Discover and read the best of Twitter Threads about #CanceltheDebt
Most recents (19)
1/14 70th anniversary of #Germany's #DebtCancellation after #WWII! This laid the foundation for 🇩🇪’s economic "miracle". Here’s why a debt cancellation for the Global South is a necessary precondition to enable a #JustTransition & #ClimateJustice!
#DebtForClimate
🧵👇
#DebtForClimate
🧵👇
2/14 History taught us how intelligent debt policy works. February 27, 2023, marks the 70th anniversary of the cancellation of 🇩🇪’s debt. This contributed decisively to the reconstruction of a heavily war-torn country. erlassjahr.de/themen/londone… #DebtForClimate #LondonAgreement1953
3/14 Through the #LondonAgreement1953, signed on February 27, 1953, during the the age of bloc confrontation, the young 🇩🇪 nation was closely tied to the Western defense alliance. #DebtForClimate #CancelTheDebt
👇🧵
👇🧵
Our newsletter on Yellen’s geo-economic speech ratcheting up Cold War in Africa
“Countries need to be wary of shiny deals that may be opaque,” she said, which “can leave countries with a legacy of debt, diverted resources, and environmental destruction.”
phenomenalworld.org/analysis/dont-…
“Countries need to be wary of shiny deals that may be opaque,” she said, which “can leave countries with a legacy of debt, diverted resources, and environmental destruction.”
phenomenalworld.org/analysis/dont-…
What 'scramble to Africa'? It is a travesty, as
@FofackHippolyte the director of African Export-Import bank points out, that Canada got more FDI in 2020 than fifty-four African countries put together
Our newsletter on 'New Cold War':
phenomenalworld.org/analysis/dont-…
@FofackHippolyte the director of African Export-Import bank points out, that Canada got more FDI in 2020 than fifty-four African countries put together
Our newsletter on 'New Cold War':
phenomenalworld.org/analysis/dont-…
Africa has a mountain of debt, estimated at $645 billion. Growth needs cancellation.
China has been adamant that multilateral development banks, as well as private creditors like BlackRock, which is the largest owner of Zambian bonds, accept losses too.
phenomenalworld.org/analysis/dont-…
China has been adamant that multilateral development banks, as well as private creditors like BlackRock, which is the largest owner of Zambian bonds, accept losses too.
phenomenalworld.org/analysis/dont-…
I talked with @africasacountry about the new nonalignment & polycrisis in global south
-policy induced global recession
-breakdown in West-China-Russia relations.
-societies boil coz of inflation
-explosive electoral politics of dollar debt crisis
podcast:africasacountry.com/2023/01/third-…
-policy induced global recession
-breakdown in West-China-Russia relations.
-societies boil coz of inflation
-explosive electoral politics of dollar debt crisis
podcast:africasacountry.com/2023/01/third-…
2/ Thanks to @africasacountry for interviewing me about my Nonalignment article where I argued stance of middle powers is a bargaining chip
Delhi, Jakarta, Brasilia, etc want tech transfer,military hardware etc. They want to play US & China off each other
phenomenalworld.org/analysis/non-a…
Delhi, Jakarta, Brasilia, etc want tech transfer,military hardware etc. They want to play US & China off each other
phenomenalworld.org/analysis/non-a…
3/ Uprising in Sri Lanka illustrates age of "polycrisis"
Mask - Corona crisis.
Bread - Food crisis
Fire - Petrol crisis
Banks - Dollar debt crisis
Thread tracking explosive politics of debt esp in global south @africasacountry
africasacountry.com/2023/01/third-…
Mask - Corona crisis.
Bread - Food crisis
Fire - Petrol crisis
Banks - Dollar debt crisis
Thread tracking explosive politics of debt esp in global south @africasacountry
africasacountry.com/2023/01/third-…
LIVE FROM #COP27: What's needed from the 39 countries & institutions who promised to #StopFundingFossils abroad by the end of this year?
Follow along with us here as @vanessa_vash, @LaurenceTubiana, @AsianPeoplesMvt, @GrupoGFLAC and more give an update🧵
eventbrite.com/e/cop27-side-e…
Follow along with us here as @vanessa_vash, @LaurenceTubiana, @AsianPeoplesMvt, @GrupoGFLAC and more give an update🧵
eventbrite.com/e/cop27-side-e…
@vanessa_vash @LaurenceTubiana @AsianPeoplesMvt @GrupoGFLAC The Glasgow Statement was a bright spot of COP26, as the 1st international pledge to deal not just with coal finance but oil & gas as well!
