2 September

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2 September 2017

Under the theme “Centenary of the Russian Revolution and the Repudiation of Debt” we have the pleasure to publish a series of articles by Eric Toussaint dealing with Peoples’ Right to Self-determination and Debt Repudiation; The French press in the pay of the Tsar (with Nathan Legrand); Russian bonds never die; Diplomatic manoeuvers around Russian debt repudiation; In 1922 creditor powers again attempt to subjugate the Soviets; and The Soviet counter-attack: the Treaty of Rapallo, 1922. These articles, and there are more to come, are a solid basis for understanding the Russian revolution and its assertion of working class sovereignty over economic issues including the repudiation of the debt.

Yanis Varoufakis, the ex-Greek finance minister, in the Tsipras cabinet presents his version of the Greek Crisis in his recent and very absorbing book "Adults in the Room". This voluminous work of 550 pages shows how gifted a narrator he is. However, his account of the Greek crisis, and his part in it, is self-incriminating. Eric Toussaint shows how his approach, in fact, contributed to the capitulation.

Patrick Bond dissects the BRICS dynamics through two articles - Falling BRICS endanger their citizens’ health, starting with South Africa’s Jacob Zuma & BRICS Xiamen summit doomed by centrifugal economics – on the eve of the 9th BRICS summit to be held in Xiamen, China.

Also find articles on Mozambique's illegitimate debt, Morocco’s catastrophic convergence of despotism, neo-liberalism and climate change, lessons from the Asian Financial Crisis of 2017, etc.

    Debt in the History - Russia
  • The Russian Revolution, Peoples’ Right to Self-determination, and Debt Repudiation
    Eric Toussaint
    The Versailles Treaty was eventually signed on 28 June 1919 without Soviet Russia being (...)
  • The French press in the pay of the Tsar
    Eric Toussaint, Nathan Legrand
    With the overthrow of Tsarism in February 1917 and the seizing of power by the Bolsheviks and (...)
  • Russian bonds never die
    Eric Toussaint
    Even though Russian bonds were repudiated by the Soviet government in February 1918, they were (...)
  • Diplomatic manoeuvers around Russian debt repudiation
    Eric Toussaint
    For five weeks in April and May 1922, a summit conference was held. Britain’s prime minister, (...)
  • In 1922 creditor powers again attempt to subjugate the Soviets
    Eric Toussaint
    Western governments presented a full list of demands aimed at solving in their favour the (...)
  • The Soviet counter-attack: the Treaty of Rapallo, 1922
    Eric Toussaint
    The London report presented in the previous chapter was such a deliberate provocation on the (...)
  • Greece
  • Yanis Varoufakis’s Account of the Greek Crisis: a Self-Incrimination — Part One: Proposals Doomed to Fail
    Eric Toussaint
    In his latest book, Adults in the Room (, Yanis (...)
  • Greece: our struggle against odious and illegitimate debt
    Zoe Konstantopoulou
    It is with great joy and with a keen sense of my historical duty that I agreed to write the (...)
  • Greece: Refusing illegitimate debt – a struggle that unites
    Eric Toussaint
    Nearly two hundred people had gathered at the Dexameni open-air cinema (in the Kolonaki (...)
  • Falling BRICS endanger their citizens’ health, starting with South Africa’s Jacob Zuma
    Patrick Bond
    As he launched the African Regional Centre of the New Development Bank (NDB) in Johannesburg on (...)
  • BRICS Xiamen summit doomed by centrifugal economics
    Patrick Bond
    The Brazil-Russia-India-China-South Africa summit in Xiamen from September 3-5 is already (...)
  • Mozambique - Illegitimate debt
