Debt in History
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Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 8)
Why the 1953 cancellation of German debt won’t be reproduced for Greece and Developing Countries
27 March 2020 - by Eric Toussaint
In 2020, the World Bank (WB) and the IMF are 76 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 (...) -
The Debt System - book review
17 December 2019 - by Phil Armstrong
The Debt System argues that international debt is a system of exploitation of poorer countries, which should be regarded as illegitimate, finds Phil Armstrong This book tells a story of exploitation and the use of indebtedness by western (...) -
Nicaragua 1979-2019
18 July 2019 - by Eric Toussaint, Nathan Legrand
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 (...) -
Interview
In the debt system, it’s the people that lose out
5 July 2019 - by Eric Toussaint, Cristina Quintavalla, Vittorio Lovera, DIRE - news agency
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 (...) -
India and the Colonial Debt
4 April 2019 - by Sushovan Dhar
The English East India Company, as is well known, obtained, besides the political rule in India, the exclusive monopoly of the tea-trade, as well as of the Chinese trade in general, and of the transport of goods to and from Europe. But the (...) -
Nicaragua: The other revolution betrayed
5 January 2019 - by Eric Toussaint, Nathan Legrand
The violent repression against demonstrators protesting brutal neoliberal policies, which resulted in more than 300 people being killed by regime forces since April 2018, is just one of the reasons why different leftist social movements have (...) -
Philippines: The Marcos debt
5 November 2018 - by Eduardo C. Tadem
Another compelling argument against the “hero’s burial” for Ferdinand Marcos was his corruption-ridden mismanagement of the country’s debt. At the height of martial law in 1977, he issued Presidential Decree 1177 mandating the automatic (...) -
Summary of The Debt System A History of Sovereign Debts and their Repudiation
10 October 2018 - by Víctor Manuel Isidro Luna
The book The Debt System. A History of Sovereign Debts and their Repudiation will be published later in 2018 by Haymarket in Chicago https://www.haymarketbooks.org/books/1234-the-debt-system . The original French edition has been published in (...) -
A Brief History of the Relations between the World Bank, the IMF, the US Government and Nicaragua
14 August 2018 - by Eric Toussaint
Central America is considered by the US government as part of its own exclusive sphere of influence. The policies adopted by the World Bank in terms of granting loans to the countries of the region are directly influenced by the political (...) -
The mixed fortunes of Argentina’s 2005 and 2010 debt restructurings
28 June 2018 - by Eric Toussaint, Maud Bailly
In June 2018, Argentina signed a loan agreement with the IMF. We therefore republish a useful excerpt of an interview given by Eric Toussaint to Maud Bailly in 2014, which focuses on the process of the Argentine debt restructuring in the wake of (...) -
Éric Toussaint: “There is a disposition in the world’s masses for radical left proposals”
7 May 2018 - by Eric Toussaint
On 16 April 2018, Éric Toussaint was invited to speak about the role of the central banks and the banking sector at a seminar organised by Sampreeti – Sanskriti, a cultural association linked to the All India Reserve Bank Employees Association (...) -
We struggle against illegitimate public and private debt which are at the core of the capitalist system
6 April 2018 - by Eric Toussaint
The seventh CADTM South Asia regional workshop started in Colombo (Sri Lanka) on April 6, 2018, with participants coming from Sri Lanka, India, Pakistan, Bangladesh, Nepal, Japan, Belgium and France. Around forty people, most of them being (...) -
How international investment agreements have made debt restructuring even more difficult and costly
19 March 2018 - by Yuefen Li
International investment and trade agreements are legally binding international treaties which give investors an additional layer of legal protection on top of the host country law and contract law. However, little efforts have been made in (...) -
History shows that it is legitimate to repudiate “odious debt”
16 February 2018 - by Eric Toussaint, Vittorio De Filippis
