South
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Version 2.0: The North’s New Debt Trap for the South
Evolution of the external debt of developing countries between 2000 and 2019
19 January 2021 - by Eric Toussaint, Milan Rivié
An update of the three part series “A new trap of indebtedness of the South to the North” published in September-October 2020. At the end of the 1990s and the early years of the new millennium, developing countries (DC) were emerging from an (...) -
In memory of Patrice Lumumba, assassinated on 17 January 1961
17 January 2021 - by Eric Toussaint
On 17 January 2021, we commemorate the 60th anniversary of the assassination of Patrice Lumumba (1925-1961). After a resounding victory in the first real elections in which the Congolese participated, Patrice Lumumba became Prime Minister of (...) -
Western Imperialism and the Role of Sub-imperialism in the Global South
13 January 2021 - by Patrick Bond, Ana Garcia, Miguel Borba
AT FIRST BLUSH, JOE BIDEN’S ELECTION as U.S. president brings respite from a world threatened by Donald Trump’s climate-denialist, dictator-coddling, xenophobic, racist, misogynist, rules-breaking regime. On second thought, 2021 will also initiate (...) -
India: Long march to peasant unity
4 January 2021 - by Ranjini Basu
The unprecedented unity among peasant organisations is not a sudden development. It has been built over several struggles, which have expanded the base of the peasant and snowballed into the massive protests against the new farm laws. The (...) -
How pension funds shape financialisation in emerging economies in Colombia and Peru
17 December 2020 - by Bruno Bonizzi, Jennifer Churchill, Diego Guevara
In early spring 2020 emerging economies (EEs) were hit by the largest ever episode of portfolio outflows. Stock and bonds were sold as investors flight to safer investments in Europe and the United States, showing once again the fragile nature (...) -
Deep and comprehensive dependency: How a trade agreement with the EU could devastate the Tunisian economy
9 December 2020 - by Hamza Hamouchene, Layla Riahi
Tunisia has undergone radical changes in the past decade, and faces more in the years to come, if the EU has its way. As the first country to topple its dictator in early 2011, it set off a chain of revolutions across North Africa and West Asia (...) -
Strengthening Agro-business Capitalism and Weakening Federalism
4 December 2020 - by Pritam Singh
India is currently rocked by farmer’s protest. Tens of thousands of farmers have surrounded India’s capital, New Delhi, where they intend to camp out for weeks to protest against the contentious new agricultural laws that could destroy their (...) -
A new trap of indebtedness of the South to the North - Part 3
Developing Countries caught in the vice-like grip of indebtedness
1 December 2020 - by Eric Toussaint, Milan Rivié
We continue our analysis of the present-day factors that contribute to the unsustainable nature of debt repayments demanded of the countries of the Global South. We shall examine the following topics: the downward evolution of commodity prices; (...) -
A new trap of indebtedness of the South to the North - Part 2
Threats over the external debt of Developing Countries
27 November 2020 - by Eric Toussaint, Milan Rivié
In the first part, we saw that the external indebtedness of developing countries (DC) went through two stages from 2000 to 2018. From 2000 to 2007-2008, the debt stagnated or increased moderately in parallel to negative net transfers. From 2008 (...) -
Haemorrhaging Zambia: Prequel to the Current Debt Crisis
25 November 2020 - by Andrew M. Fischer
Following a stand-off with commercial creditors and protracted but unresolved negotiations with the IMF, Zambia defaulted on its external sovereign debt on 13 November this year. While most commentary has focused exclusively on the government’s (...) -
Sri Lanka: An argument for cancelling the household debt
23 November 2020 - by Amali Wedagedara
Women affected by microloans in Sri Lanka have been mobilising for debt cancellation since a couple of years. The complexity of the agricultural debt problem and the attractiveness of the idea of debt abolition made it a popular campaign slogan (...) -
G20: the debt solution
22 November 2020 - by Michael Roberts
This weekend, the G20 leaders’ summit takes place – not physically of course, but by video link. Proudly hosted by Saudi Arabia, that bastion of democracy and civil rights, the G20 leaders are focusing on the impact on the world economy from the (...) -
Urgent debt relief needed as Pakistan faces perfect debt trap
12 November 2020 - by Abdul Khaliq
