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CADTM, Comité pour l'abolition des dettes illégitimes
Updated: 1 hour 46 min ago

The revival of the Commonwealth: an opportunity for further exploitation or a time to correct past wrongs?

Fri, 22/12/2017 - 10:12
The Origins of the Commonwealth ‘Commonwealth' is a word being heard with increasing frequency in the post-Brexit era. It had always been used to refer to the British Empire – first to Australia in the 1890s and later to other territories. From the record of the Colonial Affairs debate of 1939, it is clear that the Commonwealth was seen as a level of development beyond direct Imperial domination. By then Australia and Canada had reached that level of development that was deemed to entitle (...) - English / , , ,
Categories: CADTM

[Podcast] Interview with Eric Toussaint on Greece's debt and possible solutions

Wed, 20/12/2017 - 11:25
An interview with Eric Toussaint of the CADTM and scientific director of the Greek Truth Commission on Public Debt, on the issue of Greece's debt, the commission's findings, and legal solutions for Greece's debt burden. In English. Aired December 7-13, 2017. - Audios / , ,
Categories: CADTM

How the Bank's push for microcredit failed the poor

Tue, 19/12/2017 - 19:58
Popularised in the 1980s by the work of future (in 2006) Nobel Peace Prize recipient, Muhammad Yunus, the microcredit model was seen as the most awe-inspiring local economic development model of all time. The disbursement of a simple microloan to the poor was seen as pure genius: it allowed the poor to become self-employed entrepreneurs en masse which, as Yunus claimed many times, would “eradicate poverty in a generation”. The sheer market-driven simplicity of microcredit and, above all, its (...) - English / ,
Categories: CADTM

Debt sustainability review: Tinkering around the edges while crises loom

Tue, 19/12/2017 - 16:51
Under the joint Debt Sustainability Framework (DSF) of the World Bank and IMF (Bretton Woods Institutions or BWIs), regular assessments of the risk of external debt distress are conducted for all countries that are eligible to borrow from either institutions' concessional lending funds (the International Development Association and Poverty Reduction and Growth Trust, respectively). The DSF directly impacts the scale of lending by the World Bank and other multilateral development banks, and (...) - English / , ,
Categories: CADTM

Occupation and genocide disguised as “discovery”

Mon, 18/12/2017 - 16:03
“We have been told, and still are, that it was the pilgrims of the Mayflower that populated America. Had it been empty before?” Eduardo Galeano. "What was really discovered [in 1492] is what Spain really was, the reality of Western culture and that of the Church at that time. (...) They did not discover the other world, they covered it. What was manifested was a ‘discovering of the conquest', and a ‘violent and violating covering of the conquered populations, their cultures, their religion, the (...) - English /
Categories: CADTM

Belt and Road Initiative (BRI) and the Least Developed Countries (LDCs)

Mon, 18/12/2017 - 08:33
When Belt and Road Forum (BRF) was held on May 14-15, 2017 in Beijing, four Least Developed Countries (LDCs), namely Cambodia, Ethiopia, Laos and Myanmar, sent their highest level of delegation as their support to the Belt and Road Initiative (BRI) envisioned by China. Afghanistan, Bangladesh and Nepal had ministerial level of representation in the forum. Other LDCs that have signed up for the BRI include Djibouti, Tanzania, Timor-Leste and Yemen. So, 11 out of 47 LDCs have become a part of (...) - English / , , ,
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ISDS in numbers

Fri, 15/12/2017 - 09:55
Impacts of investment arbitration against Latin America and the Carribbean Latin American and Caribbean (LAC) countries are among the most affected by the investment arbitration system worldwide, representing 28.6% of all known investor-state disputes around the world. In particular, Argentina, Venezuela, Mexico, Ecuador, Bolivia and Peru accounts for 77.3% of the total number of claims against LAC countries. Investors have won in 70% of the cases brought against LAC countries. As a (...) - English / , ,
Categories: CADTM

The Odious Iraqi Debt

Tue, 12/12/2017 - 19:25
This article, originally written towards the end of 2003, is now published on our website for the first time in English. The odious Iraqi debt is still under-documented today, though it is highly relevant in our research and our proposals against all illegitimate, illegal, odious and unsustainable debts. It is a rare case where a creditor power asks for debt cancellation, pleading the odious nature of the debt. Of course, the USA made this move not because it was interested in achieving (...) - English / ,
Categories: CADTM

Debt is a determining factor in History

Tue, 12/12/2017 - 15:10
Sovereign debt has been a crucial factor in a series of major historical events. From the early 19th century, in Latin American countries such as Colombia, Mexico and Argentina, struggling for independence,as well as Greece when seeking funds for its war of independence, these nascent countries borrowed from London bankers under leonine conditions which finally subjugated them into a new cycle of subordination. Other states lost their sovereignty quite officially. Tunisia enjoyed some (...) - English / ,
Categories: CADTM

History of sovereign debts and their repudiation

Mon, 11/12/2017 - 09:24
Erwan Manac'h interviewed Eric Toussaint for the French weekly Politis Your analyses revolve around the idea that debt has been a determining factor in history. Why ? Sovereign debt has been a crucial factor in a series of major historical events. We have seen this from the early 19th century, in Latin American countries such as Mexico and Argentina, struggling for independence. Greece has a similar history. To raise funds for the war of independence, these nascent countries borrowed from (...) - English / , ,
Categories: CADTM

