Committee for the Abolition of Illegitimate Debt

We are a global movement who support citizens across the world who are calling for:

• Public or citizen audits to determine whether debts are legitimate;
• Repudiation or cancellation of illegitimate and unsustainable debts;
• An end to imposition of responses to debt crises by self-interested lenders, such as banks and the IMF IMF
  International Monetary Fund Along with the World Bank, the IMF was founded on the day the Bretton Woods Agreements were signed. Its first mission was to support the new system of standard exchange rates.
  
  When the Bretton Wood fixed rates system came to an end in 1971, the main function of the IMF became that of being both policeman and fireman for global capital: it acts as policeman when it enforces its Structural Adjustment Policies and as fireman when it steps in to help out governments in risk of defaulting on debt repayments.
  
  As for the World Bank, a weighted voting system operates: depending on the amount paid as contribution by each member state. 85% of the votes is required to modify the IMF Charter (which means that the USA with 17,68% % of the votes has a de facto veto on any change).
  
  The institution is dominated by five countries: the United States (16,74%), Japan (6,23%), Germany (5,81%), France (4,29%) and the UK (4,29%).
  The other 183 member countries are divided into groups led by one country. The most important one (6,57% of the votes) is led by Belgium. The least important group of countries (1,55% of the votes) is led by Gabon and brings together African countries.
  
  http://imf.org ;
• A just and progressive tax system;
• Public borrowing and debt management practices that guarantee citizen participation and transparency;
• Public spending that prioritizes essential services and shifting to equitable and sustainable development pathways ;
• Transformation of the financial system, to prevent the continual creation of debt crises.

NOT OUR DEBT !
INTERNATIONAL WEEK OF ACTION AGAINST ILLEGITIMATE DEBT,
8-15 October 2013

 As the world’s most powerful lenders gather in Washington at the annual meetings of the 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.

and IMF, we the people stand together to send a clear message: 
Unjust debts are not our debts.
From Latin America to Africa and Asia, from Europe to North America, we are living with the damage and suffering caused by illegitimate and unsustainable debts.
In a world where borrowers are punished and lenders call the shots, we say to lenders - take responsibility for failing us.
We want people-centred solutions to this crisis, not false solutions imposed by lenders from above.
This week, our global and local movements are saying, in many different creative ways, and in many different languages: ‘It’s not our debt’
It’s not our debt when we didn’t create it.
It’s not our debt when we weren’t consulted.
It’s not our debt when our basic rights are violated through re-paying it.
Unjust debts are not our debts.

We urge you to join us for a week of action on October 8 to 15 and do any one or more of the following actions to express these calls

Hold public forums and community discussions, distribute literature and materials 
Organize a rally, a march or other forms of action – in schools, communities, workplaces, public spaces
Send letters and statements to your governments
Send out electronic messages via social media - ie Facebook or twitter
Organize press conferences, circulate press statements, send letters to your newspapers,

 
Take action:
During international debt week from 8-15 October, we are calling on people across the world to stand in solidarity to say ‘It’s not our debt’. Please send a message why you think a particular debt is ‘not our debt’ or ‘should not be paid’.
 
1) Write on a piece of paper why you think a particular debt is ’not our debt’ or ’should not be paid’. For example:
 ’A debt should not be paid if paying it will threaten your health ... life before debt!’
 ’A debt should not be paid if the money was lent to a brutal dictator to buy weapons’
 ‘It is not our debt if banks borrowed and lent the money recklessly’
 
2) Take a photo of yourself with the piece of paper. Some examples are at:
http://www.flickr.com/photos/101919330@N02/with/9773614174/
 
3) Post your picture on twitter, facebook or instagram, writing out the message as well, and using the hashtag #notourdebt. Example:
https://twitter.com/tkjones3434/status/379617689099968512/photo/1
 
4) Once you have used the hashtag #notourdebt the message and photo will appear automactically at:
http://tagboard.com/notourdebt
 
If you can’t take a photo you can still take part by writing a message on twitter and/or facebook with the hashtag #notourdebt
 
If you can’t post your photo to twitter or facebook, you can send it to info at jubileedebtcampaign.org.uk and Jubilee UK will post it for you.