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Private debt

Call for the Housing Action Day on 27 and 28 March 2021

26 March 2021 - by Collective

The Housing Action Day launched by the European Action Coalition for the right to Housing and the City will take place in 75 European cities! For more information on the mobilisations in Europe: https://housingnotprofit.org/housing-action-day/ (...)
Sri Lanka’s household debt and the pound of flesh

15 March 2021 - by Amali Wedagedara

The complexity of the agrarian debt problem and the attractiveness of the idea of debt abolition made the cancellation of microfinance debt a popular campaign slogan during the Sri Lankan presidential election in November 2019. Women affected by (...)
Lessons from a decade of student activism in the UK

6 January 2021 - by Hector Rios-Jara

The pandemic has exposed the disgraceful failures of market reforms in the British higher education sector. But the resistance of students continues. n years ago, tens of thousands of students flooded the streets of London protesting against (...)
World Bank: Investigate Cambodia’s Micro-Loans

5 January 2021 - by Human Rights Watch

The World Bank Group should investigate alleged coerced land sales and other rights abuses linked to predatory lending and over-indebtedness in the micro-loan sector, Human Rights Watch said today. These longstanding problems have worsened (...)
Micro credit : empowerment or victimisation?

10 December 2020 - by Sushovan Dhar, Sankha Subhra Biswas

The pandemic and the ensuing lock-down has hit India like never before. A report by K Chandra Shekhar and Kasif Mansorr from Azim Premji University states “According to the ILO report, in India, more than 400 million informal workers may get (...)
Sri Lanka: An argument for cancelling the household debt

23 November 2020 - by Amali Wedagedara

Women affected by microloans in Sri Lanka have been mobilising for debt cancellation since a couple of years. The complexity of the agricultural debt problem and the attractiveness of the idea of debt abolition made it a popular campaign slogan (...)
‘We do not get a chance at happiness’: the Bangladeshi fishermen caught by debt

23 November 2020 - by Rafiqul Islam Montu, Kaamil Ahmed

Hilsa fishermen must borrow to buy equipment but have to sell their catch at a low price to moneylenders – creating a generational debt trap Kalam Sheikh’s life revolves around the few months when he goes in search of Bangladesh’s prized hilsa (...)
The case for debt abolition: “We cannot afford not to rebel”

21 September 2020 - by Astra Taylor

By turning individual indebtedness into a source of collective leverage, debtors’ unions can exercise material power and coordinate campaigns of resistance. In 2008, around the same time Lehman Brothers collapsed and the mortgage market began (...)
IIF Private creditor participation proposal: A cure worse than the disease

5 June 2020 - by Daniel Munevar

Following the G20 Debt Service Suspension Initiative (DSSI) announced during the 2020 Spring Meetings, the International Institute of Finance (IIF) has released a template for the voluntary involvement of private creditors in a debt service (...)
Tackle the Household Debt Pandemic- Cancel Debt! Create Common Credit!

30 May 2020 - by Amali Wedagedara, Ermiza Tegal

The onset of island-wide curfew since mid-March delivered a blow to the economy of working people. Millions of working people lost their jobs, or had wage cuts. Small farmers could not sell their harvest or sell it at a decent price. Fishers (...)
Argentina

Voluntary Termination of Debt

18 May 2020 - by Verónica Gago, Luci Cavallero

The feminist movement in Argentina, and across Latin America, has gained force and strength in recent years. That movement can be characterized not only by its massiveness in terms of the number of people on the streets, but also for how it has (...)
Call

Morocco: For the suspension of the payment of micro-finance loans for a period of 6 months, renewable with exemption of all interest

5 April 2020 - by ATTAC/CADTM Maroc

The country has taken the measures announced by the Economic Vigilance Committee to address the impact of the Corona virus pandemic. However, these measures have not yet included micro-finance victims. The professional group of Moroccan banks (...)
In Sri Lanka, Resistance to Private Indebtedness Is a Strategic Issue

