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Severe problems of debt crisis in the wake of the pandemic threaten to tip countries of the South into a rising wave of hunger, poverty, social unrest and conflict. According to the World Bank, about 120 million people have been pushed into poverty by the pandemic, with the majority of the “new poor” in middle-income countries. The impending debt crisis will no doubt aggravate the issue beyond limits. In the face of the crisis, the responses of the international institutions have not only been inadequate but too meagre to make any meaningful impact. Considering this, it is important to speak about the urgent need for an unilateral suspension of debt payments by the countries of the South on the grounds of a state of necessity and fundamental change of circumstances, legitimate legal arguments based on international law. Secondly, it is necessary to carry out a citizens’ audit of the public debt with the aim of repudiating illegal, illegitimate, odious and unsustainable debts. The meeting intends to not only expose the inconsistencies, equivocation, contempt and ineptitude of the IFIs and international private creditors but look forward towards common solutions to the debt crisis.
This session exposes the inconsistencies, equivocation, contempt and ineptitude of International Financial Institutions and international private creditors, as well as look forward towards common solutions to the debt crisis, particularly for the global South.
Organisers: CADTM International network, specific European organisation/s (tbc), PKRC and others.
