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Initial reflections on the UN decision to establish a multilateral legal framework for the processes of public debt restructuring

By Jubileo Sur Americas , Lutheran World Federation , CADTM AYNA Since the imposition of the economic policies of the last dictatorship |1|, the Argentine people have continued to suffer the impacts and consequences of the debt generated in that period and its subsequent restructurings. Amidst repeated crises and via structural adjustment after another, a model…

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Global week of action against the Debt and International Financial Institutions (IFI), 8-15 October 2014

Argentina has fallen prey to a bunch of hedge funds known as ‘vulture funds’. Taking advantage of the precarious financial situations of some States, these vulture funds buy debts at a discounted price on a secondary market and then sue the debtors for the initial amount to which they add interests, penalties, and legal expenses.…

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Rolling Jubilee Student Debt Buy

Strike Debt’s Rolling Jubilee project has abolished almost $4 million in private student debt for a little over $100,000 These debts were held by students who attended Everest College, a predatory for-profit institution in the Corinthian Colleges network. You can read a sample letter received by debtors here. Details about the purchase are available here.…

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Why the Portuguese public debt is not payable

There has been “not one historical incidence” where austerity policies have led a country to get out from under a heavy debt burden.  Ashoka Mody, former IMF chief for mission to Ireland Download Why the Portuguese public debt is not payable. Download the Portuguese version Porque não é pagável a dívida pública portuguesa. Summary Conclusions 1 – The debt is…

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Half a million citizens in Spain now have control over municipal government accounts

Over half a million people now have access to real participation in their municipality The OCMs: citizen bodies to control local governments   (subtitles in: English, French, Italian, Greek, Portuguese and German). After two years of work at the Spanish Citizen Debt Audit Platform (PACD), we are handing over our municipal tool to citizens: the…

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OCAX: an online tool to keep public budgets under people’s control

A year ago, the PACD (Spanish Citizen Debt Audit Platform) launched its campaign to fight debt and lack of transparency in the municipalities. The aim was to create citizen observatories to get the budgets under citizens’ control. An online tool has been developed in order to support this task. The tool, OCAX, is totally open source:  any group can…

The CADTM calls on the members of the European Parliament to vote against the new EU loan to Tunisia and demands the immediate suspension of Tunisia’s debt repayments

26 February by CADTM international On 13 February 2014, the European Parliamentary commission on international commerce gave its go-ahead for the European Union to accord a heavily-conditioned loan of €300 million to Tunisia. The draft project adopted by the commission would hold the Tunisian government to strictly applying the austerity measures imposed by the International…

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Unsustainable life with sustainable debts? No thanks! – Announcement by the Greek Debt Audit campaign

24/01/2014 By the Greek Debt Audit Campaign, The utter failure of political management of public debt by the governments of George Papandreou up to the current one of Samaras in agreement with the lenders has led to a reinvigorated debate about what next on the public debt issue. The failure is confirmed by the explosion…