For the last 20 years, despite their innumerable natural and human resources, the Third World countries have been milked dry. The debt is also a subtle mechanism of domination and a new method of colonisation, hindering any sustainable human development in the South. The policies adopted by the indebted governments are more often decided by the creditors than by the parliaments of the countries concerned. The limits of the so-called debt-reduction initiative launched with great pomp by the G7, the IMF and the World Bank, were shown up by the greatest petition ever known (24 million signatures collected between 1998 and 2000, co-ordinated by the Jubilee 2000 campaigns).

A radically different approach needs to be adopted - cancel the debt, pure and simple. It is immoral and often odious anyway.

The authors provide answers to various objections to this proposal. The authors argue tant debt-cancellation is necessary but not sufficient, and must be accompanied by other measures such as the recovery of “ill-gotten gains” and their restitution to the despoiled people. They suggest alternative sources of finance, both local and international. They also ask who owes what to whom? They support the demands for reparation put forward by social movements in the South.

In the answers to fifty pertinent questions, this book explains in clear, simple terms how and why the debt impasse has come about. Graphs and charts are used to illustrate the responsability of those who uphold neo-liberalism and corporate-driven globalisation - the international financial institutions, the industrialised countries and also the leaders of the South.

The authors:

 Damien Millet teaches mathematics. He’s the General secretary of CADTM France, a member of Attac and collaborates on the magazine ’Alternative’ (Niger).

 Eric Toussaint is a historian and political scientist, President of the CADTM, member of the International Council of the World Social Forum and of the Scientific Advisory Board of Attac France, author of “Your Money or Your Life! The Tyranny of Global Finance” (1999), co-author of “Le bateau ivre de la mondialisation. Escales au sein du village planétaire” (2000), of “Afrique : abolir la dette pour libérer le développement” (2001).

Translated from french by Vicky Briault Manus, Professor at the University of Grenoble.

This edition was published by Vikas Adhyayan Kendra (VAK), Mumbai, India, 2003.