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CADTM, Comité pour l'abolition des dettes illégitimes
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The Highest Bidder Takes It All: The World Bank's Scheme to Privatize the Commons

4 horas 3 minutos atrás

The Highest Bidder Takes It All: The World Bank's Scheme to Privatize the Commons details how the Bank's prescribes reforms, via a new land indicator in the Enabling the Business of Agriculture (EBA) project, promotes large-scale land acquisitions and the expansion of agribusinesses in the developing world. This new indicator is now a key element of the larger EBA project, which dictates pro-business reforms that governments should conduct in the agricultural sector. Initiated as a pilot in (...)

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Varoufakis's secret negotiations and his disappointments with China, Obama and the IMF

20-02-2019

After Part Seven which analysed the first capitulation on 20 February 2015, this eighth part of the series will focus on the failure of the talks with the Chinese government, the continued secret diplomacy, relations with the IMF and the failure to suspend payments to them and Varoufakis's lack of support for the Greek Debt Truth Committee. Read the other articles of this serie: Part 1. Yanis Varoufakis's Account of the Greek Crisis: a Self-Incrimination — Part One: Proposals Doomed to (...)

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Financial globalization, N-S wealth distribution, resource transfers

18-02-2019

Geneva, 6 Feb (IPS/Yilmaz Akyuz*) — At a time when the world economy is seen poised for yet another financial turmoil, there is a widespread recognition that emerging economies (EMEs) are particularly vulnerable because of their deepened integration into the global financial system.
What is less appreciated is the implication of financial globalization and integration for external wealth distribution between emerging and advanced economies and resource transfers from the former to the (...)

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Nicaragua: Open letter to Daniel Ortega to demand the end of repression and freedom for political prisoners

16-02-2019

Mr. President, We are activists, former volunteers and leaders of associations and non-governmental organizations, all from different political and philosophical backgrounds.
The earthquake of December the 23rd 1972 was for many of us the beginning of a commitment to the Sandinista Front for National Liberation. After the successful insurrection of July 1979, we continued our support during the low-intensity war that the US government imposed on you until it devastated the country and (...)

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Battling bankers: grassroots insights on financial power

14-02-2019

Three inspiring activists — from Spain, UK and Kenya — share their experiences of taking on bankers and the lessons and insights from their ongoing struggles.
This essay is part of the Transnational Institute's “State of Power 2019” report.
Worldwide, countless activists are engaged in challenging unjust financial power on a daily basis. Few are financial experts or economists but citizens who through their struggles have gained an understanding of financial power that few academics can rival. (...)

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A critical review of the critical reviews of the book 'Adults in the Room' by Yanis Varoufakis

12-02-2019

The book Adults in the Room [1] by Yanis Varoufakis has given rise to some very interesting criticism from Adam Tooze in The New York Review of Books (“A Modern Greek Tragedy”), J.W. Mason in the Boston Review (“Austerity by Design”), Pavlos Roufos in The Brooklyn Rail (“Inside the Disenchanted World of Left Keynesianism”) and Helena Sheehan in Jacobin (“Closed Rooms and Class War”), among others. The author has also published a critique of this important book in the form of a series of (...)

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Rage and Liberation. Bulgarian women against violence

11-02-2019

March 8th – The Weekly Striker n. 1 : Rage and Liberation. Bulgarian women against violence
For the third year, the global women's strike is landing on dozens of countries on the 8th of march. The unexpected and enduring strength of this movement is testified by the tremendous circulation of the strike, even in places where it would not have been imaginable at all. With this interview made to the Bulgarian comrades of LevFem we inaugurate a series of interviews that will be published every (...)

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Debt Cancellation for Somalia

07-02-2019

You will find below a report on Somalia's sovereign debt which was issued by a consortium of NGOs. While some of their recommendations and their approach to possible solutions to the debt crisis are not completely in agreement with the CADTM's positions, we found their analysis useful to understand the current crisis in Somalia.
As a result of protracted conflict and devastating recurring droughts, Somalia is one of Sub-Saharan Africa's most troubled and underdeveloped countries. Following (...)

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Illicit financial flows thwart human rights and development in Africa

05-02-2019

The Universal Declaration of Human Rights turned 70 on 12 December and governments and civil society organisations around the world were commemorating the day with a range of activities. However, the threat of illicit financial flows to the respect of human seems to have been forgotten on that day.
The United Nations launched a global campaign earlier this year to engage audiences to promote understanding and to reflect upon the ways that everyone can stand up for human rights. The (...)

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Brumadinho – International Articulation of People Affected by Vale statement

30-01-2019

We have received the news of another tragedy instigated by Vale mining company with profound indignation. This afternoon (January 25, 2019) two tailings dams located in the Corrego de Feijao community, in Brumadinho, metropolitan region of Belo Horizonte [state capital of Minas Gerais)have breached. We do not yet have information about the number of victims, but, according to reports, there were about 1000 people in the company dining room, now covered with tailings, at the time of the (...)

