South
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The North’s New Debt Trap for the South
An unsustainable burden of debt afflicts the peoples of Sub-Saharan Africa
10 May 2021 - by Eric Toussaint, Milan Rivié
In Sub-Saharan Africa, where health spending and human development levels are in a dramatic state, there is a stronger case than ever for unilateral suspensions of debt payments based on arguments recognized in international law; such as state (...) -
Puerto Rico’s Multi-layered Crisis
5 May 2021 - by Rafael Bernabe
THE RECENT ELECTIONS in Puerto Rico produced some startling results: both a surge in the vote for progressive, including pro-independence, forces and a status plebiscite which has been hailed a “mandate” for statehood. In order to interpret these (...) -
Left in the lurch
Debt and Covid-19 in Ecuador, Kenya, Pakistan, the Philippines and Zambia
3 May 2021 - by Eurodad
This series of articles has been produced by Eurodad in collaboration with our global partners on the implementation of the Debt Service Suspension Initiative (DSSI), complementing and updating the report “Shadow report on the limitations of the (...) -
The North’s New Debt Trap for the South
Latin America and the Caribbean are facing a serious debt crisis
3 May 2021 - by Eric Toussaint, Milan Rivié
In the previous three parts we have observed the evolution of the DCs’ external debt over the last twenty years. The first part shows a dramatic increase of indebtedness, which multiplied by 2.5 with a steep acceleration from 2008 onward. The (...) -
The Pandemic Papers: Reviews of Covid-19’s impact on debt and development finance
30 April 2021 - by Eurodad
In this compilation of reports and briefings released throughout 2020, we review the impact of the pandemic on debt and development finance. (The CADTM does not necessarily agree with the recommendations and conclusions presented by Eurodad, (...) -
El Salvador: Groundbreaking Insights into U.S. Cover-Up of El Mozote Massacre
29 April 2021 - by El Faro
A United States military advisor, Sergeant Major Allen Bruce Hazelwood, was on location, and on duty, in December of 1981 as Salvadoran soldiers carried out the El Mozote massacre, slaughtering almost a thousand civilians. This groundbreaking (...) -
The North’s New Debt Trap for the South
Developing countries in the stranglehold of debt
26 April 2021 - by Eric Toussaint, Milan Rivié
The coronavirus pandemic and other aspects of the multidimensional crisis of global capitalism are enough to fully justify suspending debt repayment. Indeed priority must be given to protecting people against ecological, economic and public (...) -
Africa: How France Continues to Dominate Its Former Colonies in Africa
26 April 2021 - by Ndongo Samba Sylla, Fanny Pigeaud, Chris Dite
In France’s former African colonies, imperialist monetary policies from Paris continue to cripple domestic economies and undermine democracy. Colonialism in Africa won’t have meaningfully come to an end until true economic sovereignty is allowed (...) -
Why are Kenyans trolling the IMF?
21 April 2021 - by Ciku Kimeria
Kenya’s economy is struggling, but many believe another loan will only benefit corrupt officials and leave ordinary citizens to pay off the debt. For lack of a better word, Kenyans are currently trolling the International Monetary Fund (IMF). (...) -
The IMF Is Using the Debt Crisis to Hollow Out Pakistan’s Sovereignty
20 April 2021 - by Ammar Ali Jan
Imran Khan’s government came to power in 2018 promising to reorient Pakistan’s economy toward the needs of the population. But faced with a debt crisis it soon dropped its reformist agenda — and now, the International Monetary Fund is pressuring it (...) -
Ecuador: From Rafael Correa to Guillermo Lasso via Lenin Moreno
14 April 2021 - by Eric Toussaint
On 11 April 2021, Guillermo Lasso (52,4%), the right-wing candidate, defeated Andres Arauz, the candidate supported by Rafael Correa and part of the Left, by 52.4% vs 47.6% in the second round of ballots for the presidential election. Lasso was (...) -
Série : Ecuador: Progress and limits of resistance to the policies of the World Bank, the IMF and other creditors
Ecuador’s poisoned loans from the World Bank and the IMF
31 March 2021 - by Eric Toussaint
Ecuador provides an example of a government which officially decided to investigate the process of indebtedness so as to identify illegitimate debt and suspend its repayment. The fact that the government suspended payment of a large part of its (...) -
