October 8 to 16, 2011

Week of Global Action Against Debt and IFIs. Break the chains of debt!

21 September 2011


Break the chains of debt!

The system of debt continues to devastate the lives of people around the world. People in the South face the daily impacts and consequences of the financial indebtedness of their countries, which far from having been “relieved” is growing in step with the crisis and the pursuit of extraordinary profits by the most concentrated forms of capital. They continue also to bear the burden of the unpaid historical, social, ecological, and climate debts which are increasing as well to the rhythm of false solutions to the global crisis.

In Europe and North America, social security is being dismantled in the name of fiscal austerity, while millions of people cannot find a decent job and military budgets rise.South and North, people are fighting for the provision of public services and basic rights such as healthcare, education, housing, water, social security, land and urban reform, while governments favor the payment of services on an often ill-gotten debt.

It is the very foundations of the system that are showing their flaws. Nonetheless, most governments and the International Financial Institutions (IFIs) persist in seeking “solutions” that will only worsen the problems of our peoples, as they place financial markets and debt at the center of responses to the crisis they provoked. 

Instead of new mechanisms of indebtedness and the perpetuation of illegitimate debt, people everywhere call for the repudiation of illegitimate and odious debts and the consolidation of economic and financial alternatives that are sovereign and democratic and based on respect for human rights and Nature.

Let us join forces and say NO to illegitimate debt: acquired on people’s behalf but destined to benefit a few corrupt bankers and politicians, huge multinationals, speculative interests, and the criminalization and repression of popular resistence. Peoples the world over demand accountability and transparency in public finances. We demand the suspension of debt payments and the realization of comprehensive and participatory debt audits NOW!  The protection of human rights must be the top priority of all States.

Let us break the chains of debt! so as to be able to resolve matters that are central to life like poverty eradication, the defense of human and peoples’ rights and of Nature, political and financial sovereignty, the building of socio-economic systems that are inclusive and equitable for all, women and men alike.

To build this other possible world, mobilizing people is our main tool.  We thus call on organizations and people everywhere to mobilize together in a Week of Global Action Against Debt and IFIs, October 8 - 16. We invite everyone to join, to maximize their creativity and carry out whatever actions are appropriate to make visible our common demands and support concrete struggles. The Week includes several special days that contribute to the forging of alliances with other struggles, movements, and networks. Among them:

-  October 12: Day of Action in Defense of the Rights of Mother Earth and against Capitalism
- October 13: Day of Action World Bank World Bank
WB
The World Bank was founded as part of the new international monetary system set up at Bretton Woods in 1944. Its capital is provided by member states’ contributions and loans on the international money markets. It financed public and private projects in Third World and East European countries.

It consists of several closely associated institutions, among which :

1. The International Bank for Reconstruction and Development (IBRD, 189 members in 2017), which provides loans in productive sectors such as farming or energy ;

2. The International Development Association (IDA, 159 members in 1997), which provides less advanced countries with long-term loans (35-40 years) at very low interest (1%) ;

3. The International Finance Corporation (IFC), which provides both loan and equity finance for business ventures in developing countries.

As Third World Debt gets worse, the World Bank (along with the IMF) tends to adopt a macro-economic perspective. For instance, it enforces adjustment policies that are intended to balance heavily indebted countries’ payments. The World Bank advises those countries that have to undergo the IMF’s therapy on such matters as how to reduce budget deficits, round up savings, enduce foreign investors to settle within their borders, or free prices and exchange rates.

out of Climate!
-  October 15: Debt Repudiation Day in memory of Thomas Sankara and International Mobilization of the Movement of the “Indignant”.

We don´t owe - We won´t pay!

Audit and unconditional cancellation of all Illegitimate Debt!

Reparations Now!


You are invited to confirm your endorsement and support of the Week, and to share Share A unit of ownership interest in a corporation or financial asset, representing one part of the total capital stock. Its owner (a shareholder) is entitled to receive an equal distribution of any profits distributed (a dividend) and to attend shareholder meetings. your plans so that together each action will be strengthened. For more information, please contact us: debtweek at gmail.com or http://debtweek.wordpress.com



cadtm.org

CADTM

COMMITTEE FOR THE ABOLITION OF ILLEGITIMATE DEBT

35 rue Fabry
4000 - Liège- Belgique

00324 226 62 85
info@cadtm.org

cadtm.org