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

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?

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

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

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”

(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

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 »

Search for truth about the Greek debt

by Eric Toussaint (6 April 2015): For the first time in Europe a committee for an audit of the debt (with citizens’ participation) was set up under the auspices of a parliament. On Saturday 4 April the president of the Hellenic parliament Zoe Konstantopoulou opened the first official session creating a debt audit committee , also called committee for the truth about the debt. Zoe Konstantopoulou read the decree establishing the said committee consisting of Greek and foreign members and defined ... Read More »

WSF 2015, Tunis: The people united, will never be defeated!

Declaration of the Social Movements Assembly TUNIS: (27 March 2015) – The Social Movements Assembly of the WSF 2015, Tunisia is the place where we come together through all our diversity, in order to forge a collective agenda to fight against capitalism, imperialism, patriarchy, racism and all forms of discrimination and oppression. We have forged a common history and a common stream of work, which led to some progress, with the hope to garner some amount of victory against the ruling ... Read More »

Policy statement: Govt. admits violating Debt Limitation Act

By  Shahbaz Rana (February 3, 2015) The country’s stock of external debt and liabilities is increasing at a rapid pace compared to foreign exchange earnings, which could undermine its debt repayment capacity, reveals the Debt Policy Statement, confirming that the government could not bring the public debt within statutory limits. The government on Monday laid the Debt Policy Statement before the National Assembly, admitting that it violated the Fiscal Responsibility and Debt Limitation (FRDL) Act of 2005. The statement was ... Read More »

A debt to history?

(By GillianTett)  To some, Germany faces a moral duty to help Greece, given the aid that it has previously enjoyed. As the crucial election looms in Greece later this month, newspapers have been full of pictures of demonstrations (or riots) in Athens. But there is another image hovering in my mind: an elegant dining hall on the shores of Lake Lucerne in Switzerland. Last summer I found myself in that spot for a conference, having dinner with a collection of central ... Read More »