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Debt Limitation Act: 10 years on – where does Pakistan stand?

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By Tehreem Husain (September 28, 2015) The question of debt has been around for some time. The importance of debt towards economic growth, monetary and financial stability has received great attention after the onset of the global financial crisis. The financial crisis also prompted research into the history of debt –London School of Economics anthropologist David Graeber has written a thick book, ‘Debt: The First 5,000 Years’, presenting the thesis that even early humans belonging to agrarian empires used elaborate ... Read More »

Call for parliamentary debt audit commission

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Islamabad: (September 17, 2015) Pakistan’s economy has been paralysed by an unpayable and largely unjust debt burden that is preventing the country from reaching its poverty goals and hindering the development of democracy, says a paper launched by Islamic Relief Pakistan here on Wednesday during a conference on Pakistan’s national debt. The event was attended by members of parliament, diplomats, members of civil society, academia and media. Islamic Relief, a relief and development organization, has been running a campaign ‘Unlocking the ... Read More »

MNA proposes to establish ‘Debt Audit Commission’

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ISLAMABAD (APP): Speakers at a conference on Wednesday (16 Sept 2015) proposed to establish an independent “Debt Audit Commission” for deciding legitimacy of debts acquired by successive governments. Speaking at a “Conference on Pakistan’s National Debt” organized by the Islamic Relief Pakistan here, they said legislation should be made to give the commission legal cover. Member of the National Assembly Rumesh Kumar said that every government should focus to decrease debt and the country could get rid of this menace ... Read More »

UN votes on Sovereign Debt Restructuring

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The UN General Assembly on 9 september 2015 adopted the resolution on sovereign debt restructuring that would establish an intergovernmental negotiation process aimed at increasing the efficiency, stability and predictability of the international financial system. With 124 votes in favour, 11 votes against and 41 abstentions, the Assembly adopted “Towards the establishment of a multilateral legal framework for sovereign debt restructuring processes” (document A/68/L.57/Rev.1). Introducing the draft resolution, Sacha Sergio Llorentty Solíz (Bolivia), speaking for the “Group of 77” developing countries and China, ... Read More »

Illegal trade at Torkham border: Pakistan loses Rs.5-6bn a month

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ISLAMABAD: The Supreme Court was informed on Tuesday that the national kitty was being deprived of Rs5 to 6 billion per month due to undocumented economy at the Torkham border, Bara and the hawala/hundi market. A report submitted by Additional Advocate General of Khyber Pakhtunkhwa Omer Farouk Adam, a member of the four-man commission appointed by the Supreme Court on Aug 21 to check illegal border crossing into Pakistan from Torkham, claimed that the ready to use SIMs were bought ... Read More »

Should Greece Pay Back Its Debt?

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By Ozlem Onaran ( 23 April 2015) Financial speculators are nervously asking whether Greece will pay its debt or default. Political leaders from Europe to the US and the IMF are telling the Greek government to leave aside its democratic mandate and accept further austerity as a condition for getting credit to continue to pay back its debt. But the right question politically is: should Greece pay this debt.? On 4 April the President of the Hellenic Parliament, Zoe Konstantopoulou, set up ... Read More »

Debt and austerity imposed on Greece violate the Human Rights

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Written statement submitted by Centre Europe – Tiers Monde at the 30th session of the Council for Human Rights, A / HRC / 30 / NGO / 18, September 2, 2015. This statement was prepared in collaboration with the Committee for the Abolition of Third World Debt (CADTM) Since May 2010, Greece has been in structural adjustment. |1| To obtain loans from the International Monetary Fund (IMF), 14 member States of the Eurozone “represented” by the European Commission, and the European Financial Stability Facility ... Read More »

The IMF Confirms ‘Trickle-Down’ Economics Is, Indeed, a Joke

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JARED KELLER (JUN 18, 2015) “Trickle-down” economics began as a joke. Seriously. If there’s one person most often associated with the origins of trickle-down economics, it’s President Ronald Reagan. Few people know, however, that the phrase was actually coined by American humorist Will Rogers, who mocked President Herbert Hoover’s Depression-era recovery efforts, saying, “money was all appropriated for the top in the hopes it would trickle down to the needy.” Rogers’ joke became economic dogma within two generations, thanks in large ... Read More »

Rethinking the principle of “states must repay sovereign debt”

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(By Odette Lienau) Is it true that states must always repay their sovereign debt – even after a major regime change – to maintain their future creditworthiness?  This conventional wisdom on sovereign debt is overly simplistic and in some cases entirely wrong. The assumptions of political neutrality, creditor uniformity, and historical constancy, upon which this common narrative rests, do not stand up to closer inspection. This suggests that more flexibility exists in terms of our understanding of government debt and how the market ... Read More »

For the Greek Peoples’ Right To Audit Public Debt

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APPEAL TO SUPPORT THE RESISTING GREEK PEOPLE and its TRUTH COMMISSION ON PUBLIC DEBT FOR THE PEOPLES’ RIGHT TO AUDIT PUBLIC DEBT    To the people of Europe and the whole world! To all the men and women who reject the politics of austerity and are not willing to pay a public debt which is strangling us and which was agreed to behind our backs and against our interests. We signatories to this appeal stand by the Greek people who, ... Read More »