Truth, Memory, Justice on Argentina’s debt

18 August 2010 by Dialogo 2000

Congress moves towards an investigation demanded by those affected by a debt accumulated on the basis of serious crimes

Dialogue 2000 welcomes the recent adoption by three Committees of the Chamber of Deputies, of a nearly unanimous opinion on a draft resolution to create a Special Commission of Inquiry into Argentine Public Debt. We further urge the full House to approve the proposal quickly and to ensure prompt implementation of the investigation. We also call on the many sectors of the population whose rights have been affected by the continued payment of this illegitimate debt, to become full participants in the investigation in order to pave the way towards the restoration of what has been paid without due cause and compensation for damages.

This investigation is an initial response to the right and desire that many Argentine organizations have been demanding for years, to know how much is owed, to whom it is owed, why it is owed, how much has already been paid, what have been the consequences, and who is responsible. The results of the parliamentary inquiry will be key to any attempt to reverse the policies that have given rise to this scourge and to make reparations for the consequences.

The work of this Commission must serve to enable Congress once and for all to assume its constitutionally nondelegable mandate to administer the domestic and external debt of the nation and also to progress towards ending the impunity which continues until now to protect and benefit those entities and people, both inside and outside the country, who have been responsible for such a huge process of looting and prostration.

In the Case 14,467 known as “Alejandro Olmos s / complaint”, Argentine Federal Court No. 4 ruled 10 years ago that Argentina had undergone a process of spurious indebtedness that”increased tremendously the external debt from the year 1976 onwards ... (and) brought the country to its knees through various methods." The same cause, which was sent to Congress for further investigation, included the confirmation of more than 478 ilicitudes. Beginning with the adoption of a first loan from the IMF IMF
International Monetary Fund
Along with the World Bank, the IMF was founded on the day the Bretton Woods Agreements were signed. Its first mission was to support the new system of standard exchange rates.

When the Bretton Wood fixed rates system came to an end in 1971, the main function of the IMF became that of being both policeman and fireman for global capital: it acts as policeman when it enforces its Structural Adjustment Policies and as fireman when it steps in to help out governments in risk of defaulting on debt repayments.

As for the World Bank, a weighted voting system operates: depending on the amount paid as contribution by each member state. 85% of the votes is required to modify the IMF Charter (which means that the USA with 17,68% % of the votes has a de facto veto on any change).

The institution is dominated by five countries: the United States (16,74%), Japan (6,23%), Germany (5,81%), France (4,29%) and the UK (4,29%).
The other 183 member countries are divided into groups led by one country. The most important one (6,57% of the votes) is led by Belgium. The least important group of countries (1,55% of the votes) is led by Gabon and brings together African countries.
, a few days after the civilian-military coup, and complemented by the dictatorship’s financial institutions law, this process of indebtedness has been a central tool for the impoverishment of the population, giving rise to a speculative economy and leaving behind an economy based on production that had employment as the main vehicle for social integration. The consequences of this debt remain serious obstacles to the full enjoyment of human rights including the right to work and decent wages and pensions, education, health, land, housing, water, a healthy environment, participation, peace and self determination.

As the Argentine Chamber of Deputies advances in the investigation of Argentina’s public debt, it will add to the valuable experience being accumulated in the region in this area, including the realization of parliamentary debt investigations in Brazil and Peru, the audit now being conducted in Paraguay of the debt of the Itaipu Binational Entity, and the comprehensive Audit conducted by the Ecuadoran government with the participation of the country’s social movements and debt networks and campaigns from around the world.

Bs. Aires, August 9, 2010

Piedras 730
1070 Buenos Aires, Argentina
dialogo at

Coordinadora Internacional/
International Coordinator

View online : Diálogo 2000
Dialogo 2000 -




8 rue Jonfosse
4000 - Liège- Belgique

00324 60 97 96 80