[Video] Le CADTM joins the international campaign Debt for Climate and calls for the cancellation of the illegitimate debts

28 February 2023 by CADTM Belgique , Scientist Rebellion Belgium , Extinction Rebellion Belgium

On the occasion of the 70th anniversary of the cancellation of Germany’s debt, CADTM, Scientist Rebellion Belgium and Extinction Rebellion Belgium joins the international Debt for Climate campaign and calls for the cancellation of the illegitimate debts of the countries of the South in front of the German embassy in Brussels.

Germany is not only the world’s 4th largest historical polluter and the 4th largest voting power in 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.

, but it also owes much of its current economic power to debt cancellation and the extremely favourable conditions to pay back its remaining debt through the 1953 London Agreement.

Instead of promoting the transition to renewable energy, countries like Germany are pushing for the expansion of fossil fuel infrastructure using the debt system. Mozambique for example would be virtually bankrupt right now if it weren’t for its gas exports.

If debt cancellation was possible for Germany back then, it is most certainly possible for the Global South now to enable a self-determined and just transition.

#londonagreement1953 #DebtForClimate #DeudaXClima #dettepourleclimat #dividapeloclima #debitoperclima

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