Democracy Uprising
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    • About Mark Engler
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      Strategy is a Craft

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      In God’s Country

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      Reverend Billy’s Holiday Shopocalypse

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      Toward the “Rights of the Poor”

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      The Pope and the Poor

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      Will the Next Pope Embrace Liberation Theology?

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      Remembering Romero

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      John Paul II’s Economic Ethics

      Religion

      Against the God of Free Trade

      U.S. Politics / Elections

      Could we be entering a ‘movement moment’ against…

      U.S. Politics / Elections

      Trump’s backpedaling shows he’s not invincible

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      It’s going to take multiple strategies to win…

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      A new wave of movements against Trumpism is…

      U.S. Politics / Elections

      Harold Washington’s lessons for taking on a political…

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      Strategy is a Craft

      U.S. Politics / Elections

      Think #MeToo didn’t make a real difference? Think…

      U.S. Politics / Elections

      This new model for upholding labor law may…

      War / Militarism

      Does It Make Sense to Protest a President…

      War / Militarism

      Lessons from the Pledge of Resistance

      War / Militarism

      Is Rambo Still A Republican?

      War / Militarism

      War: The Wrong Jobs Program

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      The Ascent of Niall Ferguson

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      Those Who Don’t Count

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      Six Essays About War and About Peace

      War / Militarism

      The Dangerous Dignity of War

      Book Reviews

      The Pan American

      Book Reviews

      The Godfather of Microcredit

      Book Reviews

      Capitalism as Catastrophe

      Book Reviews

      Four Ways of Looking at an Aztec Eagle

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      The Ascent of Niall Ferguson

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      Ordinary Outrages

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      No Better Place

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      Environment

      Why Wendell Matters

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      The Gulf at the Gas Station

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      Climate Disobedience

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      Farming the Everglades

      Environment

      The Winter of the Climate Denier

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      Climate of Change: An “Inside-Outside” Strategy Against Global…

      Environment

      Provoking an American Climate Crisis

      Environment

      The Real “Farmer” Story: So God Made High-Fructose…

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      Is Rambo Still A Republican?

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      Republicans Among Us

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      Meet the Bailout’s New Slush Fund for Corporate…

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      Jeff Bezos Has Enough! It’s Time for a…

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      The Seattle Protests Showed That Another World Is…

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      Reviving the General Strike

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      Jeff Bezos Has Enough! It’s Time for a…

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      There’s Still Power in a Strike

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      The Amazon Effect: Sweat, Surveillance, Exploitation

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      How movements can maintain their radical vision while winning…

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      Kissinger Is Not Our Friend

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      Could we be entering a ‘movement moment’ against…

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      Trump’s backpedaling shows he’s not invincible

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      It’s going to take multiple strategies to win…

      Social Movements

      A new wave of movements against Trumpism is…

      Social Movements

      How to make sure your disruptive protest helps…

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      Why protests work, even when not everybody likes…

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      Harold Washington’s lessons for taking on a political…

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  • Translations
    • All Japanese Português Arabic Thai Chinese Deutsch Español Français Italiano
      Translations

      Jordlösa kombinerar radikala visioner med praktiska reformer (Swedish)

      Español

      Hacer Que Nuestras Demandas Sean Tanto Orácticas Como…

      Italiano

      C’è più di un modo per colpire il…

      Português

      As reformas não reformistas de André Gorz mostram…

      Español

      Las reformas no reformistas de André Gorz

      Deutsch

      Die nicht-reformistischen Reformen von André Gorz

      Italiano

      Richieste dei movimenti: sia pratiche che visionarie

      Chinese

      泛美洲人 爱德华多·加莱亚诺的世界 (Chinese)

      Japanese

      ガンジーはどのように勝利したのか? (Japanese)

      Japanese

      Truth Versus Superpower (Japanese)

      Japanese

      Bush’s Bad Business Empire (Japanese)

      Japanese

      Revenge of the Combat Cartoonist (Japanese)

      Japanese

      Bush’s Uneasy Mexican Visita (Japanese)

      Japanese

      Mark Twain in Iraq (Japanese)

      Japanese

      Globalization’s “Lost Decade” (Japanese)

      Japanese

      Hawks Say the Damnedest Things (Japanese)

      Português

      As reformas não reformistas de André Gorz mostram…

      Português

      A vida na Nação Prisão

      Português

      Outro pretexto?