If signatories follow through, it will directly shift at least USD 28 billion a year from fossils to clean 🌅 iisd.org/publications/r…
If signatories follow through, it will directly shift at least USD 28 billion a year from fossils to clean 🌅 iisd.org/publications/r…
@vanessa_vash @LaurenceTubiana @AsianPeoplesMvt @GrupoGFLAC This public finance matters because it shapes our future energy systems, often tipping the ⚖️ on which projects get built, and which don't. But instead of building a just, renewable future wealthy countries are still using it to lock in more fossils! priceofoil.org/g20-at-a-cross…
One of the most outrageous bonds out there must be the $1bn lent to Ghana in 2015 at 10.75% interest with a $400m guarantee from the World Bank.
A buyer of the bond in 2015 is already guaranteed to get $1.15bn. And they are still 'owed' $1bn, and $860m of interest payments / 🧵
A buyer of the bond in 2015 is already guaranteed to get $1.15bn. And they are still 'owed' $1bn, and $860m of interest payments / 🧵
2 / Interest payments on the bond have been $752.5m from 2016 to 2022. And if Ghana stops paying, the World Bank will pay $400m to bondholders: so $1.15bn in total, guaranteed.
3 / But if Ghana does keep paying until the bond matures in 2030, that's another $860m in interest, and the $1 billion of principal.
The IMF’s Gender Strategy failure EXPLAINED.
These are the 7 reasons why the IMF’s Strategy is so unacceptable.
We have read and analyzed in depth IMF’s Gender Strategy. Here is what we found.
These are the 7 reasons why the IMF’s Strategy is so unacceptable.
We have read and analyzed in depth IMF’s Gender Strategy. Here is what we found.
IMF, or International Monetary Fund, has stood firm on practices that hinder the economic development of nations in the Global South. Sadly, it has been happening for decades now.
#EndAusterity #DebtColonialism #CancelTheDebt
#EndAusterity #DebtColonialism #CancelTheDebt
Join feminists across the globe as we reject the new IMF gender strategy!
Sign the petition here: buff.ly/3CncCtq
#FeministPeoplesRecovery #FeministsWantSystemsChange
Sign the petition here: buff.ly/3CncCtq
#FeministPeoplesRecovery #FeministsWantSystemsChange
NOW HAPPENING: PAKISTAN SOLIDARITY MOBILIZATION demanding climate reparations a debt cancellation for Pakistan. #CancelTheDebt #ReparationsForClimateDebtNow #ClimateFinanceNow #LossAndDamageFundNow #ClimateJusticeNow
Flora Santos, President of Oriang Women’s Movement: Women are at the forefront of the climate and debt crisis. As the climate and debt crisis continue to get worse on top of the multiple crises, women and children of the Global South, we call for climate and debt justice!
Atty. Aaron Pedrosa, SecGen of Sanlakas: Pakistan is facing a huge debt crisis. Instead of social services, neoliberal policies pushed by the IMF & WB mandates debt repayment. This makes relief & recovery harder for the Pakistanis who were recently hard-hit by devastating floods.
Happening now: Activists from @AsianPeoplesMvt in Manila gathered to show #SolidaritywithPakistan people who are bearing the brunt of debt, humanitarian, and climate crises. Intense rainfall and floods left 33 million in dire need of urgent relief and protection. #CanceltheDebt
Before the floods, public debt was already unsustainable: $242Bn in 2021, $7 billion more than 2020. $5Bn paid to foreign lenders in Jul-Dec 2021 alone. Continued debt service will divert funds for emergency relief and climate resilience. #CanceltheDebt #SolidaritywithPakistan
“People are dying from the devastating impacts of the debt crisis and the climate
emergency” @lnacpil, APMDD coordinator, expressed #SolidaritywithPakistan affected by
unprecedented heavy, continuous monsoon rains and onslaught of flash floods. #CanceltheDebt
emergency” @lnacpil, APMDD coordinator, expressed #SolidaritywithPakistan affected by
unprecedented heavy, continuous monsoon rains and onslaught of flash floods. #CanceltheDebt
𝐈𝐧 𝐬𝐨𝐥𝐢𝐝𝐚𝐫𝐢𝐭𝐲 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐩𝐞𝐨𝐩𝐥𝐞 𝐨𝐟 #SriLanka 𝐚𝐧𝐝 #Pakistan
#SolidarityWithSriLanka🇱🇰
#SolidarityWithPakistan🇵🇰
#CancelTheDebt
Read the full statement here: apmdd.org/programs/uid/s…
#SolidarityWithSriLanka🇱🇰
#SolidarityWithPakistan🇵🇰
#CancelTheDebt
Read the full statement here: apmdd.org/programs/uid/s…
We stand ever steadfast in our solidarity with the people of #SriLanka in their unyielding struggles against undemocratic and repressive governance, for human rights, and for a better, people-centered and sustainable future.