Eric Toussaint interviewed by Vittorio De Filippis Published in the French daily Libération on 19 December 2017. Eric Toussaint is the international spokesperson for the CADTM ( Committee for the Abolition of Illegitimate Debt). In his latest (...) -
10 February 1918 – 10 February 2018
Russian debt repudiation, 100 years on
12 February 2018 - by Eric Toussaint, Nathan Legrand
On 10 February 2018, we celebrate the centenary of the repudiation of illegitimate debts by the soviets on 10 February 1918. 2017 marked the centenary of the Russian revolution, the first revolution in history to overthrow capitalism with an (...) -
Debt is a determining factor in History
12 December 2017 - by Eric Toussaint
Sovereign debt has been a crucial factor in a series of major historical events. From the early 19th century, in Latin American countries such as Colombia, Mexico and Argentina, struggling for independence,as well as Greece when seeking funds (...) -
Haiti: From trafficking to debt
11 November 2017 - by Jérôme Duval
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 (...) -
Part 12: Centenary of the Russian Revolution and the Repudiation of Debt
Reasserting debt repudiation ends with success
20 September 2017 - by Eric Toussaint
Before the Genoa conference, Soviet Russia had managed to sign bilateral treaties with Poland, the Baltic Republics, Turkey and Persia. More importantly, it had managed to sign a trade agreement with the UK. Signed in 1921, this agreement had (...) -
Portugal’s Debt Repudiation in 1837
19 September 2017 - by Eric Toussaint
After an armed struggle for succession that lasted from 1831 to 1834, Queen Maria of Portugal repudiated a loan issued in 1833 by the self-proclaimed king, Dom Miguel. She justified the repudiation by saying that bankers should not have lent (...) -
Part 11: Series: Centenary of the Russian Revolution and the Repudiation of Debt
Debt— Lloyd George blames the Soviets
11 September 2017 - by Eric Toussaint
In the final plenary conference, Lloyd George, the British Prime Minister, made a revealing reply: "There is a real sympathy for Russia’s condition. If Russia is to get help, Russia must not outrage the sentiments — if they like, let them call (...) -
Series: Centenary of the Russian Revolution and the Repudiation of Debt
Genoa (1922): proposals and, counter-proposals on the Tsarist debt
4 September 2017 - by Eric Toussaint
On 20 April 1922, Chicherin announced the Soviet response to the Western powers’ proposals of 15 April. It indicated that: “The Russian delegation are still of the opinion that the present economic condition of Russia and the circumstances which (...) -
Part 9 of the Series: Centenary of the Russian Revolution and the Repudiation of Debt
The Soviet counter-attack: the Treaty of Rapallo, 1922
28 August 2017 - by Eric Toussaint
The London report presented in the previous chapter was such a deliberate provocation on the part of Western powers that the Soviet delegation immediately got in touch with the German delegation, which Paris and London had somehow prevented from (...) -
Part 8 of the Series: Centenary of the Russian Revolution and the Repudiation of Debt
In 1922 creditor powers again attempt to subjugate the Soviets
22 August 2017 - by Eric Toussaint
Western governments presented a full list of demands aimed at solving in their favour the litigation over debt repudiation and expropriations decreed by the Soviet government. Those demands were presented in Genoa on 15 April 1922, five days (...) -
Part 7 of the Series: Centenary of the Russian Revolution and the Repudiation of Debt
Diplomatic manoeuvers around Russian debt repudiation
14 August 2017 - by Eric Toussaint
For five weeks in April and May 1922, a summit conference was held. Britain’s prime minister, Lloyd George, played a central role in it, as did Louis Barthou, the minister of the French president Raymond Poincaré. The main aim of the meeting was (...) -
Part 6 of the Series: Centenary of the Russian Revolution and the Repudiation of Debt
Russian bonds never die
9 August 2017 - by Eric Toussaint
Even though Russian bonds were repudiated by the Soviet government in February 1918, they were still traded right up until the 1990s. French government policy and that of other governments was directly related to this life after death. How (...)
- ICAN
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- Alternatives
- Antifascism
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