      Português

      Imigração tem efeito positivo sobre emprego e salários

      Português

      O império hipotecado

      Arabic

      Abandoning the World Bank (in Arabic)

      Arabic

      The Return of Daniel Ortega (in Arabic)

      Arabic

      Where’s The Jubilee? (in Arabic)

      Arabic

      The Last Porto Alegre (in Arabic)

      Arabic

      Seattle At Five (in Arabic)

      Arabic

      Is Market Access the Answer to Poverty? (in…

      Arabic

      Mexico’s Democratic Transition Still Incomplete (in Arabic)

      Thai

      Progressive Good Tidings of 2007 (in Thai)

      Thai

      2006: A Global Justice Year in Review (In…

      Thai

      WTO: Best Left For Dead? (In Thai)

      Thai

      Is Market Access the Answer to Poverty? (In…

      Thai

      Bush’s Bad Business Empire (In Thai)

      Thai

      The Last Porto Alegre [Thai]

      Thai

      Globalizers, Neocons, or… ? (in Thai)

      Chinese

      泛美洲人 爱德华多·加莱亚诺的世界 (Chinese)

      Chinese

      Why Wendell Matters (in Chinese)

      Chinese

      Globalization’s Watchdogs (in Chinese)

      Deutsch

      Die nicht-reformistischen Reformen von André Gorz

      Deutsch

      Als Martin Luther King seine Feuerwaffen aufgab

      Deutsch

      Mikrokredite: Die Entlassung eines Nobelpreisträgers

      Deutsch

      CAFTA – am besten stillschweigend beerdigen

      Deutsch

      Bush in Mexiko

      Deutsch

      Das globale Duell in Evian

      Deutsch

      Die Rückkehr des Daniel Ortega

      Español

      Hacer Que Nuestras Demandas Sean Tanto Orácticas Como…

      Español

      Las reformas no reformistas de André Gorz

      Español

      ¿Adoptará el nuevo papa la teología de la…

      Español

      Wall Street quiere que les estemos agradecidos

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      Si Las Monjas Se Fueran a una Huelga,…

      Español

      ALEC retrocede; a la derecha le da un…

      Español

      ¿ALEC disgustado ante la pérdida de patrocinadores? Se…

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      La vida en la nación prisión

      Français

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Democracy Uprising

  • About
    • About Mark Engler
    • About Democracy Uprising
  • Books
    • This Is An Uprising
    • How To Rule the World
  • Topics
    • All Religion U.S. Politics / Elections War / Militarism Book Reviews Environment Essays / First Person Global Economy Immigration Labor Latin America Social Movements
      Social Movements

      Could we be entering a ‘movement moment’ against…

      Social Movements

      Trump’s backpedaling shows he’s not invincible

      Blog

      It’s going to take multiple strategies to win…

      2023-2025

      A new wave of movements against Trumpism is…

      Social Movements

      How to make sure your disruptive protest helps…

      Social Movements

      Why protests work, even when not everybody likes…

      U.S. Politics / Elections

      Harold Washington’s lessons for taking on a political…

      Social Movements

      Strategy is a Craft

      Religion

      In God’s Country

      Religion

      Reverend Billy’s Holiday Shopocalypse

      Religion

      Toward the “Rights of the Poor”

      Religion

      The Pope and the Poor

      Religion

      Will the Next Pope Embrace Liberation Theology?

