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Blind borrowing – Is Pakistan fast slipping into a debt trap?
8 December 2016 - by Dr. Kamal Monnoo
Owing to slowdown in exports and provided external borrowing are not capped, Pakistan’s external debt to export ratio is projected to be at 442% by 2019-20, which obviously will make it unserviceable. Exports, which used to finance 80% of imports (...) -
Are we heading for another debt crisis? If so, what should we be doing?
7 December 2016 - by Duncan Green
Just when you thought life couldn’t get more retro (Leonard Cohen on the radio, post-Brexit trade negociations, impending nuclear war), here comes another debt crisis. Probably. Had a good briefing from some key wonks in Development Finance (...) -
Fidel Castro: The debt is unpayable
29 November 2016 - by Fidel Castro Ruz
This is the transcription of a speech by President Fidel Castro, at the Continental Dialogue on the Foreign Debt held at Havana’s Palace of Conventions on august 3rd, 1985. Introduction to Fidel Castro’s Speech, by Eric Toussaint In 1985, (...) -
What other countries can learn from Costa Rica’s debt repudiation
1 November 2016 - by Eric Toussaint
In January 1917, the government of Costa Rica, under President Alfredo González, was overthrown by his Secretary of the Army and Navy, Federico Tinoco, who called new elections and established a new constitution in June 1917. The Tinoco putsch (...) -
BRICS fantasies and unintended revelations
25 October 2016 - by Patrick Bond
As the leaders of Brazil, Russia, India, China and South Africa meet this weekend (8th-9th of september) for a summit in India, one consistency is observable from all the BRICS elites: A stream of anti-imperialist chatter even when the intent is (...) -
Fathi Chamkhi (Tunisia): “Cancel all debts proven to be illegitimate by audit”
24 October 2016 - by Fathi Chamkhi, Dominique Lerouge, Bertold du Ryon, Freddy Mathieu
Fathi is a member of the leadership of the Tunisian Popular Front, who has also been a militant in the Assembly for International Alternative Development (RAID Attac/Cadtm in Tunisia) since it was founded. He played a leading role in the (...) -
The fall and rise of Ghana’s debt: How a new debt trap has been set
19 October 2016 - by Jubilee Debt Campaign
Ghana is in a debt crisis. Having had significant amounts of debt cancelled a decade ago, the country is losing around 30% of government revenue in external debt payments each year. Ghana’s crisis is the result of a gradual increase in lending (...) -
2016 IMF and World Bank Annual Meetings: The Bretton Woods Institutions stuck in policy dilemmas
17 October 2016 - by Bodo Ellmers, Tiago Stichelmans, Mathieu Vervynckt
This year’s Annual Meetings of the IMF and World Bank took place against the backdrop of continued sluggish growth in developed and developing countries alike. The impact of the commodity price crash weighs heavily on many developing countries (...) -
New discussion paper shows how IFIs and donors continue to influence economic policies in developing countries
12 October 2016 - by Tiago Stichelmans
Eleven years ago, the international community adopted the Paris Declaration on Aid Effectiveness that led to the adoption of several principles to improve the effectiveness of international aid. Reflecting on the widely criticised fact that (...) -
IMF increasing its influence in sub-Saharan Africa
29 September 2016 - by Bretton Woods Project
SUMMARY * IMF increasingly active in sub-Saharan African states * New loan contemplated for Zambia * Existing borrower countries struggling to adhere to strict deficit limits set by Fund The IMF is increasingly active in sub-Saharan states, (...) -
Philippines: For debt audit and repeal of automatic debt servicing
26 September 2016 - by Freedom from Debt Coalition, Butch Fernandez
FDC calls on PDU30 to prioritize debt audit, repeal of 40 year-old auto-debt payments MANILA, Philippines – Doves seemed to flock in Malacañang today as activist group Freedom from Debt Coalition (FDC) carried their demands for debt audit and (...) -
Tata Mundra Project: Time to End World Bank Immunity
21 September 2016 - by Sushovan Dhar
Fisher-folks, farmers and marginal wage earners in Gujarat, India were shocked to hear about the US federal district court ruling in March this year that the International Finance Corporation (IFC), the private lending arm of the World Bank (...) -
World Bank Knew Agriculture Loans to Uzbekistan Support Forced Labor
19 September 2016 - by Sputnik News
World Bank has been aiding and abetting the Uzbek government’s gross human-rights abuses, which violates international law on responsibility of international organizations for financial complicity in international crimes, according to the report (...) -
BRICS banking and the debate over sub-imperialism
15 September 2016 - by Patrick Bond
ABSTRACT: Notionally funded at $100 billion each, the BRICS Contingent Reserve Arrangement (CRA) and New Development Bank (NDB) represent ‘sub-imperial’ finance, insofar as by all indications they fit into – instead of providing alternatives to – (...) -