The indicators of a severe debt crisis were already present in Pakistan long before the Covid-19 crisis hit. Coordinated efforts by CSOs all round the world are needed to ensure that countries like Pakistan are not left alone dealing with its (...) -
Illicit Financial Flows: Africa is the world’s main creditor
5 November 2020 - by Milan Rivié
In its latest report on Illicit Financial Flows (IFF) in Africa, UNCTAD (United Nations Conference on Trade and Development) discloses that 88.6 billion US$ from the continent go up in smoke every year. Not only must we ask questions about the (...) -
Tunisia : The Truth and Dignity Commission report available
4 November 2020 - by Avocats Sans Frontières (ASF)
On July 24th 2020, the Truth and Dignity Commission’s (IVD) final report has finally been published in a special issue of the Official Gazette of the Tunisian Republic. This report concludes the Commission’s work, which included the hearings of (...) -
Zambia edges towards debt default, but bondholders could make millions
3 November 2020 - by Tim Jones
Zambia will go into debt default on the 14th November if a resolution is not reached with their private creditors following a missed interest payment in October. The southern African country has requested a six-month extension on interest (...) -
A new trap of indebtedness of the South to the North - Part 1
Evolution of the external debt of Developing Countries between 2000 and 2018
26 October 2020 - by Eric Toussaint, Milan Rivié
At the end of the 1990s and in the early years of the new millennium, Developing Countries (DC) were emerging from an unprecedented debt crisis, the “lost decades of development”, which had started in 1982 with Mexico defaulting. Between 1980 and (...) -
Debt disaster with no escape
19 October 2020 - by Michael Roberts
The IMF-World Bank semi-annual meeting took place from 12th to 18th October 2020. Earlier the IMF kicked off the show with a warning that the poor countries of the world are heading for a catastrophe from the pandemic slump, leading to defaults (...) -
30 years of CADTM
(Video) Fattorelli : “The solution will come from grassroots, conscious, mobilized and united”
19 October 2020 - by Maria Lucia Fattorelli
Message from Maria Lucia Fattorelli (founder and spokesperson of the Citizen Debt Audit in Brazil, member of CADTM) for the 30th anniversary of CADTM. -
The CADTM denounces the G20’s measures on debt
17 October 2020 - by CADTM International
At the time of the WB-IMF annual assemblies held from 12 to 18 October 2020, the G20 Finance Ministers met on Wednesday 14 October to decide on new debt relief measures for the countries of the South. The G20 proved unable to meet the emergency (...) -
The Bretton Woods Twins in the Era of COVID-19: Time for an Exit Strategy for the Global South?
13 October 2020 - by Focus on the Global South
As they mark their 76th year, the International Monetary Fund and the World Bank have been presented with a grand opportunity, not to save the world, but to salvage their tattered reputation. The Fund enters the annual IMF-World Bank meetings (...) -
After the putsch: What future for Mali?
28 September 2020 - by Paul Martial
In Mali, the seizure of power by the military on 18 August, 2020 opens a new page in a country which is experiencing an unprecedented crisis. The situation continues to deteriorate seriously. The proportion of the population living below the (...) -
Development banks must be held accountable for their disastrous oil palm plantation investments in the Congo
25 September 2020 - by GRAIN
The remains of assassinated Congolese leader Patrice Lumumba are finally on their way back home from Belgium. But this brings no closure to the anti-colonial struggle he led and was ultimately killed for. Foreign powers continue to loot the (...) -
6 months after the official announcements of debt cancellation for the countries of the South: Where do we stand?
18 September 2020 - by Milan Rivié
As they were faced with requests for debt cancellation from several heads of state from countries of the South and social movements at the end of March and in early April, international financial institutions and other creditor groups suggested (...) -
World Bank’s rating obsession will negate debt justice
31 August 2020 - by Patrick Bond, Dominic Brown
The international financial system’s reliance upon credit ratings – usually based on dubious premises – needs urgent rethinking. The Covid-19 pandemic is just one of the catastrophes leaving many low-income countries – and soon middle-income (...)
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COMMITTEE FOR THE ABOLITION OF ILLEGITIMATE DEBT
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