      Religion

      Remembering Romero

      Religion

      John Paul II’s Economic Ethics

      Religion

      Against the God of Free Trade

      U.S. Politics / Elections

      Could we be entering a ‘movement moment’ against…

      U.S. Politics / Elections

      Trump’s backpedaling shows he’s not invincible

      U.S. Politics / Elections

      It’s going to take multiple strategies to win…

      U.S. Politics / Elections

      A new wave of movements against Trumpism is…

      U.S. Politics / Elections

      Harold Washington’s lessons for taking on a political…

      U.S. Politics / Elections

      Strategy is a Craft

      U.S. Politics / Elections

      Think #MeToo didn’t make a real difference? Think…

      U.S. Politics / Elections

      This new model for upholding labor law may…

      War / Militarism

      Does It Make Sense to Protest a President…

      War / Militarism

      Lessons from the Pledge of Resistance

      War / Militarism

      Is Rambo Still A Republican?

      War / Militarism

      War: The Wrong Jobs Program

      War / Militarism

      The Ascent of Niall Ferguson

      War / Militarism

      Those Who Don’t Count

      War / Militarism

      Six Essays About War and About Peace

      War / Militarism

      The Dangerous Dignity of War

      Book Reviews

      The Pan American

      Book Reviews

      The Godfather of Microcredit

      Book Reviews

      Capitalism as Catastrophe

      Book Reviews

      Four Ways of Looking at an Aztec Eagle

      Book Reviews

      The Ascent of Niall Ferguson

      Book Reviews

      Ordinary Outrages

      Book Reviews

      No Better Place

      Book Reviews

      In God’s Country

      Environment

      Why Wendell Matters

      Environment

      The Gulf at the Gas Station

      Environment

      Climate Disobedience

      Environment

      Farming the Everglades

      Environment

      The Winter of the Climate Denier

      Environment

      Climate of Change: An “Inside-Outside” Strategy Against Global…

      Environment

      Provoking an American Climate Crisis

      Environment

      The Real “Farmer” Story: So God Made High-Fructose…

      Essays / First Person

      Is Rambo Still A Republican?

      Essays / First Person

      On the Price is Right

      Essays / First Person

      The Last Porto Alegre

      Essays / First Person

      Six Essays About War and About Peace

      Essays / First Person

      Republicans Among Us

      Essays / First Person

      New York Says “No”

