International Viewpoint - online socialist magazine

What emergency programme for the crisis?

Damien Millet, Éric Toussaint — 2012-07-02T08:31:31Z

The European governments, in accordance with IMF criteria, have made the choice of imposing strict austerity measures on their peoples. Slicing away public spending, lay-offs, pay freezes and salary cuts for civil servants, reduced access to vital public services and welfare, later retirement age, etc. Increased cost for public transport, water distribution, health services, education, etc. Heavier indirect and particularly unfair taxes like VAT. Massive privatization of companies in competitive sectors. The strictest austerity policies since 1945. The consequences of the crisis are multiplied by the so-called remedies which protect the interests of capital. Austerity seriously aggravates economic slowdown producing a snowball effect: weak growth, when there is any, automatically increases public debt. The meaning of 'triple A' becomes clear: wage Austerity, monetary Austerity and budgetary Austerity.

- IV450 - July 2012 / Europe, Economy, European Union, Debt

The IMF and Lagarde get it wrong

Damien Millet, Éric Toussaint — 2012-06-03T08:59:55Z

Christine Lagarde, managing director of the International Monetary Fund (IMF), has made a declaration concerning Greece and Africa that requires explanation. The third world debt crisis started thirty years ago. Under strong and increasing pressure to export, the poor countries bore the brunt of the heavy increase in interest rates and the collapse of commodity prices orchestrated by the international financial establishment.

- IV449 - June 2012 / Greece, Debt

Do we need public debt?

Damien Millet, Éric Toussaint — 2012-04-05T08:28:36Z

The answer is yes. A State must be able to contract loans in order to improve its population's living standards, for instance when it carries out major work of public utility and invests in renewable energies. These public loans could be used to move from an economy geared to the needs of car drivers to one that gives priority to public transport, to shut down nuclear plants and replace them with renewable sources of energy, to renovate, upgrade or build from scratch public buildings and social housing that would require less energy and be equipped with state-of-the-art facilities.

- IV447 - April 2012 / Economy, Debt

Our AAA : Audit, Action, Abolition

Damien Millet, Éric Toussaint — 2012-02-06T20:50:12Z

AAA … three letters that ring like a sardonic laugh denoting the top credit rating given by the ratings agencies. A company or a State with an AAA rating is considered credit-worthy by lenders and speculators and can borrow at more favourable rates. But to obtain – or maintain – this symbolic grade, European governments will go to any lengths, including the application of austerity policies that place their economies under the diktat of creditors. The AAA is a front that conceals social regression on a grand scale, human rights violations, and blood, sweat and tears for the most vulnerable citizens.

- IV445 - February 2012 / European Union, Debt

Citizen debt audits: how and why?

Damien Millet, Éric Toussaint — 2012-01-31T13:35:54Z

The question of the repayment of public debt is undeniably a taboo subject. The heads of State and governments, the European Central Bank, the International Monetary Fund, the European Commission and the mainstream media present it as inevitable, indisputable and obligatory. The people have no other choice than to knuckle under and pay. The only possible discussion pertains to how the burden of the sacrifices will be spread around so as to find sufficient budget to meet the nation's obligations. The borrowing governments were democratically elected, thus the debts are legitimate; they must be paid.
A citizens' debt audit is a means of breaking this taboo. It enables an increasing proportion of the population to grasp the "ins and outs" of a country's national debt process. It involves an analysis of the borrowing policy followed by a given country's authorities.

- IV444 - January 2012 / World, Debt

A G20 meeting for nothing

Damien Millet, Éric Toussaint — 2009-04-15T20:30:32Z

The G20 summit meeting in London from April 1st onward was loudly announced and publicized. Those 20 industrialized and emergent countries (G20) were meeting to find solutions to the crisis. But long before the end of the summit, it was clear that they would not rise to the challenge.

- IV411 - April 2009 / Economy, Debt, G8/G20

The triple failing of the big private banks

Damien Millet, Éric Toussaint — 2008-03-24T11:28:51Z

How is it that banks can readily waive bad debts to the tune of tens of billions of dollars yet have constantly refused to cancel the debts of developing countries? Why should the one be feasible and the other impossible?

- IV398 - March 2008 / Economy

DRC: a demonstration of plunder and submission

Damien Millet, Éric Toussaint — 2007-07-16T23:44:44Z

The Democratic Republic of Congo (DRC) is a textbook case for those who wish to understand complex notions like the pillage of a country's wealth, the intolerable loss of a State's sovereignty, or the concept of odious debt.

- IV391 - July-August 2007 / Africa, Democratic Republic of Congo

Pascal Lamy - bad news for poor

Damien Millet, Éric Toussaint, Juan Tortosa — 2005-06-06T20:30:59Z

Three leaders of the Campaign for the Abolition of the Third World Debt (CADTM) explain the background and consequences of the election of Pascal Lamy as director general of the World Trade Organisation.

- IV368 - June 2005 / World, Global Justice

Disaster donations may well end up servicing the Third World Debt!

Damien Millet, Éric Toussaint — 2005-01-09T00:00:00Z

Ever since the earthquake that struck off the coast of Indonesia on 26th December there has been a profusion of figures in the headlines, increasing remorselessly: the number of victims, the cost of the damage, the amount of international aid. And a succession of meetings involving the major powers: the Jakarta conference, a G7 meeting, a session of the Paris Club ... Let us pause to comment on some little-known facts and figures that should be at the heart of the debate.

- IV363 - January 2005 / Solidarity after disasters