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CADTM, Comité pour l'abolition des dettes illégitimes
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The euro crisis and contradictions between countries in the periphery and centre of the European Union

Fri, 17/11/2017 - 09:16
The crisis that started in the United States in 2007-2008, hit the European Union head on in 2008, and has been causing major problems in the eurozone since 2010. Banks from the strongest European countries are responsible for spreading this plague from the United States to Europe, because they had invested massively in structured financial products. It is important to explain why this crisis has struck the European Union and the eurozone harder than the United States. The crisis that (...) - English / , ,
Categories: CADTM

Brazil: the debt dilemma

Thu, 16/11/2017 - 10:31
Brazil faces a presidential election in October 2018. This will offer a new benchmark for which way Brazilian politics and the economy will go. Will a coalition of pro-big business parties and a president win or will a coalition led by the Workers party return to power under a leftist president (possibly Lula, the former president)? Nobody I met in my visit to Brazil last week was sure what would happen. International capital is optimistic that the current neo-liberal administration (...) - English / , ,
Categories: CADTM

10 key facts about debt in the UK

Wed, 15/11/2017 - 09:38
The UK government is paying virtually the lowest amount of interest on its debt in recorded history, as a proportion of GDP. Of the payments it is making, most are to people and institutions in the UK, with just 25% of UK government debt owed outside the country. In contrast, 24% of the UK government's debt is owed to the UK government itself, via the Bank of England. These facts are part of a new briefing, released by the Jubilee Debt Campaign ahead of the budget on 22 November, which aims (...) - English / , ,
Categories: CADTM

The mountain of corporate debt will be the seed of the next financial crisis

Tue, 14/11/2017 - 08:35
Less than ten years after the failure of Lehman Bros. in September 2008, all the conditions are once again gathered for another major financial crisis. Even though the Governments of the World's principal economies had promised to establish financial regulations that would respect the general interest and avoid new crises and their painful/ grievous consequences for the populations. In order to defend this capitalist system that so nauseates public opinion soothing declarations announcing (...) - English / , ,
Categories: CADTM

How microfinance and financial inclusion impinge on human rights

Mon, 13/11/2017 - 13:48
This blog post is based on a talk given at the ETOC Conference on “Financialisation, Eco-Destruction, and Human Rights beyond Borders” in Brussels, September 28-29, 2017, and should not be regarded as an exhaustive academic paper but as food for thought. Microfinance and financial inclusion are overlapping practices, and both are built on the same idea: that financial dealings with the poor will create a win-win arrangement of profits for financiers, and poverty alleviation and development. (...) - English / , ,
Categories: CADTM

Haiti: From trafficking to debt

Sat, 11/11/2017 - 15:21
This Caribbean country is not in debt, it is a creditor. It is France which owes it money. Explanation by Jerome Duval, of CADTM. Translated by Jenny Bright. Poverty in colonised countries has greatly increased due to a transfer of debt: the debts incurred by the colonial powers to the World Bank, to make the most of it, were then transferred without their consent to the colonised countries that gained their independence. They constitute a case of odious debt, as well as the subsequent (...) - English / , , , ,
Categories: CADTM

TuNur in Tunisia: Another case of energy colonialism

Fri, 10/11/2017 - 11:06
A familiar ‘colonial' scheme is being rolled out: the unrestricted flow of cheap natural resources from the Global South to the rich North, maintaining a profoundly unjust international division of labour. While fortress Europe builds walls and fences to prevent human beings from reaching its shores for sanctuary, it accepts no barriers to resource grabs. When we hear news about renewable energy projects, one must be forgiven for thinking that it's all beautiful and shiny. But scratching a (...) - English / , ,
Categories: CADTM

Paradise Papers: States must act against “abusive” tax conduct of corporations - UN human rights experts

Fri, 10/11/2017 - 08:50
GENEVA (9 November 2017) – International corporations responsible for systematic tax abuse should be downgraded by rating agencies and investment funds in their environmental, social and governance performance, UN human rights experts have said, as information from the leaked Paradise Papers continues to be made public. “States must stop harmful tax competition amongst each other and work together to stop unethical tax avoidance schemes for wealthy individuals and international corporations. (...) - English / ,
Categories: CADTM

The European Union against Europe: Disobeying and Walking

Wed, 08/11/2017 - 08:52
The purpose of this presentation is to contribute with some elements of the debate, focusing on the strategies that the progressive political forces in Europe has been developing. Debating with them we will try to build a useful proposal to open a path to break with the straitjacket of the Euro System and the Europe of Capital. It is convenient to highlight some points of the new political context. Just to mention, concerning the socioeconomic situation: We are in a macroeconomic (...) - English / , ,
Categories: CADTM

Enough is Enough!

