Third World Debt
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Rethinking alternatives to counter the surge of debts to be repaid
22 February 2022 - by Eric Toussaint
The Financial Times notes that “poorest countries face $11 bn surge in debt repayments” in 2022 while the World Bank warns against “disorderly defaults.” [1]. Poorest countries face $11 bn surge in debt repayments in 2022 Some 74 low- and (...) -
[Press release] Debt Crisis: a wasted G20 Summit
18 October 2021 - by CADTM International
As usually happens on the eve of the annual assemblies of the IMF and the World Bank, a G20 summit was held on 13 October 2021 in Washington D.C. Industrial powers in the North and international institutions are more concerned about financial (...) -
G20 initiative leads to less than a quarter of debt payments being suspended
14 October 2021 - by Jubilee Debt Campaign
Lower income countries which applied for scheme have spent $36.4 billion on external debt payments during the pandemic, and had just $10.9 billion suspended or cancelled. Private creditors received the largest amount of debt payments, $14.9 (...) -
[Video] What solutions for the countries of the South crushed by the burden of the debt ?
20 September 2021 - by Iolanda Fresnillo, Omar Aziki, Ndongo Samba Sylla, Juan Pablo Bohoslavsky, Anaïs Carton
CADTM Summer University 2021: Global Crisis, Debt Cancellation for Social Justice! Thursday 16 September, 6.30-8.30 p.m. - What solutions for the countries of the South crushed by the burden of the debt? With Juan Pablo Bohoslavsky (...) -
The IMF’s announcement of $650 billion in Special Drawing Rights: advertising effect
8 September 2021 - by CADTM, Eric Toussaint, Milan Rivié
Milan Rivié and Éric Toussaint interviewed by the CADTM CADTM: In late August 2021 the IMF announced that it would supply the global economy with US$650 billion to meet urgent needs. This would be achieved through an increase in Special Drawing (...) -
World situation report
22 June 2021 - by Eric Toussaint, CADTM International, Sushovan Dhar, Maria Elena Saludas, Omar Aziki, Broulaye Bagayoko, Fatima Zahra El Beghiti
We publish a written version of the report on the international situation presented at the meeting of the CADTM International Shared Secretariat held on Tuesday 1 June 2021. Over the last few months the global economy has bounced back from (...) -
The North’s New Debt Trap for the South
North Africa and the Middle-East: A new wave of debt
26 May 2021 - by Eric Toussaint, Omar Aziki, Milan Rivié
In the first 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 second (...) -
Debt relief & the Paris Club historical perspective | Overview of debt in Africa
19 May 2021 - by Eurodad, Rémi Vilain, Jaime Atienza, Tirivangani Mutazu, Muchimba Siamachoka
The third session of the Debt Wednesday’s training course will introduce the concepts of debt relief, together with an historical perspective of the Paris Club. Participants will give a closer look to the debt situation in Africa. Panelists (...) -
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 (...) -
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, (...) -
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 (...) -
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 (...) -
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 (...) -
[Press release] World Bank / IMF / G20 Spring Meetings Paltry measures doomed to failure
11 April 2021 - by CADTM International
At the spring meetings of the Bretton Woods institutions from 5 to 11 April 2021, the World Bank, IMF and G20 made new announcements in an attempt to respond to the debt crisis in the countries of the South, exacerbated by the economic and (...) -
[Video] « SYSTÅM DËBT - How to become a wealthy creditor! »
24 March 2021 - by CADTM, ZinTV, Entraide et Fraternité
In this video with subtitles in 4 languages (FR, NL, EN, ES), ZIN TV, Entraide et Fraternité and the CADTM offer you their explanation of the “debt system” in the form of a tutorial cynically addressed to capital holders who benefit from this (...) -
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 (...) -
The G20’s wrong solutions and the need to suspend debt repayment
29 January 2021 - by Eric Toussaint
Last April, the G20 launched the idea of debt service suspension by poor countries until the end of 2020. What actually happened? Measures taken by the G20 regarding debt relief are utterly insufficient as well as unacceptable since they (...) -
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 (...) -
G20 debt proposal continues to favour creditors
14 December 2020 - by Bretton Woods Project
Summary: G20 announces disappointing common framework for debt restructuring Framework relies on much-critiqued IMF and World Bank debt sustainability analysis Debtor countries must agree to IMF treatment as condition of debt relief (...) -
A new trap of indebtedness of the South to the North - Part 3
Developing Countries caught in the vice-like grip of indebtedness
1 December 2020 - by Eric Toussaint, Milan Rivié
We continue our analysis of the present-day factors that contribute to the unsustainable nature of debt repayments demanded of the countries of the Global South. We shall examine the following topics: the downward evolution of commodity prices; (...) -
A new trap of indebtedness of the South to the North - Part 2
Threats over the external debt of Developing Countries
27 November 2020 - 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 2018. From 2000 to 2007-2008, the debt stagnated or increased moderately in parallel to negative net transfers. From 2008 (...) -
Urgent debt relief needed as Pakistan faces perfect debt trap
12 November 2020 - by Abdul Khaliq
The indicators of a severe debt crisis were already present in Pakistan long before the Covid-19 crisis hit. Coordinated efforts by CSOs all round the world are needed to ensure that countries like Pakistan are not left alone dealing with its (...) -
Shadow report on the limitations of the G20 Debt Service Suspension Initiative: Draining out the Titanic with a bucket?
3 November 2020 - by Iolanda Fresnillo
Today (14 October 2020) the European Network on Debt and Development (Eurodad) is publishing an update of the report first published in July which outlines the limitations of the G20’s Debt Service Suspension Initiative (DSSI). This includes new (...) -
A new trap of indebtedness of the South to the North - Part 1
Evolution of the external debt of Developing Countries between 2000 and 2018
26 October 2020 - by Eric Toussaint, Milan Rivié
At the end of the 1990s and in the early years of the new millennium, Developing Countries (DC) were emerging from an unprecedented debt crisis, the “lost decades of development”, which had started in 1982 with Mexico defaulting. Between 1980 and (...)
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