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Comité pour l'abolition des dettes illégitimes

Austerity/Structural Adjustment

Economic policies imposed by the IMF in exchange of new loans or the rescheduling of old loans.

Structural Adjustments policies were enforced in the early 1980 to qualify countries for new loans or for debt rescheduling by the IMF and the World Bank. The requested kind of adjustment aims at ensuring that the country can again service its external debt. Structural adjustment usually combines the following elements : devaluation of the national currency (in order to bring down the prices of exported goods and attract strong currencies), rise in interest rates (in order to attract international capital), reduction of public expenditure (’streamlining’ of public services staff, reduction of budgets devoted to education and the health sector, etc.), massive privatisations, reduction of public subsidies to some companies or products, freezing of salaries (to avoid inflation as a consequence of deflation). These SAPs have not only substantially contributed to higher and higher levels of indebtedness in the affected countries ; they have simultaneously led to higher prices (because of a high VAT rate and of the free market prices) and to a dramatic fall in the income of local populations (as a consequence of rising unemployment and of the dismantling of public services, among other factors).

Macron’s up against the wall, let’s not let the 49.3 save him

20 March 2023 - by Léon Crémieux

Macron and his government have just attempted to force their way through on 16 March, by trying to impose their law on pensions without any vote in the National Assembly by using Article 49.3 of the Constitution, a real “hold-up”, allowing them to (...)
Greece: The infamy of a predicted terrible rail disaster

6 March 2023 - by Yorgos Mitralias

The following could be a dark humor joke, but it is a very real story and, above all, emblematic of this neoliberal and dilapidated Greece of the first half of the 21st century. Only a few hours before the terrible rail disaster of 28 (...)
The aftermath of Sri Lanka’s economic crash

5 March 2023 - by Meera Srinivasan

As the island nation eagerly awaits a provisional IMF package to chart its path to economic stability, it is currently witnessing a new wave of protests, mainly by workers and professionals, as people’s economic hardships increase. The government (...)
Haiti, which questions ?

27 February 2023 - by Mireille Fanon-Mendès France, Boubacar Boris Diop

For many years, Haiti has been destabilized by a political crisis, to which must be added the humanitarian, socio-economic and security crises, to the point that the current Prime Minister, Ariel Henry, appointed two days before the (...)
From Lebanon to Sri Lanka through Latin America and Egypt: Public debt today and in the history of capitalism

26 February 2023 - by Eric Toussaint, Anis Germany

The present interview with Éric Toussaint aims at constructing a common position about debts and their payment. It also helps to understand the part played by debt and its mechanisms in the extraction of resources of the South by the North at an (...)
Our Future is Public: Santiago Declaration for Public Services

26 January 2023 - by Collective

From 29th November to 2nd December over a thousand representatives from over one hundred countries, from grassroots movements, advocacy, human rights, and development organisations, feminist movements, trade unions, and other civil society (...)
Political situation in Sri Lanka, India, Pakistan, Bangladesh, microcredit, IMF

Success of the 9^th CADTM South Asia seminar in Colombo (Sri Lanka)

21 December 2022 - by CADTM, Maxime Perriot

The 9th CADTM South Asia Seminar, organised in collaboration with the Law & Society Trust (LST, Sri Lanka) and the Movement for Land and Agricultural Reform (MONLAR, Sri Lanka), a member of La Via Campesina, was held in Colombo on Friday, (...)
International situation and Illegitimate debt

12 December 2022 - by Eric Toussaint

We are publishing a summary of the presentation made by Eric Toussaint at the 9th CADTM South Asia workshop held in Colombo on 2 and 3 December 2022. Very strong economic slowdown without reducing greenhouse gas emissions and other (...)
History RePPPeated II : Why Public-Private Partnerships are not the solution

5 December 2022 - by Collective, Eurodad, Afrodad, Latindadd, ODG (Observatorio de la Deuda en la Globalización)

As CADTM, we publish this report but our demands on the issue are more radical: we call for an end to all forms of privatisation and to all public-private partnerships. In 2018, our report History RePPPeated – How Public-Private Partnerships (...)
25 November - International day for elimination of violence againt women

Violence against women*: a systemic issue

30 November 2022 - by CADTM International

(* The term ‘woman’ applies to any person who defines herself as female) On the International Day for the Elimination of Violence against Women the CADTM International network highlights the urgent need for a systemic approach to this global (...)
Austerity budget accelerates both South Africa’s “Arab Spring” and climate crimes

1 November 2022 - by Patrick Bond

Can activists in South Africa link campaigns against debt and climate, consistent with a broader international push that heralds a “Loss & Damage” showdown with the Western establishment in Sharm El-Sheikh, Egypt at the United Nations climate (...)
Ten days after the announcement of indecent tax cuts, Liz Truss’ spectacular U-turn