      Essays / First Person

      The Sideshow Rebels

      Essays / First Person

      A Week in New York

      Global Economy

      Meet the Bailout’s New Slush Fund for Corporate…

      Global Economy

      The Seattle Protests Showed That Another World Is…

      Global Economy

      Jeff Bezos Has Enough! It’s Time for a…

      Global Economy

      The Amazon Effect: Sweat, Surveillance, Exploitation

      Global Economy

      The Godfather of Microcredit

      Global Economy

      Capitalism as Catastrophe

      Global Economy

      Immigration Economics: An Interview with Professor Giovanni Peri

      Global Economy

      The World Is Not Flat

      Immigration

      When Undocumented Activists Infiltrated ICE

      Immigration

      The Children of Intervention

      Immigration

      Immigration Economics: An Interview with Professor Giovanni Peri

      Immigration

      Science Fiction From Below

      Immigration

      Four Ways of Looking at an Aztec Eagle

      Immigration

      Treated Like a Criminal

      Immigration

      When Sanctuary is Resistance

      Immigration

      The Massive Immigrants Rights Protests of 2006 Are…

      Labor

      This new model for upholding labor law may…

      Labor

      Democrats Won Power in Several States. Will They…

      Labor

      The Case for a Social Distancing Wage

      Labor

      The Seattle Protests Showed That Another World Is…

      Labor

      Reviving the General Strike

      Labor

      Jeff Bezos Has Enough! It’s Time for a…

      Labor

      There’s Still Power in a Strike

      Labor

      The Amazon Effect: Sweat, Surveillance, Exploitation

      Latin America

      How movements can maintain their radical vision while winning…

      Latin America

      The Pan American

      Latin America

      Lessons from the Pledge of Resistance

      Latin America

      The Children of Intervention

      Latin America

      Against Shithole Nationalism

      Latin America

      The Last Porto Alegre

      Latin America

      Kissinger Is Not Our Friend

      Latin America

      Even If You Have Nothing to Hide

      Social Movements

      Could we be entering a ‘movement moment’ against…

      Social Movements

      Trump’s backpedaling shows he’s not invincible

      Social Movements

      It’s going to take multiple strategies to win…

      Social Movements

      A new wave of movements against Trumpism is…

      Social Movements

      How to make sure your disruptive protest helps…

      Social Movements

      Why protests work, even when not everybody likes…

      Social Movements

      Harold Washington’s lessons for taking on a political…

      Social Movements

      Strategy is a Craft

  • Translations
    • All Japanese Português Arabic Thai Chinese Deutsch Español Français Italiano
      Translations

      Jordlösa kombinerar radikala visioner med praktiska reformer (Swedish)

      Español

      Hacer Que Nuestras Demandas Sean Tanto Orácticas Como…

      Italiano

      C’è più di un modo per colpire il…

      Português

      As reformas não reformistas de André Gorz mostram…

      Español

      Las reformas no reformistas de André Gorz

      Deutsch

      Die nicht-reformistischen Reformen von André Gorz

      Italiano

      Richieste dei movimenti: sia pratiche che visionarie

      Chinese

      泛美洲人 爱德华多·加莱亚诺的世界 (Chinese)

      Japanese

      ガンジーはどのように勝利したのか? (Japanese)

      Japanese

      Truth Versus Superpower (Japanese)

      Japanese

      Bush’s Bad Business Empire (Japanese)

      Japanese

      Revenge of the Combat Cartoonist (Japanese)

      Japanese

      Bush’s Uneasy Mexican Visita (Japanese)

      Japanese

      Mark Twain in Iraq (Japanese)

      Japanese

      Globalization’s “Lost Decade” (Japanese)

      Japanese

      Hawks Say the Damnedest Things (Japanese)

      Português

      As reformas não reformistas de André Gorz mostram…

      Português

      A vida na Nação Prisão

      Português

      Outro pretexto?

      Português

      Imigração tem efeito positivo sobre emprego e salários

      Português

      O império hipotecado

      Arabic

      Abandoning the World Bank (in Arabic)

      Arabic

      The Return of Daniel Ortega (in Arabic)

      Arabic

      Where’s The Jubilee? (in Arabic)

      Arabic

      The Last Porto Alegre (in Arabic)

      Arabic

      Seattle At Five (in Arabic)

      Arabic

      Is Market Access the Answer to Poverty? (in…

      Arabic

      Mexico’s Democratic Transition Still Incomplete (in Arabic)

      Thai

      Progressive Good Tidings of 2007 (in Thai)

      Thai

      2006: A Global Justice Year in Review (In…

      Thai

      WTO: Best Left For Dead? (In Thai)

      Thai

      Is Market Access the Answer to Poverty? (In…

      Thai

      Bush’s Bad Business Empire (In Thai)

      Thai

      The Last Porto Alegre [Thai]

      Thai

      Globalizers, Neocons, or… ? (in Thai)

      Chinese

      泛美洲人 爱德华多·加莱亚诺的世界 (Chinese)

      Chinese

      Why Wendell Matters (in Chinese)

      Chinese

      Globalization’s Watchdogs (in Chinese)

      Deutsch

      Die nicht-reformistischen Reformen von André Gorz

      Deutsch

      Als Martin Luther King seine Feuerwaffen aufgab

      Deutsch

      Mikrokredite: Die Entlassung eines Nobelpreisträgers

      Deutsch

      CAFTA – am besten stillschweigend beerdigen

      Deutsch

      Bush in Mexiko

      Deutsch

      Das globale Duell in Evian

      Deutsch

      Die Rückkehr des Daniel Ortega

      Español

      Hacer Que Nuestras Demandas Sean Tanto Orácticas Como…

      Español

      Las reformas no reformistas de André Gorz

      Español

      ¿Adoptará el nuevo papa la teología de la…

      Español

      Wall Street quiere que les estemos agradecidos

      Español

      Si Las Monjas Se Fueran a una Huelga,…

      Español

      ALEC retrocede; a la derecha le da un…

      Español

      ¿ALEC disgustado ante la pérdida de patrocinadores? Se…

      Español

      La vida en la nación prisión

      Français

      La révolution non-violente a-t-elle échoué en Egypte?

