Who Owes Who: 50 Questions about World DebtUsing 50 questions and answers, this book explains the debt impasse for developing countries in a simple but precise manner. It details the roles of the various actors involved, the mesh in which indebted countries are caught, the possible scenarios for getting out of the impasse, and the various alternatives to future indebtedness. It also sets out the various arguments - moral, political, economic, legal and environmental - on which the case for a wholesale cancellation of developing countries' external debt rests. It replies to the range of possible objections and proposes new ways of financing development at both local and international level. |
Contents
The Third World in the context of globalization | 1 |
Q3 What are the different kinds of debt? | 12 |
The origins of the developing countries DCs debt | 19 |
The debt crisis | 27 |
Q10 How have the creditors responded to the debt crisis? | 34 |
Q13 How does the World Bank operate? | 46 |
Q14 What is the logic behind the IMFs and the World Banks | 52 |
Q19 What does the external debt of the DCs consist of? | 74 |
The case for cancelling the DCs debts | 117 |
Q35 What are the economic arguments in favour of cancelling | 122 |
Q38 What are the religious arguments in favour of cancelling | 130 |
Issues raised by debt cancellation | 138 |
Q43 How can alternative funding be found for the development | 146 |
Q45 If and when the debt is cancelled how can a new round | 154 |
The international campaign for debt cancellation | 164 |
Glossary | 171 |
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Common terms and phrases
Abdoulaye Wade Argentina ATTAC Belgium bilateral billion borrow Brazil Burkina Faso CADTM campaign Cancelling the DCs capital cent CFA francs country concerned creditors crisis Four currency debt cancellation debt crisis Four debtor democratic developing countries Development Finance 2002 Development Indicators 2001 economic export external debt external public debt financial institutions Former Soviet bloc France funds Global Development Finance Global Human Development Glossary governments heavily indebted HIPC HIPC initiative Human Development Report IBRD imposed increase indebted countries indebtedness industrialized countries interest rates Ivory Coast Joseph Stiglitz Latin America leaders loans Management ment multilateral multinationals needs NEPAD North Organization Paris Club policies poorest populations poverty President PRSP public debt raised by cancellation reduction repay repayments rich countries social Source structural adjustment programmes Sub-Saharan Africa Third World tion trade trans Triad UNCTAD UNDP World Bank