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CADTM, Comité pour l'abolition des dettes illégitimes
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Greece: The elusive “Return to Normality” against the background of the historic bankruptcy of its left

23-08-2019

Almost unanimously, the Greek and international media and the leaders of the main Greek parties are celebrating the result of the Greek election as “a return to normality” for the country whose crisis has hit the headlines over the last decade. This return to normality is because the combined votes for New Democracy 39.9% and Syriza 31.4% gives an overwhelming 71.3%, seemingly bringing a two party system back into play, following a chaotic interlude during which, in record time, the mass of (...)

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James Wolfensohn switches on the charm (1995-2005)

21-08-2019

In 2019, the World Bank (WB) and the IMF will be 75 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the interests of the world's populations.
The WB and the IMF have systematically made loans to States as a means of influencing their policies. Foreign indebtedness has been and continues to be used as an instrument for subordinating the borrowers. Since (...)

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The African Continental Free Trade Agreement: Loss of Sovereignty, Lack of Transparency

19-08-2019

The African Union's Assembly of Heads of State and Government conceived of the African Continental Free Trade Agreement (AfCFTA) in 2012 with the goal of creating a Continental Free Trade Area by 2017. In March 2018 the majority of AU member states signed the agreement to establish the free trade area, with most remaining AU members signing later in 2018 or early 2019. Notably, Nigeria is the only major African economy not to sign the agreement, and it has expressed resistance to doing so (...)

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Finance: fiddling, fetish and fiction

14-08-2019

Nothing changes in the finance sector globally, despite the catastrophic impact of the banks on the world capitalist economy in the global financial crash and the ensuing Great Recession.
In previous posts, I have highlighted the greed, recklessness and instability of the finance sector and its operational leaders. As Marx said, finance is the epitomy of the fetish of money, increasingly based on investing in fictitious capital, that bears no relation to any value created in an economy, (...)

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Women's/Feminist Strike in Switzerland: A Step Forward on the Road of the Internationalization of Feminist Struggles

13-08-2019

“But what do they want?” was the question since the first Feminist Conference in June 2018 held in Lausanne and its call for a Women*'s / Feminist strike to be held a year later. On the 14th of June 2019, exactly 28 years after the first-ever women*'s strike in Switzerland, more than half a million women* and supportive men took part in mobilizations all over the country. Thousands more, from midnight on, occupied public spaces, and several workplaces or simply showed their solidarity with the (...)

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Presidents Barber Conable and Lewis Preston (1986-1995)

10-08-2019

In 2019, the World Bank (WB) and the IMF will be 75 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the interests of the world's populations.
The WB and the IMF have systematically made loans to States as a means of influencing their policies. Foreign indebtedness has been and continues to be used as an instrument for subordinating the borrowers. Since (...)

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Categorias: CADTM

The World Bank and the IMF: the creditors' bailiffs

04-08-2019

In 2019, the World Bank (WB) and the IMF will be 75 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the interests of the world's populations.
The WB and the IMF have systematically made loans to States as a means of influencing their policies. Foreign indebtedness has been and continues to be used as an instrument for subordinating the borrowers. Since (...)

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Categorias: CADTM

PUERTO RICO RISES ...

24-07-2019

CADTM Latin America and the Caribbean (CADTM - ABYA YALA - Our America) stands in solidarity and marches along with the brave Puerto Rican people and, among them, the comrades with whom we participated in the Latin American and Caribbean Week against Illegitimate Debts, held from December 2 to 8, 2018.
We are aware, through the experiences of being there, that this country and its people will not give up, that they will continue their rebellion honouring the memory of those who struggled (...)

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A profits recession?

22-07-2019

This week, we get the first US company reports on earnings for the second quarter of 2019. And it looks as though there will be the first back-to-back drop in overall earnings since the mini-recession of 2016. S&P 500 companies are expected to report an average earnings fall of 2.8 per cent in the second quarter, according to data provider FactSet, following a 0.3 per cent dip in the first three months of the year.

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Pakistan and World Bank Settlement of Investment Disputes – Do not pay the unfair fine; oppose the unjust decision of ICSID

22-07-2019

This is a story of the dodgy deal by a multi national company and then earning massive amount of money through the so-called process of Settlement of Investment Disputes, a World Bank institution acting against developing countries.
This is a new way of exploitation of the under developed countries by these foreign investors where corruption is a way of life and lobbying for forcing the government to sign unjust contracts through retired military officers are done in routine. And If you (...)