Law against the activities of vulture funds

Sat, 09/12/2017 - 14:21
CADTM (Committee for the Abolition of Illegitimate Debt) is releasing the text of the Belgian law that aims at curtailing the activities of « vulture funds » and unethical financial speculation. This law, written in consultation with CADTM, CNCD - 11.11.11 and its Flemish counterpart, was approved unanimously by the Belgian parliament on July 12, 2015. A text that is now threatened by a vulture fund registered in the Cayman Islands, NML Capital Ltd. (a subsidiary of Paul Singer's hedge fund (...) - English / ,
Categories: CADTM

The case for repudiation of Uganda's public debt

Fri, 08/12/2017 - 21:35
Uganda is in imminent danger of defaulting on its debt repayment obligations. The Auditor General notes in 2017 that interest payments on the public debt exceeded legal limits (15% of the annual budget) and are likely to be unsustainable going forward. What will follow will be attempts by International Lending Agencies (ILIs); the IMF, the IBRD/World Bank/IDA and commercial banks to restructure the loans to ensure that they are paid. This should come as no surprise to those familiar with (...) - English / , , , , ,
Categories: CADTM

ILO: 4 billion people worldwide are left without social protection

Tue, 05/12/2017 - 09:00
New ILO report shows that massive efforts are still needed to ensure that the right to social security becomes a reality for all. Despite significant progress in the extension of social protection in many parts of the world, the human right to social security is not yet a reality for a majority of the world's population, says a new flagship report from the International Labour Organization (ILO). According to new data presented in the World Social Protection Report 2017/19: Universal (...) - English /
Categories: CADTM

Hunger, Foreign Debt and Uganda's Fairytale Budgets

Wed, 29/11/2017 - 18:32
An abiding image of Uganda in April 2017 is of a group of elderly people squatting around an anthill, men and women, patting it with bunches of greenery to coax the termites out. They then pluck up the termites and eat them, not as the seasonal delicacy usually caught by young people on moonlit nights but as a primary source of nourishment. Contrast this with the brass band dressed in brand new navy blue and white dress uniform, with silver buttons everywhere, trooping around for over an (...) - English / , ,
Categories: CADTM

Final declaration of the Bamako “Women, debt and Microcredit” seminar

Wed, 29/11/2017 - 08:54
We, women of the CADTM Africa network, from Benin, Burkina Faso, Cameroon, Côte d'Ivoire, Gabon, Guinea, Conakry, Mali, Morocco, Niger, Congo Democratic Republic, Republic of Congo, Senegal, Togo, as well as Argentina have met for the 3rd session of the seminar “Women, debt and Microcredit” in Bamako, Mali, from 15 to 19 November 2017. Since the 1980s microcredit institutions have proliferated on our African continent, particularly addressing women. Whilst the global crisis of the capitalist (...) - English / , , , ,
Categories: CADTM

Ready for the next storm? Debt (crisis) management discussed at the UNCTAD and Paris Club

Tue, 28/11/2017 - 09:53
The number of poor countries that are in debt crisis is increasing rapidly, as is the share of public revenue that southern governments need to divert from essential services to pay down debts. The international community is awaiting the storm with remarkable silence: only peacemeal steps have been taken in 2017 on the multilateral level in the areas of effective institutions for debt crisies prevention and resolution. The 2017 UNCTAD Debt Management Conference that took place in Geneva (...) - English / , ,
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We saw Puerto Rico's struggle to survive

Mon, 27/11/2017 - 12:58
The federal government in Washington and local government agencies in Puerto Rico are eager to project the appearance of the island returning to a pre-Hurricane Maria status quo. But millions of Puerto Ricans know better. contributors Monique Dols and Lance Selfa traveled to Puerto Rico in late October to bring support and solidarity, and meet with labor and social movement activists. In this report, they describe two faces to Puerto Rico's “new reality”—a society whose (...) - English / , ,
Categories: CADTM

The bullet train project in India: a story of white elephant and public debt

Mon, 27/11/2017 - 12:02
We are a happy nation waiting to ride the bullet train... The Mumbai-Ahmedabad High Speed Rail (MAHSR) connecting these major metropolis in western India is soon to be built with Japanese finance and assistance. The Japanese PM Shinzo Abe and his Indian counterpart Narendra Modi jointly laid the foundation stone on September 14. With ₹1080 billion investment, this is projected to be a blockbuster affair for the Indian railways. “The MAHSR debt structuring is also very attractive: a (...) - English / ,
Categories: CADTM

Farmers storm India's national capital, demanding freedom from debt and better price for their produce

Fri, 24/11/2017 - 14:54
Several thousand small-holder farmers from across India held a massive demonstration in New Delhi, from 20-21 November to draw attention to the acute agrarian distress plaguing the countryside and seeking immediate intervention by the Union Government. Karnataka Rajya Raitha Sangha and South Indian Coordination Committee of Farmers Movements – who are also part of the global peasant movement La Via Campesina, joined in large numbers. For long, farmers movements and civil society (...) - English / , , ,
Categories: CADTM

An introduction to the China-Pakistan Economic Corridor

Fri, 24/11/2017 - 13:06
While initial plans for the China-Pakistan Economic Corridor (CPEC) predate those of OBOR it has been given renewed impetus under it and has come to be described as a flagship OBOR project. Along with the Bangladesh-China-India-Myanmar Economic Corridor, the CPEC receives specific mention in the National Development and Reform Commision's 2015 OBOR Vision and Action document. The corridor, which involves a series of infrastructure projects linking the two countries, runs for 3,000 (...) - English / , , ,
Categories: CADTM