed a staggering truth - that 3.3 billion people, almost half of humanity, now live in countries that spend more money paying interest on their debts than on education or health.

This crushing debt crisis is concentrated mostly in poor developing countries and is having a major impact on the global financial system. It is resulting in governments having no money to invest in UN development goals, and the International Monetary Fund has determined that 36 countries are on so-called 'debt row.'

This is a systemic failure and the UN Global Crisis Response Group has set out a roadmap to global financial stability, as well as a new mechanism to tackle debts.

The upcoming summit of the world's 20 wealthiest nations in India on Sept. 9-10 is an opportunity to take action on debt relief and other needed financial reforms.