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The Mexican debt crisis and the World Bank

22-07-2019

In 2019, the World Bank (WB) and the IMF will be 75 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the interests of the world's populations.
The WB and the IMF have systematically made loans to States as a means of influencing their policies. Foreign indebtedness has been and continues to be used as an instrument for subordinating the borrowers. Since (...)

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Categorias: CADTM

Puerto Rico: people are in the streets against sexism, homophobia, austerity and corruption

21-07-2019

A political scandal recently pushed thousands of Puerto Rican people into the streets to march under the catchword ‘Ricky Renuncia!', Ricardo, quit! - Ricardo Rossello is the island's current governor.
On 11 July 2019, an anonymous source published personal messages from the governor's Telegram account (a crypted application similar to Whatsapp). Two days later, le Centro de Periodismo Investigativo (Centre for Investigation Journalism) in Puerto Rico published them on line, thus exposing (...)

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Nicaragua 1979-2019

18-07-2019

THE NICARAGUAN GOVERNMENT'S violent repression against demonstrators protesting its brutal neoliberal policies, resulting in more than 300 people being killed by regime forces since April 2018, is only one of the reasons why various leftist social movements have condemned the Nicaraguan regime led by President Daniel Ortega and Vice-President Rosario Murillo.
The Left has many more reasons to denounce the policies of the regime. To understand this, we must go back to 1979. That year saw (...)

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The World Bank saw the debt crisis looming

17-07-2019

In 2019, the World Bank (WB) and the IMF will be 75 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the interests of the world's populations.
The WB and the IMF have systematically made loans to States as a means of influencing their policies. Foreign indebtedness has been and continues to be used as an instrument for subordinating the borrowers. Since (...)

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Categorias: CADTM

How Wall Street Colonized the Caribbean

12-07-2019

The expansion of banks such as Citigroup into Cuba, Haiti, and beyond reveal a story of capitalism built on blood, labor, and racial lines. This essay is featured in Boston Review's Spring 2019 issue Racist Logic.
Buy a copy and receive a free digital edition of Race, Capitalism, Justice.
Scrubbed from the pages of glossy coffeetable books, the history of U.S. imperialism can be found in the archives of Wall Street's oldest, largest, and most powerful institutions. A deep dive into the (...)

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Greece: completing the vicious circle

12-07-2019

So the full circle is completed. The corrupt pro-business conservative New Democracy party in Greece that was ousted by the anti-capitalist Syriza party in 2015 has been returned to office in yesterday's general election, with an outright majority over all other parties.
New Democracy party got just under 40% of the votes cast. Syriza under Alexis Tsipras got just under 32% of the vote. The voter turnout was just over 57%, the lowest rate since the end of military rule in 1974, suggesting (...)

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The debt trap

08-07-2019

In 2019, the World Bank (WB) and the IMF will be 75 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the interests of the world's populations.
The WB and the IMF have systematically made loans to States as a means of influencing their policies. Foreign indebtedness has been and continues to be used as an instrument for subordinating the borrowers. Since (...)

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Categorias: CADTM

Post-Bouteflika Algeria: For a Democratic Transition

06-07-2019

In Algeria, the slogan Yatnahaw ga', “that they all blow off”, sums up the widely shared popular will to put an end to the “Bouteflika system”. It is a question of setting in motion a process of transition to a Second Republic.
In homage to Ramzi Yettou, a victim of repression who died at the age of 23, on Friday 19 April, of internal hemorrhage and head injuries after being beaten by the police during the big march on Friday 12 April. He is the second martyr since the beginning of the movement (...)

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In the debt system, it's the people that lose out

05-07-2019

Eric Toussaint, who presented the Italian version of his book The Debt System in Rome on 18 June 2019, holds that it is possible to “repudiate the dictatorship of the financial markets... Coercion by debt is an integral part of the global capitalist system. It is more than a simple opposition between the North and the South of the planet.”
Every country has a capitalist class that sees its own interest in imposing the debt system. “That is why the opposition to it is inside the system, (...)

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Migrants, debt and propaganda

03-07-2019

As regards the docking of the Sea Watch 3 ship, a heated debate is rising in Italy, which could not but involve organizations also dealing with economics, finance and debt.
In these days we are witnessing the representation of a dramatic , tragic and aberrant propaganda, whose aim is using the stories of people in trouble and at risk of life, in order to divert attention from the real Italian problems.
What are the actual effects of migratory fluxes on our national economy? Are we sure (...)

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