3 March 2020 - by Nathan Legrand

In Sri Lanka, the issue of private indebtedness — in particular in the form of microcredit — is a major problem that negatively affects borrowers and their families, but also society as a whole. The influence of microfinance in Sri Lanka is such (...)
Debt in Times of Economic Crisis

2 March 2020 - by Ahilan Kadirgamar

Debt relief is now a call at all levels of state and society in Sri Lanka. The Prime Minister recently requested a three-year moratorium on debt repayments to India, the Government earlier announced a debt repayment moratorium of one year for (...)
MONLAR: Micro credit sharks drove 200 poor borrowers to suicide during last three years

2 March 2020 - by Rathindra Kuruwita

About 200 people had committed suicide, during the last three years or so, as they were unable to pay back the micro-credit loans and many of those organisations had obtained the services of village thugs to recover money Chinthaka Rajapakshe, (...)
IMF: Inhuman at the micro and macro levels

27 February 2020 - by Eric Toussaint

Hiruni, a fisherman’s wife, who has to manage her household (of five people) with an income of about 2.5 euros (= 500 Sri Lankan rupees) per day, is heavily indebted. In order to increase her household income, she borrowed 50,000 rupees (250 (...)
Colombo declaration on illegitimate debt

27 February 2020 - by CADTM

We, the participants of the 8th CADTM South Asia meeting from Bangladesh, India, Pakistan, Sri Lanka, as well as from Morocco, Belgium and France assembled at Colombo, Sri Lanka from 18-19 February 2020 resolve to fight against illegitimate debt (...)
The Microcredit Scam

20 February 2020 - by Nathan Legrand

The following text is a slightly adapted version from a presentation given at the 8th CADTM South Asia workshop (Colombo, Sri Lanka, 18-19 February 2020). Microcredit: A Success Story? In its modern form, microcredit has supposedly been (...)
The Committee for the Abolition of Illegitimate Debt (CADTM) on private debt and human rights

13 January 2020 - by Chiara Filoni, Eva Betavatzi, Mats Lucia Bayer

This is our contribution to the appeal made by the UN Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights, Mr. Juan Pablo Bohoslavsky. Mr. (...)
How Is The Agrarian Distress In Maharashtra Affecting Women

23 December 2019 - by Manjima Misra

The plight of farm widows remains underreported due to lack of data, dearth of special focus on the gendered dimension of agrarian distress, policy paralysis and apathy of government. Women from suicide affected agricultural households suffer on (...)
Alert on the sophistication of illegitimate debt techniques via mobile telephony

8 November 2019 - by Eric Toussaint

In the era of widespread mobile telephony, we witnessed certain capitalist firms employing a sophistication of techniques to ensure the illegitimate debt of the lower classes. Kenya, a country of 50 million people, is considered to be at the (...)
Corporate debt, fiscal stimulus and the next recession

23 October 2019 - by Michael Roberts

The debt owed by corporations in the major economies has risen since the end of the Great Recession in 2009. With global growth slowing and the prospect rising of an outright global recession recurring ten years after the last one, the debt (...)
Microfinance has been a nightmare for the global south. Sri Lanka shows that there is an alternative

12 September 2019 - by Ahilan Kadirgamar, Niyanthini Kadirgamar

The global hegemony of finance capital is based on burgeoning household debt accompanied by devastating dispossession. This is more evident in peripheral societies, where state investment in the rural economy is abandoned for the myth of (...)
Kenya: Perpetual Debt in the Silicon Savannah

2 September 2019 - by Emma Park, Kevin P. Donovan

Kenya’s poor were among the first to benefit from digital lending apps; now they call it slavery. Across conversations in Kenya’s pubs and WhatsApp groups, debt is on everyone’s mind. The speed and ease of access to credit through new mobile apps (...)
As President, Bernie Should Cancel All Student Debt

24 June 2019 - by Ben Beckett

The billions of dollars in student loan debt are an economic and moral crisis. Bernie Sanders should promise to wipe it all out. In the United States, education is supposed to be an equalizer, and higher education in particular is key to (...)