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12 March


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CADTM - English Newsletter English
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13 March 2020
EDITO

Lebanon is in flames. The flames of popular protests. What started as a protest against taxes on WhatsApp calls, cigarettes and petrol has spread beyond the initial aims and become part of the second wave of revolutionary process in the Arab region that originated with the upheaval in Sudan on 19 December 2018, then spread to Algeria on 16 February 2019 and affected several countries such as Iraq, Iran and Jordan. Meanwhile, the Lebanese government suspended any payment of its external debt from 9 March 2020. CADTM supports the struggle of the Lebanese people to break away from social injustice and shake off the burden of illegitimate debt.

The stock markets are in global free-fall. While the authorities blame it on the coronavirus, we are clear that the real problems lie elsewhere and has much to do with the capitalist mode of production and specifically, its neo-liberal version. Eric Toussaint’s article analyses the depths of the financial crisis and its ramifications in the capital markets.

An optimistic CADTM East Africa meeting ended with the slogan: “Let us unite against micro-credits and illegitimate debt”. Sushovan Dhar situates this event in the East African socio-economic context.

Is the Standard Gauge Railway (SGR) between Mombasa and Nairobi a white elephant project? David Otieno advocates for a citizens' audit of SGR debt in Kenya. Jawad Moustakbal defines and explains the citizens' debt audit process.

In Sri Lanka, popular mobilisations took place against micro-credit and other forms of illegitimate debt. Nathan Legrand and Amali Wedagedara explore various dimensions of these protests. In another article, Eric Toussaint unmasks how IMF’s policies promote micro-credit and other forms of illegitimate debt. Ahilan Kadirgamar discusses debt in times of economic crisis.

The 8th CADTM South Asia meeting, also concluded successfully during this period (18-19 February), not only discussed various impacts of debt – both public and private – but also explored strategies of response. The Colombo declaration reflects the hope and optimism generated by the spirit of this gathering.

CADTM stands in solidarity with the migrants that are trying to reach Europe. We loudly demand an end to policies of fortress Europe and the exclusionary framework of the EU.

Jerome Duval tells of the rebellious dynamics in Chilean football which has stood up against repression time and again – both historically against Pinochet and still today.

As part of our series on the continued interferences by the the World Bank (WB) and the International Monetary Fund (IMF), we look at the early conflicts between the UN and the World Bank/IMF tandem. The Breton Woods twins have always acted belligerently when it came to UN demands to stop funding countries that pursued colonial policies or violated other human rights. Another article in the series, reveals how WB-IMF policies were heavily shaped by the Cold War and US domination.

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