12 December 2011 > 13 December 2011

Liège, Belgium

OID-CADTM Training session

Learning in order to face up to the crisis of the European public debt

OID-CADTM Training session
12 and 13 December 2011 at Vertbois (Liège)

Working languages: French / Spanish / English

 Monday 12 December 2011

Phase actuelle de la crise en Europe

Presentation by Eric Toussaint of the latest developments of the international crisis, particularly the current stage in the crisis of the European debt, and initiatives in terms of citizens’ audit. The talk will consists of two parts of 45 minutes each, with a 15 minutes break. It will be followed by a plenary discussion.


Eric Toussaint, president of CADTM Belgium, holds a PhD in political sciences and participated in the commission for an integral audit of public debt in Ecuador (2007-2008). Eric Toussaint is co-editor with Damien Millet the collective book La dette ou la vie (Aden-CADTM, 2011). Reading the book is recommended before the training session.

Objectives of this first morning: Participants will have a general view of the state of the crisis so as to understand in what context repayment of the European public debt should be challenged. They will develop an understanding of the situation of so-called developing countries (incl. China) and of the progress made on some initiatives such as the Bank of the South. They will be informed on current audit initiatives in Europe, Tunisia, Egypt,…

Prerequisite: In order to derive the maximum benefit out of the talk, participants should read texts available on line on this website :
Series ‘In the eye of the storm’;
‘Dexia Krach: the start of a domino effect’;
« Banques belges sauvées, public floué »;
‘The crisis reaches far beyond the European Union’;
chapter 18 of the book La dette ou la vie.

Présentation by Daniel Munevar: What do banks do and why is the debt they claim from governments illegitimate? (How do they get their money? What do they do with people’s savings? Relationships between banks and the ECB ECB
European Central Bank
The European Central Bank is a European institution based in Frankfurt, founded in 1998, to which the countries of the Eurozone have transferred their monetary powers. Its official role is to ensure price stability by combating inflation within that Zone. Its three decision-making organs (the Executive Board, the Governing Council and the General Council) are composed of governors of the central banks of the member states and/or recognized specialists. According to its statutes, it is politically ‘independent’ but it is directly influenced by the world of finance.

, the Fed FED
Federal Reserve
Officially, Federal Reserve System, is the United States’ central bank created in 1913 by the ’Federal Reserve Act’, also called the ’Owen-Glass Act’, after a series of banking crises, particularly the ’Bank Panic’ of 1907.

FED – decentralized central bank : http://www.federalreserve.gov/
, central banks of EU member states. What are CDS CDS
Credit Default Swaps
Credit Default Swaps are an insurance that a financial company may purchase to protect itself against non payments.
? What is the interbank market Interbank market A market reserved for banks where they exchange financial assets among themselves and borrow/lend over the short term. The interbank market is also where the European Central Bank (ECB) intervenes to provide or take back liquidities (management of the money supply to control inflation). ? What have they done since the 2007-2008 crisis? How does the debt secundary market work? Bank nationalisations since 2007. What kind of nationalisation does CADTM promote?).

Presentation on line
Banking Crisis in Europe: Origins and Perspectives http://prezi.com/oo-p8y5agrui/banking-crisis-in-europe-origins-and-perspectives

Origins and future perspectives of the banking... par Moizzze

Daniel Munevar, is an economist and a member of CADTM Columbia; he coordinates the CADTM Caribbean-Latin American network Abya-Yala Nuestra America. He has published several studies on this website and three chapters in the book La dette ou la vie.

Objectives of this first afternoon: Participants will reach a synthetic understanding of how European banks have worked since 2007-2008 so as to grasp why the debt they claim from governments is illegitimate. They will be aware of the various possible scenarii of the development of the bank crisis.

Prerequisite: In order to derive the maximum benefit of the talk it is advisable to read texts to be found on line on this website :
‘The small dark secret of European banks’;
Les dominos commencent à tomber en Europe;
series ‘In the eye of the storm’ and ‘Dexia Krach: The start of a domino effect in the EU?’.
Notes for Daniel Munevar’s seminar will be sent out to registered participants by early December.

 Tuesday 13 December 2011

Maria Lucia Fattorelli Will introduce what she found out when working on the illegitimacy of Ecuadorian debt securities. How can her experience be used in Europe? She will also present the project of a new manual on debt audits. The talk will consists of two parts of 45 minutes each, with a 15 minutes break. It will be followed by a plenary discussion.

Maria Lucia Fattorelli, tax auditor, president of the Brazilian citizens’ audit of the debt, participated in the commission for an integral audit of public debt in Ecuador in 2007-2008. She was responsible for auditing public securities. She played a decisive part in the works of the parliamentary commission on Brazil’s debt (2009-2010). She coordinates the drafting of a new manual on auditing the debt.

Objectives of this second morning: Participants will become acquainted with the auditing experience carried out in Ecuador and understand why some lessons are useful when it comes to auditing public debts in Europe. They will become acquainted with the experience of the parliamentary commission on auditing Brazil’s debt.

Prerequisite: Having read some articles by Maria Lucia Fattorelli as well as some on auditing Ecuador’s debt
Pourquoi un audit de la dette en Grèce ?
Lies and truths on greek public debt lead to the urgency of audit
Le problème de la dette au Brésil n’a pas été réglé sous Lula, il s’est même aggravé
Rafael Correa met la dette équatorienne au carré
An III de la révolution citoyenne en Equateur
Un premier résultat de l’audit de la dette par l’Equateur
Equateur : La CAIC a proposé à Rafael Correa de suspendre le paiement de près de la moitié de la dette
Le nouvel Equateur, Correa gagne et prévient : « La dette extérieure est illégitime »

1. Impact of the debt on women: proposed solutions and ways of integrating them into the auditing process and measures to be taken by Christine Vanden Daelen (Belgium), Sonia Mitralias (Greece) and Monica Karbowska (France-Poland)

2. The struggle in Egypt and Tunesia for the abolition of odious debt by Fathi Chamkhi (Tunesia) and Noha El Shoky from Egypt.

Tunisie. Unissons-­‐nous pour abattre la dictature de la dette

Campagne en Égypte pour l’annulation de la dette

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