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The DiEM25 Plan to Confront the Covid-19 Crisis in Europe

27 May 2020 - by Eric Toussaint, Olivier Bonfond, Eva Betavatzi

Strengthen the European Union and its institutions, include the ECB; increase public debt as much as possible in order to save the private sector; not question the legitimacy of public debt; pay €2,000 into the bank account of each European citizen, whether rich or desperately poor; deplore the (...)
A book that reads almost like a thriller

11 May 2020 - by Philippe Poutou

Originally published in French and in Greek in March 2020 under the title Capitulation entre Adultes https://www.cadtm.org/Capitulation-entre-adultes-Grece-2015-une-alternative-etait-possible, the book will be available in English before the end of 2020, under the title Sellouts in the Room. (...)
The Greek tragedy: Act Three

27 April 2020 - by Michael Roberts

On Thursday night, EU leaders again failed to agree on how to provide proper fiscal support for hard-hit member states to cope with the health costs of the coronavirus pandemic and collapse of their economies from the lockdowns. The EU leaders have already agreed to a €540bn package of (...)
We Won’t Pay for Their Crises Anymore!

15 April 2020 - by CADTM Europe

In the midst of the Coronavirus crisis, Mario Draghi stated in the pages of the Financial Times that “whatever it takes” must be done to guarantee the future of the Eurozone. He was reaffirming a principle that has been applied by European policymakers for a long time already: absorb the private (...)
“If Julian Assange is extradited, it’s the end of the rule of law in the West” Eva Joly (Interview)

14 April 2020 - by Jérôme Duval, Eva Joly

Last March, one of our journalists had the opportunity to speak with Eva Joly, a lawyer and former Member of Parliament, about the details of the Assange case, as she herself knows the main protagonist personally. The subjects of their exchange included the hunt for the whistleblower, his (...)
Why the 1953 cancellation of German debt won’t be reproduced for Greece and Developing Countries

27 March 2020 - by Eric Toussaint

In 2020, the World Bank (WB) and the IMF will be 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the interests of the world’s populations. The WB and (...)
When the Bernie Sander’s mass movement becomes the establishment’s “worst nightmare”

17 February 2020 - by Yorgos Mitralias

Now that the most sceptical and doubting are finally beginning to realise that Bernie Sanders is a real contender for the US Presidency, it is time to take a closer look at the reasons why his candidature is so unprecedented, historical and truly revolutionary. To have an overview of what his (...)
Russia: Origin and consequences of the debt repudiation of February 10, 1918

11 February 2020 - by Eric Toussaint

In February 1918, the repudiation of the debt by the Soviet government shocked international finance and sparked off unanimous condemnation by the governments of the great powers. This decision of repudiation was intrinsic to this first big movement for social emancipation which rattled the (...)
Repression, eviction and dispossession in New Democracy’s Greece

9 January 2020 - by Theodoros Karyotis

The latest attack on the squatting movement in Greece is the preamble for a massive operation of housing dispossession by the right-wing government. Dimitris Indares was still in his pyjamas when the police knocked on his door in the neighborhood of Koukaki, in Athens, in the early hours of (...)
The Varoufakis-Tsipras line was doomed to fail from the word ’Go’

2 January 2020 - by Eric Toussaint

Abstract This article on Varoufakis’s book, Adults in The Room: My Battle with Europe’s Deep Establishment (2017) and about what happened in Greece in 2015 is a guide for left-leaning readers who are not happy with the dominant narrative meted out by the mainstream media and the (...)
Regarding the “Hercules” plan, housing dispossession and squat evictions in Greece

20 December 2019 - by Theodoros Karyotis

The “Hercules” plan to sell €30 billion worth of non-performing (“red”) loans to funds, with the state acting as the guarantor, was approved a few days ago by the Greek parliament. Of course the loans will be sold at a fraction of the nominal price, and the funds will be given free rein to demand (...)
The fantasy world continues

29 November 2019 - by Michael Roberts

The fantasy world continues. In the US and Europe, stock market index levels are hitting new all-time highs. Bond prices are also near all-time highs. Investment in both stocks and bonds are delivering massive profits for the financial institutions and companies. Conversely, in the ‘real’ (...)
A critical review of Costa-Gavras’ Adults in the Room