#SolidarityWithSriLanka 🇱🇰
#DebtJustice
#SolidarityWithSriLanka 🇱🇰
#DebtJustice
We strongly demand debt cancellation for #Pakistan, whose people have been staggering under the weight of unjust debt and related burdens including recent waves of economic prescriptions by the IMF.
#SolidarityWithPakistan 🇵🇰
#DebtJustice #ClimateJustice
#SolidarityWithPakistan 🇵🇰
#DebtJustice #ClimateJustice
Pakistan floods are terrible. Question for those on #Climatetwitter #energytwitter, has reporting you have read discussed Pakistan's dollar debt crisis and IMF loans?
prospect.org/world/developi…
prospect.org/world/developi…
Climate crisis & Debt crisis are two sides of the same coin. Many developing countries face a lost decade just as Climate crisis worsens. They can't invest in green if they are broke & paying high interest rates. Thread prospect.org/world/developi…
IMF board met today & acc to Pakistani officials, revived stalled loan program approved in July 2019 to disburse $1.17 billion to reduce burdens of the economic-ecological crisis. Will IMF impose conditions of removing subsidies?hrw.org/news/2022/08/2…
New figures released today by @debtjustice show that African governments owe Western private lenders three times more debt than they owe China.
And interest rates on private loans are double those on Chinese loans.
#CancelTheDebt
reuters.com/world/africa/a…
And interest rates on private loans are double those on Chinese loans.
#CancelTheDebt
reuters.com/world/africa/a…
All creditors needs to take part in debt cancellation. But Western governments and private lenders focus on China to deflect from their own responsibility.
12 of the 22 African countries with the highest debts are paying private lenders over 30% of their total external debt payments In contrast, debt payments to Chinese lenders are over 30% in just six of the 22 countries
One hour until this great event on debt cancellation, inequality & a People's Recovery Plan for Covid-19.
Not too late to register: eventbrite.co.uk/e/cancel-the-d…
With @FightInequality @GlobalJusticeUK and our Senior Researcher @tess_woolfenden
Not too late to register: eventbrite.co.uk/e/cancel-the-d…
With @FightInequality @GlobalJusticeUK and our Senior Researcher @tess_woolfenden
@FightInequality @GlobalJusticeUK @tess_woolfenden "Links between gender, tax, race weave into each other and must not be put into compartments - this is why it is important to be intersectional when looking at covid and debt"
- @NjokiNjehu from @FightInequality
- @NjokiNjehu from @FightInequality
"Especially with the anniversary of George Floyd's murder, I do not use this term lightly: many countries cannot breath because debt is a knee on their neck. "
- @NjokiNjehu from @FightInequality
- @NjokiNjehu from @FightInequality
The #G20 statement on ‘a new debt system’ today is shockingly bad. Expectations were very low, but this is truly underwhelming nonetheless. #CancelTheDebt (1/5) jubileedebt.org.uk/press-release/…
No compulsion for big banks or World Bank to write down debt. It’s all the responsibility of the debtor country, which in the current system has little power. Everything will be done to ensure as little debt is cancelled as possible. (2/5) g20.org/en/media/Docum…
On the day Zambia teeters on default this is pure ‘head in the sand’. Zambia spends 4x more on external debt than public healthcare. Meanwhile some ultra-rich bondholders could make up to 250% profit. (3/5) jubileedebt.org.uk/press-release/…
Days after @IMFNews @WorldBank mtgs ended, I'm feeling anxious. A long thread! The threat of looming IMF-imposed austerity post-pandemic is clear. IMF's pushing this in 84% of #COVID19 loans, tho austerity b4 meant most were unprepared going into pandemic oxfam.org/en/blogs/virus…
Ppl around world are deeply concerned. 500+ orgs/academics pushed @IMFNews to #EndAusterity; global @FightInequality rally Oct 17 had strong msg to IMF; @business @WSJ @FT @allafrica @guardian & many across LAC Asia and Africa covered austerity stories last wk. Heat is on
