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Debt & Development Coalition Ireland - Request for urgent action TODAY
international |
public consultation / irish social forum |
press release
Saturday June 28, 2003 11:31 by Anonymous - (on behalf of ) Debt & Development Coalition Ireland.
28th June 2003 (Request is to send 2 quick e-mails, immediately, before 2 O'Clock this Monday 30th if possible - This request is located at the end of the below piece):- |
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Jump To Comment: 1 2For an excellent piece written by Debt & Development Coalition Ireland's Niamh Gaynor, on "Tackling the Democratic Deficit in Debt Resolution", see:-
www.debtireland.org/updates/Democratic-Deficit-in-Debt-Resolution.htm
"The Jubilee campaign, whilst successful in increasing - albeit insufficiently - the amount of debt cancellation on offer, also successfully exposed the ineffectual system of global governance which left resolution of the crisis in the sole hands of creditors. This creates a situation of 'moral hazard' in decision making where the IFIs are judge and plaintiff. Not alone has this mitigated against resolution of the current crisis, it also means there are no checks and balances against future debt crises. If creditors control the debt relief mechanisms, there is less pressure on them to ensure greater responsibility in future lending. The next step therefore, is to work towards the establishment and ratification of a new fair and independent system for dealing with sovereign debt"
DDCI Programme (2003-2005)
If creditors control the debt relief mechanisms, then obviously, no matter how much is done, there is no chance of real success in debt relief, as it is not in creditors commercial interests. This has been amply demonstrated from the negligible amount of debt relief since all the world hype and promises about Jubilee 2000.
This MUST be changed.
Next Monday's meeting at the World Bank is a step to help make this change. Try and do your bit, if you can, to stop the U.S., from yet again trying to prevent this change.
The World Bank Boycott campaign is a coalition of groups around the world working to "de-fund" the bank by encouraging investors to boycott World Bank bonds. The campaign has 3 main demands:
1- The 100 %cancellation of illegitimate debt
2- An end to structural adjustment and austerity programmes.
3- The withdrawal of World Bank funding from oil, gas, mining and dam projects
The campaign has been very sucessful so far in the US where over 90 institutions to date have signed a resolution saying that they will not purchase World Bank bonds. Institutions that the campagin targets include Universities, Trade Unions, City Councils, Religous orders, and Pension Funds.
For more info on the campaign in the US see http://worldbankbondsboycott.org, and the European site http://wbboycotteurope.org
For details of local campaigns getting started in Ireland, email me at the above address