      Français

      Le pari risqué du populisme au Pérou

      Français

      Hong Kong Phooey

      Français

      Bush Nuit Même Aux Compagnies U.S.

      Français

      Le dynamisme du mouvement pour la paix

      Français

      La déroute de l’ALCA dans une Miami en…

      Français

      Ceux qui ne comptent pas

      Français

      La guerre en Irak : une expo des…

      Italiano

      C’è più di un modo per colpire il…

      Italiano

      Richieste dei movimenti: sia pratiche che visionarie

      Italiano

      La strategia di Gandhi per il successo –…

      Italiano

      Le promesse infrante di Obama

      Italiano

      Guantanamo deve sparire

      Italiano

      IL BANK TRANSFER DAY: UN SUCCESSO

      Italiano

      Come il movimento Occupiamo Wall Street si sta…

      Italiano

      Economia tabù

    • Other Translations
  • Appearances
  • Archive
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Global Economy2005-2006

More To Be Done On Debt Relief

by Mark Engler March 30, 2006
written by Mark Engler March 30, 2006
More To Be Done On Debt Relief

If you think the third world debt crisis was solved at the meetings of G8 leaders last summer, think again.

Published in TomPaine.com.


Last July, debt relief was all the rage. Bono crooned at the Live 8 benefit concert in London—one of almost a dozen taking place worldwide—and the leaders of the G8 nations met in Scotland to negotiate a response to the issue. In the end, the elected officials agreed to a breakthrough debt relief deal for some of the poorest countries in the world. They unanimously declared that providing relief, especially for sub-Saharan Africa, was a moral and economic imperative. President George W. Bush remarked that struggling nations “should not be burdened by mountains of debt” and announced that the G8 proposal would “eliminate 100 percent of that debt.” All that was left, the rhetoric suggested, was for the heads of state to congratulate themselves for their high-minded deeds.

Fast forward to the present. Public attention has shifted elsewhere and, while some genuine gains have been secured, much more work remains to be done to eliminate unjust debts that stifle countries in the developing world.

The on-going task has boiled down to addressing three problems. First, until this week, the World Bank had yet to follow through on its part of the G8 deal. Pressuring the Bank to implement in a fair way has required continued pressure. Second, many desperately poor countries do not qualify for relief from the World Bank, IMF, or regional banks under last year’s agreement; G8 leaders must expand the deal to include timely cancellation for more nations. Third, citizens in countries that have overthrown undemocratic leaders are still stuck paying the debts of their past oppressors—because even after proclaiming that the Iraqi people should not be burdened with Saddam Hussein’s debts and rallying creditors to forgive Iraq’s “odious” obligations, President Bush has failed to apply the same standard of forgiveness to countries the U.S. army has not recently invaded.

So, first of all, if everyone agrees that debt relief is needed, why was the World Bank still dragging its feet over eight months after the Scottish summit?

In December the International Monetary Fund hammered out the details for implementing its part of the deal, and it cancelled relevant debts in January. Yet the World Bank lagged behind. The Bank’s Executive Board finally met this week to resolve lingering issues. The meeting produced some wins for activists, but there are also some devils in the details.