W/out denying austerity push, @IMFNews emphasized instead not to pull support plug too early, promised to prioritize progressive taxation & debt relief. But austerity writing is on the wall for after pandemic, and it’s frankly terrifying. Alternative c/o @IsabelOrtizUN
As Blackrock announce an 18% increase in 2020 revenue, and $7.8 *trillion* in assets, we release figures on how Blackrock and fellow banks are profiting from the #COVID19 debt crisis in Africa and beyond. #CancelTheDebt (1/9) globaljustice.org.uk/news/2020/oct/…
Today the G20 will extend debt relief in 2021, but this isn’t proper cancellation AND doesn’t include big banks who are raking it in. Lower income countries will pay $13 billion to rich investors by end 2020 (2/9) in.reuters.com/article/imf-wo…
This includes the richest banks and funds on the planet: Blackrock, HSBC, Goldman. Blackrock alone – with assets worth two and half times more than the GDP of all of #Africa - hold US$1 billion of bond debt in Ghana, Kenya, Nigeria, Senegal and Zambia. (3/9)
#Coronavirus has already cost hundreds of thousands of lives and could force half a billion people into poverty. We're working tirelessly to prevent the spread of the virus, and pushing governments to do their part. An update on our #COVID19 response 👉🏾 oxf.am/2Yq9TeM
Together, we have reached over 4.5m people so far in our #COVID19 humanitarian response. We aim to reach 14m people by raising €100m. Thank you to everyone supporting this effort! ❤️
tiktok.com/@oxfam/video/6…
tiktok.com/@oxfam/video/6…
We have forged partnerships with 344 local civil society organizations across more than 60 countries - a network that's part of the fabric of how local communities themselves are responding in their own contexts, helping each other to adapt & survive. oxf.am/30HvFNw
This is good news, but would really have loved to see an urgent humanitarian boost in there too - the UN is asking for $6.7 billion for crisis areas and NZ is yet to contribute to that. Cox's Bazaar refugee camp just had its first #Covid cases confirmed. 1/3
What's more - getting the NZ govt publicly behind a global debt cancellation call would be a great sign of solidarity for the global south. (great to see @golrizghahraman getting behind this). #CancelTheDebt 2/3
Looking to next year's budget - we need a massive and rapid aid boost so that the world can resist and recover together. Strengthening healthcare systems, social support, and climate resilience will bolster our global immune system and push back on the pandemic's effects. 3/3
G20 announces debt moratorium: "An important move but far more needs to be done to rise to this moment of unprecedented need and save millions of lives." oxf.am/3ahMsIx #COVID19 #CancelTheDebt 1/3
For instance, profits from a sale of @IMFNews gold reserves could reach $20 billion - that alone would more than cover multilateral debt payments owed this year by the poorest countries.
#coronavirus #CancelTheDebt 2/3
#coronavirus #CancelTheDebt 2/3
"Debt forgiveness is crucial. That is why it is urgent to permanently cancel 2020 debt payments due rather than having them simply suspended." - @nadiadaar
aljazeera.com/ajimpact/coron… #InequalityVirus #CancelTheDebt 3/3
aljazeera.com/ajimpact/coron… #InequalityVirus #CancelTheDebt 3/3
While @realdonaldTrump pursues his xenophobic agenda against the people of #PuertoRico and #USSenate fails to support the people in the island, others are starting to understand the economic and social roots of Puerto Rico's crisis. Here is a bit of context. #cancelthedebt 1/
2/Puerto Rico is a colony. Since 1898, our economy’s been used to cater to US needs. In 120 yrs, US changed our currency, our farming, our industry, and our tax and finance laws. This led to an economic decline that sent #PuertoRico down rabbit hole of $72B+ debt. #cancelthedebt
3/Then came the vultures. Like in Argentina & Greece, vulture funds scooped up cheap debt and forced payment through austerity policies and Wall St-friendly courts. This led to massive layoffs, privatization of schools, & >12% of people leaving the island.
