Committee for the Abolition of Illegitimate Debt: Ukrainian debt, Argentina and IMF, Sri Lanka
According to the IMF, Ukraine's war-ravaged economy could shrink by up to 35% this year if Russia's invasion becomes a protracted conflict. This will have serious consequences on the Ukrainian popular classes who are reeling under serious difficulties. At the end of 2021, Ukraine was already burdened with $94 billion in public debt on its shoulders, 61.7 per cent of its GDP. The war is going to seriously aggravate the situation. Of course, the most tragic is the terrible loss of life and human suffering, but the material destruction too is enormous. The Ukrainian working people are left to bear the brunt as they are attacked from all directions - socially, politically and economically. We present a 2018 article dealing with the Ukrainian debt to Russia. The issue is more relevant than ever as the London court case on the matter, is still on.
A month back, the Argentine Senate approved an IMF deal in a bid to avoid a debt default. The controversial agreement restructures $45 billion of debt, postponing the repayment until 2026. According to the late President of the country, Nestor Kirchner, “the IMF has always acted as a promoter and vehicle of policies that provoked poverty and pain in Argentine society.” The situation is dire in the country with two out of five Argentinians living below the poverty line and with terrible inflation these ranks will swell abnormally.
The national
institute of statistics, INDEC, recently revealed that inflation had risen 4.7
per cent in February alone – 7.5 per cent for food. Inflation in the previous
12 months is running at 52.3 per cent. According to IMF conditionalities,
Argentina will have to tighten the noose around social spending which implies
that poorer sections of the society will see their already meager earnings,
further depleted. CADTM joins millions of Argentinians who demand the
suspension of debt payments and citizen’s audit of the illegitimate, odious and
illegal debt.
Meanwhile, the Indian
ocean island Sri Lanka is in a severe debt crisis that has crippled the
nation’s economy. With its foreign exchange reserves shrinking quickly, massive
debt payments due and the rupee currency slumping, the country has no means or
wherewithal to pay debts. The popular classes are out in the streets demanding
an end to government policies that have seen their living standards
dramatically deteriorate. A humanitarian crisis including shortages of fuel,
power, food and medicines is unfolding. Instead of introspection about their
faulty policies, the government is looking to restructure a $1 billion
sovereign debt due for payment in July. Sri Lankans have the right to suspend
the payment of the debt and organise debt audits.
We also present
readers with articles by Michael Roberts on the submerging market debt crisis,
long depressions and the fallout of Ukraine - Russia conflict...
http://www.cadtm.org/Newsletter
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The challenges of the
odious debt doctrine in Ukraine
Why the Popular Movement in Argentina Against the Debt and the IMF is Important
Two hectic weeks in
Argentina, against the agreement with the IMF
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Paul
Sagar - The last hollow laugh - Francis Fukuyama and 'The End of History’
Book review: The Government of Desire
A moment
of moral and political nihilism: Theologian Adam Kotsko on our current crisis
Jon Henley: Rise of far right puts Dreyfus
affair into spotlight in French election race
Sergei
Loznitsa, the Ukrainian film-maker who refuses to be cancelled
THE CANCELLATION OF RUSSIAN CULTURE.
By Gary Saul Morson
P.B.
Mehta: Ukraine invasion has revealed a new world disorder
10 Theses on the Proliferation of Egocrats
(1977)
Ukraine:
India refuses to take a clear position on the Russian invasion