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 (...) -
India: Proposals against new attempts to privatise state-owned banks
11 March 2021 - by Eric Toussaint, Sushovan Dhar
Public sector banks account for more than two-thirds of the banking market in India. Currently, they are subjected to a systematic smear campaign launched by the reactionary Narendra Modi government, big media including the international press (...) -
On the ‘Arab Inequality Puzzle’: The Case of Egypt
8 March 2021 - by Gilbert Achcar
This article elaborates on a keynote lecture delivered at a conference on inequalities in the Arab region held on 13–14 September 2018 at the American University of Beirut (AUB) to mark the launch of the Arabic translation of the 2016 World (...) -
Version 2.0: A new debt trap from the South to the North
The external debt of Developing Countries: a Timebomb
22 February 2021 - by Eric Toussaint, Milan Rivié
In the first part, we saw that the external indebtedness of developing countries (DC) went through two stages from 2000 to 2019. From 2000 to 2007-2008, the debt stagnated or increased moderately in parallel to negative net transfers. From 2008 (...) -
Neoliberal Authoritarianism in Egypt
11 February 2021 - by Yanis Iqbal
The whiplash of authoritarianism is being ruthlessly used in Egypt. On January 6, 2021, Ahmed Khalifa, social news editor of Egypt 360 after publishing a series of reports on workers’ legitimate protests. He was falsely charged with joining a (...) -
Ecuador: Historic urban vote against large scale mining in referendum
8 February 2021 - by Miriam Lang
Ecuador’s third largest city Cuenca, of more than 600.000 inhabitants, has voted clearly against large-scale mining on February 7th, 2021. According to estimates published on Sunday night, 80% of voters have expressed themselves for water and (...) -
Stand with Africans to Cancel the debt!
5 February 2021 - by CADTM Africa , Womin
Debt cannot be repaid, first because if we don’t repay, lenders will not die. That is for sure. But if we repay, we are going to die. That is also for sure. Thomas Sankara, 1987 African movements unify to campaign for the cancellation of (...) -
South Africa: Vaccine Apartheid or Equality?
30 January 2021 - by Rehad Desai, South African Federation of Trade Unions
We are in the middle of a global shortage of supplies of COVID-19 vaccines. We are reliving the saga that happened early in the pandemic around access to personal protective equipment (PPE), where each country fought for its own patch. Getting (...) -
Kenyan activists raise questions about debt...
29 January 2021 - by Kenya Debt Abolition Network
Report of Kenyan Debt Zoom Dialogue Held on 13 January 2021 at 2PM to 4PM 1.0 - INTRODUCTION/BACKGROUND On 13 January 2021 the Kenya Debt Abolition Network (KDAN) which is a social movement of Kenyan individual and organization whose (...) -
Dam debt: Understanding the dynamics of Suriname’s debt crisis
22 January 2021 - by Eurodad, Daniel Munevar
In November 2020, Suriname joined ranks with Zambia, becoming the second country to default on its sovereign debt in the aftermath of Covid-19. In this briefing, we explore the origins of Suriname’s debt crisis and highlights the substantial (...) -
Version 2.0: The North’s New Debt Trap for the South
Evolution of the external debt of developing countries between 2000 and 2019
19 January 2021 - by Eric Toussaint, Milan Rivié
An update of the three part series “A new trap of indebtedness of the South to the North” published in September-October 2020. At the end of the 1990s and the early years of the new millennium, developing countries (DC) were emerging from an (...) -
In memory of Patrice Lumumba, assassinated on 17 January 1961
17 January 2021 - by Eric Toussaint
On 17 January 2021, we commemorate the 60th anniversary of the assassination of Patrice Lumumba (1925-1961). After a resounding victory in the first real elections in which the Congolese participated, Patrice Lumumba became Prime Minister of (...) -
Western Imperialism and the Role of Sub-imperialism in the Global South
13 January 2021 - by Patrick Bond, Ana Garcia, Miguel Borba
AT FIRST BLUSH, JOE BIDEN’S ELECTION as U.S. president brings respite from a world threatened by Donald Trump’s climate-denialist, dictator-coddling, xenophobic, racist, misogynist, rules-breaking regime. On second thought, 2021 will also initiate (...)
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