Thatcher’s heritage, tax giveaways, poorly distributed and poorly funded benefits: austerity gaining ground in the UK

13 October 2022 - by Maxime Perriot

Appointed on 6 September 2022, Liz Truss, the new British Prime Minister, rests her legitimacy on the choice made by the 172,000 members of the Conservative party. [1] This ’electorate’, mostly older and rich, voted for a programme of tax cuts and (...)
The World Bank, Geopolitics and Mal-Development

11 October 2022 - by Eric Toussaint, Renaud Duterme

Éric Toussaint is a tireless militant and spokesperson for the CADTM (Committee for the Abolition of Illegitimate Debt). His extensively documented indictment of the World Bank will be published by Pluto Press in 2023. He condemns an institution (...)
Kathmandu Declaration 2022

19 June 2022 - by SAAPE

WE, the members of the Sixth General Assembly of South Asia Alliance for Poverty Eradication (SAAPE) and Peoples’ SAARC, having met at Kathmandu, Nepal from 26-27 May 2022 on the occasion of the Sixth General Assembly of SAAPE. WE have taken (...)
Sri Lankan Uprising: Struggles against neoliberal austerity

10 June 2022 - by Nagesh Rao, Nimanthi Rajasingham

Sri Lanka is in the throes of political upheaval as a spiraling economic crisis has sparked widespread mass protests and strikes against the government. On May 9th, then prime minister, Mahinda Rajapaksa resigned and was forced to take refuge in (...)
The IMF in Debt Restructuring, the Resurgence of Austerity, and the Urgency of Fiscal Justice

27 May 2022 - by Bhumika Muchhala

As Sri Lanka officially defaults on its sovereign debt repayments, and enters negotiations with the International Monetary Fund for access to loans in return for structural macro-economic change in response to the ongoing economic crisis, the (...)
’Austerity’ for the poor

IMF ‘double standard’ displays capitalism’s inherent inhumanity

20 May 2022 - by Prabhat Patnaik

For over two years now, the world has been facing a pandemic the like of which has not been seen for a century, and which has already taken 15 million lives according to the WHO, without being anywhere near an end. This is an unprecedented (...)
Is Sri Lanka burdened by ‘odious’ debt?

16 May 2022 - by Akalanka Thilakarathna

The current economic situation in the country can be linked to its political instability. While economic and political instability goes hand in hand, the current dilemma facing the country can be attributed to bad planning and decision making, (...)
Urgent plea by Sri Lankan feminists to address the unfolding humanitarian crisis caused by the economic collapse in Sri Lanka

6 April 2022 - by Collective

Sri Lanka is facing the worst economic crisis in its post-independence history. Widespread food and fuel shortages are crippling the lives of people. Such a situation that has already lasted several weeks is now resulting in widespread protests (...)
Frying Pan of Shortages to the Post-IMF Fire

4 April 2022 - by Ahilan Kadirgamar

The scorching heat in April and May is going to fry our working people as food and medicines are in short supply, oil shortages lead to transport disruption and power cuts shut down shop floors. What does one make of the mismanagement of an (...)
Portugal: Socialists on their own

1 February 2022 - by Michael Roberts

Portugal’s ruling socialists under prime minister, António Costa, achieved a surprising victory in parliamentary elections on Sunday. The Socialists gained an outright majority in the new parliament over all other parties and will be able to rule (...)
Pakistan : Toxic austerity attack comes hot on the heels of a pandemic

31 January 2022 - by Abdul Khaliq

As the IMF executive board met on January 28 to decide on Pakistan`s request for the revival of $6bn Extended Fund Facility (EFF), the government remained optimistic having fulfilled all the five conditions imposed by the global lender to revive (...)
How Austerity Helped to Ignite Greece’s Historic Wildfires

22 August 2021 - by Stelios Foteinopoulos

If Ferdinand Lassalle lived today, he would be able to watch his ideas age badly. In 1862, Lassalle, speaking to a socialist gathering in Berlin, outlined his theory of the night-watchman state – a neoliberal concept whereby the state transfers (...)
What kind of austerity after the Covid crisis?

9 July 2021 - by Eva Betavatzi

The present circumstances seem to rule out – for a time – using public debt considered to be excessive as a pretext for drastic austerity measures. The illusion of having escaped the vicious circle of debt to austerity is reinforced by the (...)
IMF and debt: a new consensus?

16 April 2021 - by Michael Roberts

There is much talk among ‘progressive’ economists that the IMF and the World Bank have turned over a new leaf. Gone are the days of supporting fiscal austerity, demanding that national governments get public debt levels down and insisting on (...)