Committee for the Abolition of Third World Debt
CADTM
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Audit

Ecuador

For an integral audit of public indebtedness

This collective work was carried out in July 2007 at the request of AFRODAD by a team at the CADTM composed of Benoît Bouchat, Virginie de Romanet, Stéphanie Jacquemont, Cécile Lamarque and Eric Toussaint.

It was revised by Myriam Bourgy, Damien Millet and Renaud Vivien.

The English translation was done by Elizabeth Anne, Vicki Briault, Judith Harris and Christine Pagnoulle.

For an integral audit of public indebtedness

Ecuador at the cross-roads

15 August 2007 by Eric Toussaint, Virginie de Romanet, Cécile Lamarque, Benoît Bouchat, Stéphanie Jacquemont


This collective work was carried out in July 2007 at the request of AFRODAD by a team at the CADTM composed of Benoît Bouchat, Virginie de Romanet, Stéphanie Jacquemont, Cécile Lamarque and Eric Toussaint.

It was revised by Myriam Bourgy, Damien Millet and Renaud Vivien.

The English translation was done by Elizabeth Anne, Vicki Briault, Judith Harris and Christine Pagnoulle.

INDEX

Chapter 1: Ecuador’s Illegitimate Debt

- A. Financial and economic crime against human development
- B. Rafael correa’s government: towards a sovereign debt policy
- C. The doctrine of illegitimate debt

  • 1. Odious debt
  • 2.Illegitimate debt

- D. The origins of Ecuador’s debts

  • 1. The process of indebtedness in Ecuador
  • 2. The illegitimacy of debts and payments in Ecuador

Chapter 2 : Legal and institutional issues concerning illegitimate debt

- A. The context
- B. Ecuador’s illegitimate debt
- C. The non-respect of legal provisions
- D. Textbook cases

  • Odious loans to the dictatorship
  • Unacceptable loans
  • Inappropriate loans
  • Unacceptable conditions
  • Conditions violating internal law

Chapter 3: Information and statistics in Ecuador

- A. Debts and creditors

  • Loans from other Countries
  • Loans from private credit organisations
  • Loans from multilateral credit organisations

- B. Objectives and results

Chapter 4: The socio-economic impact of the debt

- A. An unsustainable debt burden imposed by the creditors
- B. Economic policies imposed by the creditors
- C. The social and economic consequences

  • Increasing poverty, rising inequalities and worsening living conditions
  • Mass emigration
  • Destruction of the environment
  • Non respect of commitments

Chapter 5: Renegotiating the debt

- A. Moratoria: wasted opportunities
- B. Exchanges and rescheduling

  • The Brady Plan
  • Global Bonds
  • Restructuring the bilateral debt with the Paris Club

- C. Debt cancellations

  • The HIPC initiative and Ecuador
  • The decision of the Norwegian government in October 2006: an unprecedented acknowledgement by a creditor State of its responsibility in bad lendings

    Chapter 6: Conclusions and recommendations

- A.Identifying Ecuador’s illegitimate debt as a prelude to political sovereignty
- B. The right of governments to determine the illegitimacy of a debt
- C. The World Bank and the IMF are legally responsible!
- D. Actions by creditors of the North
- E. Actions by the United Nations
- F. Alternatives defended by social movements and some Latin-American governments against the debt

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Bibliography

- CADTM, 2004. Le droit international, un instrument de lutte? Pour une justice au service des peuples, CADTM/Syllepse, Liège/Paris,.
- Center for Economic and Social Rights,2000. Un continente contra la deuda: perspectivas y enfoques para la acción. Quito: CDES.
- HANLON Joseph, 1998. Dictators and debt ; june 2002, Defining Illegitimate Debt and linking its cancellation to economic justice, Open University for Norwegian Church Aid.
- KHALFAN, KING & THOMAS, 2003. Advancing the Odious Debt Doctrine, Centre for International Sustainable Development Law, Montréal.
- RAMOS Laura, Los Crímenes de la Deuda. La Deuda Ilegítima, Observatory on Debt and Globalization(ODG), Icaria, mars 2006
- SACK A.N., 1927. Les effets des transformations des Etats sur leurs dettes publiques et autres obligations financières, Recueil Sirey, Paris.
- TOUSSAINT Éric, 2006. Banque mondiale, Le Coup d’Etat permanent, CADTM/SYLLEPSE.
- Let’s launch an enquiry into the debt! A manual on how to organise Audits on Third World Debts, CETIM/CADTM,

