Consequences of the international financial institutions' policies and the southern countries' external debt
IMF and
World Bank have led the way to WTO Policy reorientation at the end of the 1970s, with the development of monetarism and neoliberalism, has recasted the International Monetary Fund (IMF) and the World Bank into stronger instruments of "global governance". |
|||
The financial
crises of the 1980s and 1990s in Latin America and Asia, and their
problems with debt repayment, increased the ability of international
capital to force domestic restructuring on economies that had been
attempting alternative developments paths. |
 |
Publications | |
|
Statements at the UN | ||
|
More related documents | ||
|
Sites of partners | ||
|
Other sites | ||
Structural adjustment
programs of the IMF and World Bank have opened the domestic markets
of the countries under international trusteeship to transnational
corporations and have ensured that these countries would repay their
debt to the Northern States, the international institutions and
the private creditors. These policies, which have led the way to WTO, are only perpetuating the cycle of dependence and worsening poverty as CETIM has stated in many studies and declarations showing the situation of the people of concern. For the cancellation of the Third World debt The Third World debt must be cancelled and every mobilisation aiming at it has to be encouraged. Furthermore, this struggle must be accompanied in each countries in debt with audits on the origins of the debt and its components. This debt did not come out of the blue. The latter has often been called "objectionable debt" used for the perpetuation of crimes against humanity, the establishment of apartheid regime or dictatorships, and the execution of genocides… It should not only be cancelled but the persons in charge of it, lenders and borrowers, should also be criminally prosecuted. In other cases, the only purpose of the loans was to "kick-start the economy" using active corruptions and phoney projects. Anyway, the Third World debt has been more than reimbursed by usurious rates. All these issues should be meticulously analysed by audits done for example by research institutions following appeals of people's movements. It would be clear that without talking of historical reparations linked to proslavery, the American "conquista" or others, the debt is probably going widely in the opposite way… |
|||
|
Publications | |
|
Statements at the UN | |
|
More related documents | |
|
Sites of partners | |
|
Other sites | |
|
Your comments |