  • The unexpected Mozambican debt crisis: illegitimate debt back on the international agenda
    Bodo Ellmers
    Mozambique’s default on commercial loans worth US$2bn has triggered the latest - and arguably (...)
  • Mozambique should not pay the hidden debt
    Joseph Hanlon
    English version of Portuguese article published in Savana, Maputo, 28 July 2017-07-30 by the (...)
  • Africa - Commercial agreements
  • Colonialism’s new clothes: The EU’s Economic Partnership Agreements with Africa
    Since 2002, African, Caribbean and Pacific (ACP) countries have negotiated a reciprocal free (...)
  • Tanzania - Natural Resources
  • Canada’s hand in Tanzania mining fraud
    Yves Engler
    The Canadian mining giant Barrick Gold’s African subsidiary, Acacia Mining, is embroiled in a (...)
  • Morocco
  • Despotism, neoliberalism and climate change: Morocco’s catastrophic convergence
    Jawad Moustakbal
    Claims of Morocco’s exceptionalism during the Arab Spring now ring hollow as protests spread in (...)
  • India - World Bank
  • Judge Declares World Bank Immunity Cases “Wrongly Decided”; Indian Plaintiffs Ask D.C. Circuit Court of Appeals to Review “Absolute Immunity” Doctrine
    EarthRights International
    After a federal judge declared that cases giving the World Bank Group “absolute immunity” from (...)
  • Asia - Crisis
  • The Asian financial crisis: Lessons learned and unlearned
    Yilmaz Akyüz
    Governments in both mature and emerging economies no doubt draw lessons from financial crises (...)
  • Exclusionary growth – Southeast Asian civil society to ASEAN: 50 years of exclusion is enough
    MANILA – While officials of ASEAN governments and their dialogue partners met behind closed (...)
  • Alternatives
  • Debtors can exercise power when they join together
    Ann Larson, Laura Hanna, Patrick Saurin
    Interview of Ann Larson and Laura Hanna (Debt Collective), by Patrick Saurin (CADTM) The Debt (...)
  • People must self-organize and keep up the pressure on their governments if we are to bring about radical change
    Eric Toussaint, Victor Lustres
    Eric Toussaint (Namur, Belgium, 1954) is co-founder and spokesperson for the Committee for the (...)
  • Agriculture and Food Sovereignty
  • Understanding feminism in the peasant struggle – A “popular peasant feminism”
    La Via Campesina
    “A really important part of being women in La Vía Campesina is to identify ourselves and our (...)
  • VII International Conference : Women’s Assembly Declaration
    La Via Campesina
    We, the women of more than 70 countries, representatives of our movements, meeting for our V (...)
  • African peasants highlight their struggles at Via Campesina global conference
    Boaventura Monjane
    Peasants across Africa are intensifying their struggles against land grabs and other harmful (...)
  • Argentina
  • Argentina: The Elections And The Left
    Franck Gaudichaud, Claudio Katz, Eduardo Lucita
    The Argentine legislative elections in August and October 2017 will be of huge importance for (...)
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2017 marks the centenary of the Russian revolution that shook the world and shaped it for the rest of the 20th century. To mark the 100th anniversary of those revolutionary upheavals, Eric Toussaint, in the first three of a masterpiece series of twelve articles, entitled: Centenary of the Russian Revolution and the Repudiation of Debt, that analyse the debt of the Soviet era, explains how the question of debt was at the centre of those revolutionary storms. The articles are entitled - Russia: Repudiation of debt at the heart of the revolutions of 1905 and 1917, From Tsarist Russia to the 1917 revolution and the repudiation of debt & The Russian Revolution, Debt Repudiation, War and Peace.