Articles

- ACOSTA Alberto, « Deuda externa y migración: una relación incestuosa (I) », 09/09/2002, http://www.lainsignia.org/
- ACOSTA Alberto, « Deuda externa y migración: una relación incestuosa (II) », 16/09/2002, http://www.lainsignia.org
- ACOSTA Alberto, 11/02/2005. « Al servicio de la deuda, en contra del país », http://www.cadtm.org/
- ACOSTA Alberto, « El canje de los bonos Brady por bonos Globales Ecuador: detalles de un atraco maravilloso », http://www.oid-ido.org
- ARIAS Hugo, september 2006. « Auditoría ciudadana de la deuda ecuatoriana »
- MILLET Damien, november, 23, 2004. « La dette de l’Irak n’a jamais existé », Le Monde.
- RUIZ DIAZ Hugo, TOUSSAINT Eric, 2004. « Donde esta lo que prestaron? Deuda externa, deudas ilegitimas y auditoria », Centro de Derechos economicos y sociales, Quito.
- RUIZ DIAZ Hugo, , 29 septembre 2004. « Le traitement de la dette par l’ONU », www.cadtm.org
- SERRANO Alberto, décember1998. « El plan Brady ¿Solución para prestmistas o prestatarios? » , Ecuador Debate, n°45.
- 05/07/2007,« Ecuador insiste en que no pagará la ‘deuda ilegítima ».
- 15/07/2007, « El FMI deja sus oficinas del Banco central », Argenpress, http://www.argenpress.info

CEIDEX’s documents

- Informe final de la investigación de la deuda externa ecuatoriana/Resumen
- ARIAS PALACIO Hugo, « Impacto éconómico, social y ambiental de la deuda soberana del Ecuador y estrategias de desendeudamiento »
- BENALCAZAR Eduardo, « Deuda externa privada con la banca privada internacionalizada »
- BENALCAZAR Eduardo, « Deuda externa privada con la banca privada internacionalizada »
- DONOSO Aurora, « Acción ecológica frente a la deuda externa »
- HERDOIZA Marcelo y Almeida Cumandá, « De los creditos contratados por el Estado ecuatoriano »
- NORMA Mena, « Endeudamiento, ajuste estructural, calidad de vida y migración »
- PINTO F., « Evolución de la normativa jurídica aplicable al endeudamiento público y su correspondencia con el marco constitucional, convenios y tratados internacionales y más estipulaciones legales »
PINTO F., «Evolución de la normativa jurídica aplicable al endeudamiento público y su correspondencia con el marco constitucional, convenios y tratados internacionales y más estipulaciones legales »
- SALGADO Wilma, « Acerca de la crisis financiera en el Ecuador »
- TORRES Rosa Maria, « Planes internacionales para la educación »
- VICUÑA Izquierdo Leonardo, « Endeudamiento externo y política económica »
- VICUÑA Izquierdo Leonardo, « Apéndice estadístico »

Documents and official texts

- International Covenant on Economic, Social and Cultural Rights (1966)
- Declaration on the Right to Development, United Nations General Assembly,1986
- Statistics charts from the Unesco http://stats.uis.unesco.org/
- Informe sobre los progresos en la aplicación del plan de acción de la cumbre mundial sobre la alimentación, FAO(consultable à l’adresse ftp://ftp.fao.org/
- Cuenta ahorro inversión financiamiento – Gobierno central 2006, Ministry of Economy and Finance of Ecuador, http://mef.gov.ec
- Boletín Estadístico Mensual, Central Bank of Ecuador, february 2007, http://www.bce.fin.ec

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