Tsunami Aid or Debt Cancellation

The political economy of post tsunami reconstruction

4 December 2006

The studies in this book by Damien Millet, Eric Toussaint and François Houtart analyses the link between the post-Tsunami reconstruction and the cancellation of the multi and bilateral aid of the Tsunami affected countries. They are arguing that even before the Tsunami that ravaged the coast lines, the coastal poor were suffering from the powerful neoliberal wave. The servicing of debt which accounts for the colossal amount is a major obstacle to the development of these countries.

Their arguments are based on the fact that every year, governments of the twelve countries struck by the tsunami pay about 38 billion dollars in the name of “debt service Debt service The sum of the interests and the amortization of the capital borrowed. ”. Because the debt has to be “served” as a slave “serves” his master. All the donations promised by international community, which are estimated at 10 billion dollars, will be swallowed up servicing the debt if delaying (moratium) or partially reducing the debt is that is offered. Only total cancellation of the public external debt can make it possible for these countries to release adequate resources to cope with the difficulties of post. Tsunami reconstruction as well as to realize the millenium development goals. This means changing the policies of the governments and international institutions to make a debt free world.

Other publications in english :

  • The Debt System, A History of Sovereign Debts and their Repudiation
    24 September -
  • ReCommonsEurope: Manifesto for a New Popular Internationalism in Europe
    26 May - Eric Toussaint, Esther Vivas , Catherine Samary, Costas Lapavitsas, Stathis Kouvelakis, Tijana Okic, Nathan Legrand, Alexis Cukier, Jeanne Chevalier, Yayo Herrero
  • The Audit, an inquiry into Greek debt
    27 February 2018 - CADTM, ZinTV
  • History of the CADTM Anti-Debt Policies
    14 June 2017 - Eric Toussaint, Benjamin Lemoine
  • Bankocracy
    30 October 2015 - Eric Toussaint



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