Philippines: Duterte’s Budget, Foreign Debts and Pork Barrel
12 September 2016 - by Freedom from Debt Coalition, Business World, YAP D. J.
MANILA, Philippines – The Duterte administration’s proposed 2017 national budget has allocated P6.13 billion in foreign debt service for 13 fraudulent, wasteful or useless loans, the Freedom from Debt Coalition (FDC) bared in a recent news (...) -
UNCTAD14: A mirage of distorting mirrors
12 September 2016 - by Yash Tandon
People not versed in the complexities of the diplomatic world of distorted mirror images in Geneva or Accra or Nairobi may wonder in awe at the agreements negotiated in their name by their representatives in multilateral forums like UNCTAD. But, (...) -
The USA’s repudiation of the debt demanded by Spain from Cuba in 1898: What about Greece, Cyprus, Portugal, etc.?
8 September 2016 - by Eric Toussaint
The USA declared war on Spain in the middle of 1898, and sent their navy and troops to “liberate” Cuba from the Spanish yoke. Spain was defeated and negotiations between the two countries began in Paris in order to reach a peace agreement, finally (...) -
Gabon: France calls for calm after 50 years of support to the Bongo regime
8 September 2016 - by Survie
Voting for the presidential election in Gabon took place on Saturday 27th August. While Ali Bongo seems to have lost the election, according to results produced by the opposition at the exit polls, he decided, as in 2009, to impose himself by (...) -
Open letter to the Egyptian President on the pending agreement with the IMF
30 August 2016 - by Collective
In early September, the IMF is going to give to Egypt a “loan” of 12 billion dollars in exchange for lowering public spending, reducing the number of public employees, the phasing out of subsidies on consumer goods and a new privatisation program. (...) -
An open letter to the Most Honourable Abdelilah Benkirane, Prime Minister of the Kingdom of Morocco, in response to untruths about the Moroccan public debt
29 August 2016 - by Salaheddine Lemaizi
From: Salaheddine Lemaizi, Militant at ATTAC Morocco To: The Most Honourable Abdelilah Benkirane, Prime Minister of the Kingdom of Morocco Subject: response to untruths about the Moroccan public debt Most Honourable Prime Minister, I (...) -
The Evolving Nature of Developing Country Debt and Solutions for Change
18 August 2016 - by Bodo Ellmers
This Eurodad discussion paper analyses the evolving nature of developing country debt and solutions for change. It aims to identify relevant reform processes on an international level, and more practically to keep progressive actors that want to (...) -
Argentina: The Debt Tango
17 August 2016 - by Eric Toussaint
We put out here a study about Argentina from Éric Toussaint, which is unpublished online yet. It covers the 1976-2003 period. It has been published in the book Your Money or Your Life. The people of Argentina rose up against the neo-liberal (...) -
Puerto Rico
Black flags and debt resistance in America’s oldest colony
17 August 2016 - by Max Haiven
Sunday midnight in Santurce, the old downtown working-class neighborhood of Puerto Rico’s capital San Juan which, like seemingly all such neighborhoods around the world, struggles with the uneven brutalities and gifts of gentrification. Old men (...) -
Brick kiln workers and the debt trap in Pakistani Punjab
3 August 2016 - by Antonio De Lauri
Debt is everywhere a tool of social control, and no more so than in the brick kilns of Pakistani Punjab, where it travels across generations. Central and south Asian brick kilns have long attracted the attention of humanitarian agencies, (...) -
External financial fragility in Latin America and its implications
1 August 2016 - by Daniel Munevar
To talk about external financial fragilities in Latin America is to evoke the memories of the 80’s debt crisis. The stigma that remains to this day identifies high levels of external public debt as the main source of financial instability for the (...)
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CADTM
COMMITTEE FOR THE ABOLITION OF ILLEGITIMATE DEBT
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