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14 November


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14 November 2020
EDITO

After a very successful Global Week of Action for Debt Cancellation (10-17 October), the challenge is to carry the momentum forward. CADTM proposes a united front against public and private illegitimate debts as a contribution to the discussions on the way forward. We strongly believe that the necessary mobilization for the cancellation of illegitimate private debts will be a vital component of a global movement for the cancellation of illegitimate public debts. It is also part of CADTM’s strategy to combat the issue of debts and the very foundations that begot them. In a message for the 30th anniversary of CADTM, Maria Lucia Fattorelli, founder and spokesperson of the Citizen Debt Audit in Brazil, states that the solution to the current crisis, including the debt crisis, will come from grassroots, conscious, mobilized and united action, Indeed, the hope is in this collective fight!

Zambia is on the brink of a debt default while similar fate awaits many countries especially, in the South. Abdul Khaliq raises the issue of urgent debt relief for Pakistan as the country is caught in a spiral of debt entrapment. Eric Toussaint and Milan Rivié show the evolution of the external debt of Developing Countries between 2000 and 2018 pointing towards another trap of indebtedness of the South to the North. In another article, Milan Rivié explains how illicit financial flows have drained Africa for centuries, beyond limits and the continent is, possibly, in fact, the world’s largest creditor.

In an interview of Manoel Barbeitos for the online magazine Tempos dixital, Eric Toussaint explains how the European ruling classes act in the current pandemic – to make the rich richer at the cost of the 99% of the World's population. Meanwhile, as one of the articles reveals that despite their frantic attempts, the Bretton Woods twins have miserably failed to come up with a new image. As part of the series on the 76 years of interference from the World Bank and the IMF, Eric Toussaint unmasks their scant respect for human rights. Also read articles on the US election, the report of the Truth and Divinity Commission of Tunisia, the US economy, G20-Paris Club, Food Sovereignty, the WB’s response to COVID-19, Nigeria and Mauritius.

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