Illegitimate debt
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Debt Against the People: an ABC
29 January 2020 - by Eric Toussaint
Introduction Over the last ten years Greece has been a prime example of how a country and a people can be deprived of their liberty through clearly illegitimate debt. Since the 19th century, from Latin America to China, Haiti, Greece, Tunisia, (...) -
New debt crisis in the South
18 December 2019 - by Milan Rivié
Public external debt in countries of the South [1] is a source of concern, notably because of its dramatic increase within the last two decades and because of parallels with the pre-crisis debt situation of Third World countries in the 1980s. (...) -
South Africa: actions against the abusive debts imposed on the popular classes
13 November 2019 - by Eric Toussaint
The 2012 Marikana mine massacre In 2012 thirty-four protesting miners employed at the Marikana platinum mine were massacred by police repression. They were in a hard fought struggle for wage increases. They had nothing left to lose because at (...) -
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 (...) -
Kenya: caught between debt and political indifference
1 May 2019 - by Sushovan Dhar
I reached Kenya on my way back from South Africa on April 13, 2019. This visit was a follow up of the earlier initiatives including a training on debt audit held at Nairobi, Kenya from July 29-30, 2018 in collaboration with the Kenyan Social (...) -
Mozambique files case against Credit Suisse in the UK
1 March 2019 - by Jubilee Debt Campaign
Jubilee Debt Campaign has learnt that the government of Mozambique, represented by the Attorney General, has filed a case in the UK High Court against Credit Suisse International. Commenting on the case, Tim Jones, policy officer at Jubilee (...) -
How Britain stole $45 trillion from India
31 December 2018 - by Jason Hickel
There is a story that is commonly told in Britain that the colonisation of India - as horrible as it may have been - was not of any major economic benefit to Britain itself. If anything, the administration of India was a cost to Britain. So the (...) -
Puerto Rico: Successful Campaign against Illegitimate Debt
15 December 2018 - by Eric Toussaint
Puerto Rico is a colony of the United States. Its inhabitants, although they have US citizenship, cannot vote for the president of the United States. Puerto Ricans elect a single representative to the US Congress, but this representative has no (...) -
Puerto Rico: Economic reconstruction, debt cancellation, and self-determination
13 December 2018 - by Rafael Bernabe
Puerto Rico has been a colony of the United States since the Spanish-American War of 1898. Its trajectory has been exceptional. Along with Cuba, it was one of the last colonies of Spain in the Americas. After 1898 it became a colony of a power, (...) -
Who Owns Puerto Rico’s Debt, Exactly? We’ve Tracked Down 10 of the Biggest Vulture Firms
3 December 2018 - by Joel Cintrón Arbasetti, Carla Minet, Alex V. Hernandez, Jessica Stites, CPIPR, In These Times
Financial firms are still fighting to get billions out of the bankrupt island as it tries to rebuild. Ever since Hurricane Maria and Irma devastated Puerto Rico, a looming question has been what will happen to the island’s $74.8 billion in (...) -
Climate scheme hands $105 million profit to global insurance industry
27 November 2018 - by Jubilee Debt Campaign
Caribbean disaster insurance scheme receives $293 million in premium payments and grants, pays out $131 million in claims, with $105 million going as profit to global insurers Figures released ahead of climate change negotiations in Poland show (...) -
‘Outrageous’ Mozambique debt deal could make 270% profit for speculators
8 November 2018 - by Tim Jones
People of Mozambique to pay $1.7 billion to $2.2 billion on original loan of $760 million, which was not agreed by Mozambique parliament, and which has been of no benefit The government of Mozambique has announced it has reached an agreement (...) -
History RePPPeated: How public private partnerships are failing
24 October 2018 - by Collectif, Eurodad, Latindadd, ODG (Observatorio de la Deuda en la Globalización)
From the complete failure of the Castor Project in Spain, to an overpriced hospital in Sweden, projects financed by the European Investment Bank (EIB) make no exception to the list of PPP disasters compiled in this new joint report. The report (...) -
Greece exits loan programme as impacts of Troika-led austerity are revealed
9 October 2018 - by Bretton Woods Project
Study highlights catastrophic health impact of Troika-imposed austerity Debt network stresses Greek crisis derived from private debt In August, Greece exited its eight-year programme of loans from the ‘Troika’ (the IMF, European Commission and (...) -
Mexico: creation of a CADTM launching committee
4 October 2018 - by CADTM
A meeting was held in Mexico City, in the lecturers’ hall at the Faculty of Economics of the National Autonomous University of Mexico (UNAM) on 1st October 2018 to launch the creation of a Mexican chapter of the CADTM. The UNAM counts four (...) -
Ten years on, the crisis of global capitalism never really ended
3 October 2018 - by Jerome Roos
With inequality on the rise, global debt higher than ever and international tensions intensifying, the political backlash to the crash of 2008 has only just begun. This weekend marks the tenth anniversary of the collapse of Lehman Brothers, (...) -
Greece still under the yoke of its illegitimate debt
20 July 2018 - by Anouk Renaud
On Friday 22 June 2018, after night-long negotiations, the Eurogroup (meeting of the finance ministers of the eurozone, along with representatives of the IMF and the ECB) announced with great fanfare / pomp and circumstances, a new agreement (...) -
Preface of ’System debt’ by Éric Toussaint
16 July 2018 - by Patrick Saurin
Éric Toussaint has an acute and thorough knowledge of public debt issues, thanks not only to his theoretical research work but also to his involvement in the field (notably in Ecuador and Greece). As he takes us through 19th century to 21st (...) -
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 (...) -
Eurozone finance ministers agree on last-minute debt reprofiling for Greece
27 June 2018 - by Bodo Ellmers
Eurozone finance ministers convened for a crucial Eurogroup session in Brussels on 21 June and agreed on a last-minute set of new debt reprofiling measures for Greece. The package of maturity extensions, interest deferrals and €15bn in new loans (...) -
The IMF is back in Argentina: “an economic and social crisis, even more serious than the present one, looms large on the horizon”
27 June 2018 - by Eric Toussaint, Sergio Ferrari
1. The vicious circle of illegitimate debt grapples the Argentine people once again 2. IMF’s $ 50 billion loan surpasses Greece’s previous record Sergio Ferrari from Berne, Switzerland interviewed Eric Toussaint, international debt specialist (...) -
Greece: the so called debt reduction is a sleight of hand
25 June 2018 - by Eric Toussaint, Marie Brette
Eric Toussaint interviewed by Marie Brette for TV5 Monde Eric Toussaint, what do you think of the agreement between the Eurozone ministers? Has Greece got through the crisis? E.T.: The crisis is not at all over. What’s more, from the point of (...) -
Taking a close look at the growing household...
4 May 2018 - by Amra Ismail
Taking a close look at the growing household debts in the North and East It is opined that there should be debt counselling or a service whereby debtors can come to an amicable settlement with the (...) -
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 (...) -
Mega-infrastructure as a mechanism of indebtedness
4 April 2018 - by ODG (Observatorio de la Deuda en la Globalización)
ODG’s publication “Mega-infrastructure as a mechanism of indebtedness – the risk of illegitimate, ecological and gender debt” analyses the main mechanisms of indebtedness that mega-infrastructure projects entail, raising the question of the (...)
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