Committee for the Abolition of Illegitimate Debt

The National Autonomous University of Mexico (UNAM) is considered to be one of the major universities in Latin America, well known for a number of famous struggles. The Mexican chapter of CADTM was created here, on 1st October. The creation of this launching committee is the result of a quarter century of solidarity ofbetween numerous Mexican movements. Trade-unionists, activists from various streams, academics and political activists were among the 30 delegates who took part in the meeting. This is a very important initiative since the illegitimate private debt issue is extremely relevant in the country, particularly among the general population. September 15-16, marked the 10th anniversary of the infamous Lehman Brothers episode. On this occasion we republish the article, Bailing out Banks after Lehman Brothers: A Holy Union for a Deuce of a Swindle, first published in 2008. This highly relevant article deals with how bailing out crisis ridden banks do not solve the problem but postpone it to snowball at a later date. At that time, the writer, Eric Toussaint, advocated nationalization of the banks but his position has evolved since then and he is now firmly for the socialization of the banking and insurance sector under citizens’ control.

While people are in the streets against debt and austerity measures in a series of European countries, the SYRIZA example demonstrates that the Left even after winning popular support fails to tackle this question and implement radical alternatives. The Challenges for the Left in Europe and the Eurozone explains the current crisis in the old continent and proposes radical alternatives to genuinely deal with it. Though directed at the European left, it is equally instructive for the global left and other social resistances. The structural adjustment policies imposed by the IMF caused widespread devastation and misery on a global scale, to favour a few of the elite, particularly in the impoverished countries. The ex-IMF, chief Rodrigo Rato will have to serve a prison sentence for fraudulent practices as director of the Spanish banks Caja Madrid and then Bankia. CADTM demands that he must also be held responsible and prosecuted for the criminal policies practised by the Fund during his tenure as its CEO. We also present articles on gender & austerity, micro-finance and its impacts in Sri Lanka, Kenya, corporate capture, UN peasant rights declaration, Liberia, Tunisia, land grabs promoted by WB-IMF, African debt, SYRIZA’s repressive turn, One Belt One Road, Ukraine and others.

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Developing the website in four languages (French, Spanish, English and Portuguese) and the electronic bulletins in three languages ( French, English, Spanish) are a couple, among the numerous projects of CADTM. A new site set up recently and we hope likewise to provide more articles for a possible maximum number of readers around the world. The members of the CADTM international network will actively participate in the research and production of articles so that we can provide you with better information.
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