Who Owes Who?: 50 Questions about World Debt
The huge foreign debt of developing countries has become a mechanism of domination and means of recolonization that prevents any meaningful and sustainable human development. The policies pursued by the indebted countries' governments have usually been decided by their creditors rather than by the authorities of the countries concerned. As for the initiative to lighten the debt burden, launched with much fanfare by the G7, the IMF and the World Bank under pressure from the largest ever petition in human history, it has made clear its limits. In 50 questions and answers, this book explains in a simple but precise manner how and why the debt impasse has been arrived at. Illustrated with figures, maps and tables, it details the roles of the various actors involved, the mesh in which indebted countries are caught, and the various alternatives to future indebtedness.
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The Third World in the context of globalization
Q3 What are the different kinds of debt? 112
The origins of the developing countries DCs debt
The debt crisis
Qio How have the creditors responded to the debt crisis? 1
Q15 What are the shortterm or shock measures imposed
Q17 What is the role of the Paris Club? 1
Anatomy of the developing countries debt
Q31 Why do the governments of the South continue to repay
Q34 What are the political arguments in favour of cancelling
Q35 What are the economic arguments in favour of cancelling
Q38 What are the religious arguments in favour of cancelling
Q12 What does the IMF do?
Q13 How does the World Bank operate?
Q45 If and when the debt is cancelled how can a new round
The international campaign for debt cancellation
Q22 Do the DCs repay their debts? 182
Ongoing moves to reduce the debt burden
Q26 What are the results of the HIPC initiative? 1
Q28 What is the New Partnership for African Development
Debt cancellation and suspensions of payment
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Abdoulaye Wade amount Argentina Asia ATTAC Belgium bilateral billion borrowing Brazil budget Burkina Faso CADTM campaign capital cent citizens country concerned creditors debt cancellation debt crisis debt stock debt-reduction debtor decided democratic developing countries Development Finance 2002 Development Indicators 2001 economic export external debt external public debt favour France funds Global Development Finance Glossary governments heavily indebted HIPC HIPC initiative Human Development Report imposed increase indebted countries indebtedness industrialized countries inhab interest rates Ivory Coast Joseph Stiglitz Latin America leaders Les Échos loans ment Mozambique multilateral multinationals needs neo-liberal NEPAD NGOs North organized Paris Club payments policies poor countries poorest populations poverty President PRSP reduction regime repayments rescheduling revenues rich countries social Source structural adjustment programmes sums Tanzania Third World Thomas Sankara tions trade trans UNCTAD UNDP World Bank World Development Indicators Zambia