Mon, 06/11/2017 - 17:25
Buir, Germany, November 5th 2017 Ende Gelände blocked the Hambach coal mine today, the German energy giant RWE had to stop three excavators and one conveyor belt. Ende Gelände action sends out powerful signal for an immediate exit from coal in the run-up to the 23rd UN climate summit. In the early afternoon, thousands of climate activists from the Ende Gelände alliance successfully entered the Hambach open-pit mine at different spots. Using their bodies, they are successfully blocking coal (...) - Press releases / , ,
Categories: CADTM

Punitive Neoliberalism and Financial Melancholia in Puerto Rico

Mon, 06/11/2017 - 11:33
BEFORE HURRICANE MARIA smashed into Puerto Rico with devastating force, the previous Hurricane Irma caused relatively manageable damage compared to its horrific impact in much of the Caribbean. Even so, the island's electrical grid — before Maria utterly destroyed it — had already suffered outages leaving up to 300,000 people without power. Staffing cuts of 50% had left the system without badly needed maintenance and repair capacity, as discussed by journalist Juan Gonzalez on the broadcast of (...) - English / , ,
Categories: CADTM

Morocco – Petition: Free the Hirak political prisoners

Mon, 06/11/2017 - 09:54
The death of Mohcine Fikri - a fish vendor crushed in a garbage truck on October, 28th, 2016 while trying to retrieve his confiscated merchandise in Al Hoceima - has paved the way for the rise of ‘Hirak', a popular movement of the Rif that fights for social justice and the right to equal development. Since that the date the northern region of Morocco has witnessed a historical turmoil. Despite the militarisation of the region and the state's manœuvre to discredit the upheaval, Hirak was able to (...) - English / ,
Categories: CADTM

The treaty on transnational corporations and human rights enters “negotiation mode”

Thu, 02/11/2017 - 14:19
Geneva: November 1, 2017 – The Global Campaign welcomes the end of a successful week of intense work moving towards decisive negotiations on a binding treaty on transnational corporations (TNCs) and human rights, despite challenges from the EU with support from the US. More than 100 states and over 200 representatives of social movements, trade unions and civil society organizations were at the UN in Geneva during the third session of the UN inter governmental working group, from October (...) - English / , ,
Categories: CADTM

The Potential Belt and Road Debt Bubble: Are We Asking the Right Questions?

Thu, 02/11/2017 - 11:39
During the recent IMF and World Bank meetings, all eyes were on China. As the US administration contemplates scaling back its global economic engagement, China is doing the exact opposite. A new report from AidData detailed how “China has gone from aid recipient to net aid donor and one of the most important foreign policy players in the world.” At the UN General Assembly and the IMF/World Bank meetings, China was reaching out to world leaders and promoting its Belt and Road Initiative, which (...) - English / , ,
Categories: CADTM

The Future of Greece

Tue, 31/10/2017 - 09:02
Syriza continues to oversee the implementation of austerity. But all is not hopeless in Greece. In Greece, it's not quite accurate to talk about the “rise and fall” of the left-wing party Syriza. “Rise and plateau” would be more fitting. Syriza came to power in January 2015 promising to confront the “troika” — the European Commission, the European Central Bank, and the International Monetary Fund — to secure an exit from the Greek debt crisis and end the austerity under which Greeks were (...) - English / ,
Categories: CADTM

Sri Lanka: Debt drives Jaffna mom, children to death

Sat, 28/10/2017 - 12:34
Just as mounting household debt in Sri Lanka's war-affected region began drawing national attention, a young mother in Jaffna, said to be heavily indebted, consumed poison along with her three children and died on Friday. Local media reports said the woman added poison to ice cream and fed her children, after which she had some herself. “The mother was 28, her children were 4, 2 and 1. We are investigating the case. We suspect that their death is related to the pressure of having to repay a (...) - English / ,
Categories: CADTM

Sovereign Debt Repudiations: Stepping Stones in History

Fri, 27/10/2017 - 08:50
From the beginning of the 19th century, many States, from Latin America to Tunisia, Egypt and the Ottoman Empire, among other countries, as well as Greece, have lost their autonomy. Debt has been a weapon for domination and spoliation. Contrary to popular belief, the peripheral indebted countries are not responsible for sovereign debt crises, which most frequently have their origin in the most powerful capitalist countries, and in turn result in large-scale crises in peripheral indebted (...) - English
Categories: CADTM

IMF needs radical reform to halt ‘failed policies' of privatization and austerity – UN expert

Thu, 26/10/2017 - 12:27
NEW YORK (17 October 2017) – The lending policies of the International Monetary Fund are actively undermining some of the UN's human rights and development priorities, as well as promoting the “failed” policies of privatization and “austerity”, a UN expert has warned. “The human rights dimension in lending can no longer be ignored,” Alfred de Zayas, Independent Expert on the promotion of a democratic and equitable international order, told the UN General Assembly in New York. Unveiling a series (...) - English / , ,
Categories: CADTM

Binding treaty on transnational corporations and human rights: press conference and action at opening of the week of mobilization in Geneva

Thu, 26/10/2017 - 10:11
Hundreds of social movements and organizations demanded on Monday in Geneva (Switzerland) that countries commit and make substantial advances in the process of UN negotiations towards a binding treaty on transnational corporations and human rights violations. The social groups, gathered in the Global Campaign to Reclaim Peoples Sovereignty, Dismantle Corporate Power and Stop Impunity, proposed elements to be included in the new Treaty. This was done during a press conference and action at (...) - Videos / , ,
Categories: CADTM

Open doors for forces of finance

Wed, 25/10/2017 - 22:02
ECB advisory groups are used as lobby platforms by the financial industry, as our new report shows. 'Open door for forces of finance at the ECB' reveals that the advisory groups counselling the European Central Bank are dominated by representatives of some of the most influential global financial corporations. Like many other EU institutions, the European Central Bank (ECB) actively seeks external expertise for its policies: a total of 22 advisory groups provide ECB decisionmakers with (...) - English / ,
Categories: CADTM