Recent Articles

Debt Justice

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 »

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 »

Search for truth about the Greek debt

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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 »

Policy statement: Govt. admits violating Debt Limitation Act

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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?

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(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 »

Issues in the management of Pakistan Debt

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(By Hafiz Pasha) Pakistan’s debt stands at Rs 18,241 billion as of end- June 2014. This includes Rs 16,321 billion of government (public) debt, equivalent to 89% of total debt. The rest, Rs 1,920 billion, is owed by public sector enterprises, banks and companies, mostly with external creditors. Public debt has mushroomed rapidly since 2006-07. It was Rs 4,896 billion in June 2006-07, and has risen annually by 19%. At this rate, it is effectively doubling every four years. Today, ... Read More »