26 November 2019 - by Eric Toussaint

In his latest work film director Costa-Gavras seeks to denounce the brutality with which European politicians treated the 2015 Greek crisis. Very commendable, but it is also regrettable that so much more is ignored. Costa-Gavras is one of the great film-makers whose work is a permanent outcry (...)
Another look at the Federal Reserve’s panic in September 2019 and solutions to the crisis

28 October 2019 - by Eric Toussaint

You may recall that from 17 September 2019, the United States Federal Reserve injected massive amounts of liquidity into banks due to a quite abnormal situation on the repo market [1]. The repo market designates a mechanism used by banks to obtain short-term financing. They sell securities they (...)
New bubbles, mounting debt: preparing for the coming crisis

24 October 2019 - by Ben Reynolds

A new global recession looms on the horizon, pointing to a new era of financial crisis, government bailouts and popular outrage. Financial markets roil and the banking system groans. The US Federal Reserve cuts interest rates, even as Chairman Jerome Powell claims that he expects the economy (...)
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 held by corporations may soon become so burdensome to (...)
Tsipras and Varoufakis advance towards final capitulation

1 October 2019 - by Eric Toussaint

Adults in the Room, Costa-Gavras’s new film based on the book of the same title by former Finance Minister Yanis Varoufakis, will be released from 6 November in France and Belgium (see trailer: https://www.youtube.com/watch?v=U3aAyJKOSO0). We publish further episodes in the Éric Toussaint’s (...)
ECB: You can take a horse to water but….

18 September 2019 - by Michael Roberts

Last Thursday, Mario Draghi, the current head of the European Central bank, soon to be replaced by Christine Lagarde from the IMF, announced a parting gift to banks and financial markets. The ECB decided to reintroduce its bond purchasing programme in order to inject yet more billions into (...)
Greece: The elusive “Return to Normality” against the background of the historic bankruptcy of its left

23 August 2019 - by Yorgos Mitralias

Almost unanimously, the Greek and international media and the leaders of the main Greek parties are celebrating the result of the Greek election as “a return to normality” for the country whose crisis has hit the headlines over the last decade. This return to normality is because the combined (...)
Puerto Rico rises...

24 July 2019 - by CADTM AYNA

CADTM Latin America and the Caribbean (CADTM - ABYA YALA - Our America) stands in solidarity and marches along with the brave Puerto Rican people and, among them, the comrades with whom we participated in the Latin American and Caribbean Week against Illegitimate Debts, held from December 2 to (...)
Greece: completing the vicious circle

12 July 2019 - by Michael Roberts

So the full circle is completed. The corrupt pro-business conservative New Democracy party in Greece that was ousted by the anti-capitalist Syriza party in 2015 has been returned to office in yesterday’s general election, with an outright majority over all other parties. New Democracy party (...)
In the debt system, it’s the people that lose out

5 July 2019 - by Eric Toussaint, Cristina Quintavalla, Vittorio Lovera, DIRE - news agency

Eric Toussaint, who presented the Italian version of his book The Debt System in Rome on 18 June 2019, holds that it is possible to “repudiate the dictatorship of the financial markets... Coercion by debt is an integral part of the global capitalist system. It is more than a simple opposition (...)
Migrants, debt and propaganda

3 July 2019 - by CADTM Italy

As regards the docking of the Sea Watch 3 ship, a heated debate is rising in Italy, which could not but involve organizations also dealing with economics, finance and debt. In these days we are witnessing the representation of a dramatic , tragic and aberrant propaganda, whose aim is using (...)
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 improving your life chances. At least that’s how the (...)
Can the Italian debt be repudiated?

24 June 2019 - by Cristina Quintavalla, Antonio De Lellis

Debt is not a natural disaster, nor is it the effect of excessive social expenditure: its odious nature derives from its negative consequences on the population. The Italian case. “If Salvini really wanted to fight Brussels, as he says, he would have to push for the government to stop repaying (...)

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Finance against people

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Committee for the Abolition of Illegitimate Debt

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