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Debt Island: Wall Street Closes in on 40 Years of Profit at Puerto Rico's Expense

30-01-2019

An important chapter in the story of the Puerto Rican debt crisis is coming, as an adjustment plan around sales tax-backed, or COFINA, debt is being voted on by creditors and will likely be approved by the federal court overseeing the restructuring process in mid-January. The agreement will lock in 40 years of payments to Wall Street bondholders, with deep consequences for Puerto Rico.
Hedge fund billionaires are on the verge of pulling off what seemed unthinkable in the wake of Hurricane (...)

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In Zimbabwe, capitalist crisis + ultra-neoliberal policy = “Mugabesque” authoritarianism

28-01-2019

Once again, a formidable burst of state brutality against Zimbabwe's citizenry has left at least a dozen corpses, scores of serious injuries, mass arrests, Internet suspension and a furious citizenry. The 14-17 January nationwide protests were called by trade unions against an unprecedented fuel price hike, leading to repression reminiscent of former leader Robert Mugabe's iron fist.
Most of the country's economy ground to a halt. For more than a week, the cities remained ghost towns, as army (...)

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Emmanuel Macron, Pedro Sanchez, Angela Merkel and Theresa May Have No Right to Issue an Ultimatum to Venezuela

28-01-2019

On Saturday 26 January 2019, Emmanuel Macron, Pedro Sánchez, and Angela Merkel, followed by Theresa May, gave the government of Venezuela eight days within which to call elections. If the government of Venezuela does not comply with this order by then, Macron, Sánchez, Merkel and May have announced that they will recognize Juan Guaidó, who declared himself president of Venezuela on 23 January 2019.
The day following this ultimatum, French President Macron began a three-day official visit to (...)

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The Sudan uprising: “This is a people's revolution”

25-01-2019

In Sudan, a multifaceted civil opposition is posing a serious threat to the continued existence of Bashir's dictatorial regime after weeks of protests.
If a hospital is not a sanctuary for an injured person, what is? And what level of hatred, what kind of viciousness can be satisfied by the attempt to ensure that a protester die twice? On January 9, riot police, plain-clothed Bashir loyalists, and security forces fired tear gas and live bullets into the Omdurman Teaching Hospital in Sudan (...)

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The Challenges for the European Left regarding Debt and the Banks

23-01-2019

Second part of the interview given to LVSL. Here, the first part “Break the Taboo on Odious Debts and their Repudiation”.
LVSL – If we look at the case of Greece in 2015, we see that there was a change of regime when Syriza and Alexis Tsipras came to power, with strong popular support. And yet in the end, Tsipras downplayed and ignored the work of the Truth Committee on Greece's Public Debt, which you worked for. What are the political factors that interfered with this movement towards a (...)

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What we have learned from the US indictment on odious loans to Mozambique

23-01-2019

Yesterday (3 jan 2019) three former employees of Credit Suisse were arrested in London over $2 billion of odious loans to three state owned companies in Mozambique, given in 2013. The loans were given to companies with no revenue, and were not agreed by the Mozambique parliament, making them illegal in Mozambique. Two of the three loans only became publicly known about in 2016. Mozambique has been plunged into a debt crisis, and has now defaulted on all three loans.
The three ex-Credit (...)

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Crackdown on the French Yellow Vest Movement: an Undeclared State of Emergency

21-01-2019

According to Vincent Brengarth, a lawyer at the Paris Bar, in recent years we have been witnessing a disturbing drift in police repression in France, more specifically since November 2015 when the state of emergency was pronounced and extended several times, before being integrated into common law. We would henceforth be under “a state of emergency that does not say its name,” with preventive arrests only based on suspicion, without concrete evidence of an offence .
Figures from the (...)

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The resignation of the World Bank president should encourage countries to terminate all agreement with the Bretton Woods institutions

21-01-2019

On Monday, 7 January 2019, Jim Yong Kim, President of the World Bank (WB) has announced his resignation. Kristalina Georgieva, the current Chief Executive Officer of the World Bank will assume the role of interim President effective February 1 till the President of the United States, Donald Trump designates Kim's successor. Truly symbolic of this anti-democratic institution working against the interests of the people of the planet.
The President of the World Bank, Jim Yong Kim, submitted (...)

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Éric Toussaint talks about Nicaragua with Bill Fletcher on US radio

19-01-2019

On January, Friday the 18th, Éric Toussaint was interviewed by Bill Fletcher for WPFW FM, a progressive Washington based radio station, about the current situation in Nicaragua. You can listen to the interview below.

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Things to watch in 2019: Debt and emerging debt crises

18-01-2019

More than a decade after the last global financial crisis hit, the next wave of defaults is lapping at our shores. Financing conditions will become more difficult in 2019. The world's major central banks ‘normalised' their monetary policies last year, meaning that the times of cheap and abundant credit are over.
Both public and private actors that borrowed heavily in recent years are finding it increasingly hard and costly to refinance their sky-high debt stocks. The number of countries at (...)

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