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


https://www.cadtm.org/English

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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


Urgent plea by Sri Lankan feminists to address the unfolding humanitarian crisis caused by the economic collapse in Sri Lanka

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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


JUAN COLE: The US would be on firmer ground declaring Putin a War Criminal if George W. Bush had been Tried / Aditya Chakrabortty: Western values? They enthroned the monster who is shelling Ukrainians today


Rohini Hensman: The Historical Background to Putin’s Invasion of Ukraine / Chris Hedges: The Greatest Evil Is War


10 Theses on the Proliferation of Egocrats (1977)


Ukraine: India refuses to take a clear position on the Russian invasion


Jonathan Steele: Understanding Putin’s narrative about Ukraine is the master key to this crisis / Oliver Stone: American Exceptionalism Is on Display in Ukraine / Mariia Shynkarenko: Not about NATO


Kelly Denton-Borhaug: The True Costs of America’s All-Consuming War-Culture / Chris Hedges: Chronicle of a War Foretold






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