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Mexico: Payment of external debt must be suspended
by Benito Mirón Lince
25 May 2022

Invited by the national Promotora for the cancellation of public debt, delegates from the international network of the Committee for the cancellation of illegitimate debts (CADTM), coming from Puerto Rico, Columbia, Uruguay and Argentina came to Mexico from 27 April to 16 May. They were accompanied by Éric Toussaint, spokesperson of the international network CADTM, by Beatriz Ortiz, a member of the CADTM joint international Secretariat and by delegates from the ELA trade union in the Basque country.

Forums were organized at the Chamber of Representatives and at the Senate, as well and events and lectures in various cities such as Mexico DF, Toluca, Cuernavaca, Puebla, Oaxaca, Guadalajara, Merida and Cancún. CADTM delegates explained in detail why the debt situation in their respective countries was unfair and illegitimate. Debt is a threat to human development and is harmful to the interests of the majority since it was contracted to serve the interests of a privileged minority and not the collective interest, which resulted in corruption and lack of transparency.

In Mexico, public debt has become impossible to pay and is continually increasing. By the end of Enrique Peña Nieto’s presidency (2012-2018), it amounted to about $500 billion (i.e. 10,500,000,000,000 in Mexican pesos) and it is now over $600 billion (i.e. 13,300,000,000, 000 pesos). We raise the question: where has this debt gone to ? who are the beneficiaries? Corruption has played a part. A citizens’ audit is urgently needed. It has been shown that this debt is illegitimate and immoral. Necessary measures must be taken to suspend payment and cancel the debt so that the money can be invested in the interest of all and for the development of various sectors such as farming, health care, scientific research, education, etc.

We should note that this year’s budget for all the government’s priority social programmes is less than 500 billion pesos (around $25 billion) and that 860 billion pesos (about $43 billion) will be devoted debt repayment. This must be stopped. The interests of the majority must be met before those of greedy creditors.

Benito Mirón Lince

Mexican lawyer, former legal representative of the ELZN (Zapatist army of national liberation) in 1994, former secretary for labour and job creation of the Federal District government. Activist in various social and trade union movements, among which the Mexican Promotora for debt payment suspension and for debt audits.