In another emotional piece, he pays tribute to François Houtart, his friend and brother in arms, a militant internationalist who breathed his last at the age of 92 on 6 June 2017, in Bogotá. François, well known to social movements and in radical circles, took an active part in the CADTM Latin America and Caribbean internal meeting in Bogotá between 24 and 27 April of this year.

While farmers’ suicides due to debt has reached epic proportions in India and 6 farmers were shot dead by the authorities for demanding debt cancellation. Ahilan Kadirgamar exposes the Loan Sharks of Sri Lanka : Micro-finance and Leasing. Hasan Mehedi unmasks ADB’s four decades of pillage and devastation in Bangladesh. Sushovan Dhar, Hasan Mehedi & Ratan Bhandari jointly denounce the debt, destitution, destruction, disparity, & displacement caused by the ADB throughout its 50 years of existence.

In an interview by Benjamin Lemoine Eric Toussaint retraces the history of the CADTM’s anti-debt policies. Also see Abya Yala Nuestra América’s (CADTM AYNA / Latin America and Caribbean) resolution on Venezuela adopted by its Continental Assembly, held in Bogotá, Colombia from 24 to 27 April, 2017.

Other articles cover issues from the IMF’s profiteering at the expense of Greece, the dark side of infrastructure investment in Africa, how the world profits from Africa’s wealth, Egypt’s debt trap, the dangers of the Chinese loans and investments in the Philippines to how cities and citizens reclaim the management of their public water distribution and other essential services, etc.
  • History of the CADTM Anti-Debt Policies
    Eric Toussaint, Benjamin Lemoine
    Interview with Eric Toussaint, spokesperson and co-founder of the international network of the (...)
  • Asia
  • The unbearable burden of being an Indian farmer : shot dead for demanding debt relief
    Sushovan Dhar
    A nondescript district in the centre of this vast country has suddenly become a most sought (...)
  • Micro-finance and Leasing: Today’s Loan Sharks
    Ahilan Kadirgamar
    “In this context, it is not just the micro-finance lobby, but also the neo-liberal think tanks (...)
  • 50 years of ADB : Debt, Destitution, Destruction, Disparity, & Displacement
    Sushovan Dhar, Hasan Mehdi, Ratan Bhandari
    The Manila based Asian Development Bank (ADB) celebrated its 50th year at Yokohama from May (...)
  • Time to dump greed for need
    Suresh Seshadri
    A political scientist explains how banks and governments across the world are colluding to (...)
  • Alternatives
  • Spain: The Municipal Network against Illegitimate Debt held a second successful meeting in Cadiz
    Jérôme Duval, Fátima Martín
    The Municipal Network Against Illegitimate Debt and Fiscal Cuts is expanding to the level of (...)
  • Down with illegitimate public and private debt
    Eric Toussaint
    What we are fighting is a capitalist system that destroys nature. We have to fight a capitalist (...)
  • Social movements
  • François Houtart, militant internationalist and friend
    Eric Toussaint
    François Houtart passed away at the age of 92 on 6 June 2017, in his bed in the room he had (...)
  • Pablo Solón targeted: The Bolivian Government Must Stop Persecuting Those Defending Nature and Rights and Address the Real Problems
    Focus on the Global South
    Pablo Solón, the Director of Fundación Solón, former Executive Director of Focus on the Global (...)
  • Non Una di Meno: A new feminist movement in Italy is on the move
    Nadia De Mond
    “We are likely witnessing the birth of a new feminist movement on an international level. Of (...)
  • François Houtart has passed away
    Bernard Duterme, Guy Bajoit
    François Houtart has passed away. He founded CETRI (Centre Tricontinental) in 1976 and was its (...)
  • Debt in the history - Russia
  • The Russian Revolution, Debt Repudiation, War and Peace
    Eric Toussaint
    In early January 1918, the Soviet government suspended payment on foreign debt, and in early (...)
  • Russia: Repudiation of debt at the heart of the revolutions of 1905 and 1917
    Eric Toussaint
    In February 1918, the repudiation of the debt by the Soviet government shocked international (...)
  • From Tsarist Russia to the 1917 revolution and the repudiation of debt
    Eric Toussaint
    The Napoleonic wars ended with Russia emerging as a great European power and participating in (...)
  • Neoliberalism - Africa
  • The dark side of infrastructure investment in Africa
    With its Compact with Africa the German G20 presidency is actively promoting private loans and (...)
  • Honest Accounts 2017 - How the world profits from Africa’s wealth
    Mark Curtis, Tim Jones
    Profiting from Africa’s wealth Africa is rich – in potential mineral wealth, skilled workers, (...)
  • Egypt’s debt trap: The neoliberal roots of the problem
    Mohammed Mossallem
    Table of Contents I. Introduction II. The Causes Behind the Debt Crisis in the 1980s III. Post (...)
  • Greece
  • Memorandum–steamroller for the Greek people
    Leonidas Vatikiotis
    The prerequisites passed by a tiny majority 153 MPs (in an overall number of 300) of the Greek (...)
  • IMF substantial profits thanks to Greece (2010-2015)
    Dimitri Tzanninis
    Ten Best Practices Yet to be Applied to the Greece Program, by Dimitri Tzanninis (former Greece (...)
  • Ecological debt
  • Accusation manifest, People’s tribunal on the castor project
    ODG (Observatorio de la Deuda en la Globalización)
    Faced with impunity, the citizens accuse. The Castor project -a geological gas storage offshore (...)
  • Latest Books
    Make a donation
    Please donate to CADTM. Organising important venues, mobilising and taking part in events and gatherings around the social movements has a cost, a high cost. The 8 hours against the debt, weekend training courses, conferences, activities of all sorts locally and internationally and much more to organise our fellow citizens on questions of debts and alternatives. You may also become a member or subscribe to the CADTM magazine Les Autres Voix de la Planète (in French)
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    Newsletter of CADTM
    sent to 5860 subscribers

    35 rue Fabry
    4000 Liège, Belgique
    Tel: 0032 (0)4 226 62 85

    The CADTM also publishes a newsletter in French(21582 subscribers) and in spanish (10971 subscribers).



    35 rue Fabry
    4000 - Liège- Belgique

    00324 226 62 85