Prior to this week’s meeting, the World Bank was offering a plan that would have forced indebted countries to continue making payments for up to the next 15 months. Rather than following the IMF’s lead in giving debt relief right away to qualified nations, the Bank pursued an annual approval process that would keep all the debtors sending non-refundable payments until July—a full year after the G8 agreement. Newly eligible countries would have to wait still another year for cancellation, until July 2007. These include the AIDS-ravaged nations of Burundi, Guinea, Malawi, and Sierra Leone.

The central reason for the delay was the World Bank’s drive for bureaucratic self-preservation. The institution wanted to make sure that donor countries will give it extra funds to make up for lost interest payments from poor nations. It showed itself willing to hold impoverished countries hostage to get the money. As the Bank delayed, funds which could have been spent on health, education, and human development in Africa and beyond were being sent back to Washington.

In a positive development, the World Bank finally agreed this week to implement the G8 deal. Pressure from debt activists helped to convince the Bank to drop its annual review process and the long waiting periods it would have created. This represents a real, if incremental, victory.

However, while the IMF forgave debts accumulated by the eligible countries through the end of 2004, the World Bank will only cancel debts accumulated through 2003. Rather than living up to promises of “100% cancellation,” the Bank is milking poor nations for payments on an extra year’s worth of debt.

Moving forward, the fight will shift from compelling the Bank to clear the hurdles of self-interest. Two especially pressing concerns must be addressed not only by the World Bank and IMF, but also by their paymasters at the G8: finding a way to include more poor countries in the deal without making them submit to onerous economic conditions, and canceling illegitimate debts amassed by the dictators of the past.

The current G8 agreement, while representing a historic advance, is only a limited response to the debt problem. Only a fraction of the poor countries that need relief are now getting it. In order for others to qualify they must spend years submitting to a long list of “neoliberal” economic mandates, such as downsizing government and opening markets to foreign corporations. The track record of these reforms at reducing poverty is dismal. And the fact that countries pursuing other strategies for development must forgo needed assistance is offensive.

Many advocates in the international Jubilee Debt Campaign contend that poor countries should proactively renounce unjust debts rather than wait for overdue “forgiveness.” That lender agencies continue to make debtors adopt neoliberal policies as a pre-condition for debt forgiveness lends considerable weight to the activists’ argument.

The stance in favor of renunciation is doubly valid in cases of “odious” debt, and addressing these cases represents the third critical task ahead. Wealthy nations are still pushing for payments from countries whose bills were run up by dictators that have since been deposed. Money lent to military governments was often used to line the pockets of corrupt officials or, worse yet, to purchase American and European-made arms, which were then deployed to repress democratic movements.

After the U.S.-led assault on Baghdad in 2003, President Bush argued that odious debts endangered Iraq’s “long-term prospects for political health and economic prosperity.” He insisted that the future of a people “should not be mortgaged to the enormous burden of debt incurred to enrich” a despot. The U.S. then mobilized its political will to persuade national and multilateral creditors to erase the bulk of Saddam Hussein’s debts.

The Bush administration was right to do this. The problem is that it didn’t go far enough. Washington has yet to push for the elimination of debts accrued by tyrants like Pinochet in Chile and Suharto in Indonesia, whom the United States supported when they were in power.

This double standard has tragic implications. Evidence shows that debt cancellation can be a most effective form of humanitarian assistance, allowing developing countries to draw on their own resources to provide critical social services. The Jubilee USA Network has highlighted the Zambian government’s announcement, just before the G8 deal was finalized, that it would “use debt relief proceeds to provide anti-retroviral drugs to 100,000 HIV/AIDS patients.” The bottom line, Jubilee advocates note, is that debt cancellation can save lives.

“In a situation where literally thousands of children die from preventable diseases every day, it’s our duty to act,” said British Prime Minister Tony Blair in advance of last year’s G8 summit. That sentiment is as true now as it was when the cameras were rolling. And if leaders like Bush and Blair are not willing to honor it, solutions like debt renunciation present the only moral alternatives for the poor.

__________

Research assistance for this article provided by Kate Griffiths. Photo credit: Ian Paterson / Wikimedia Commons.

Mark Engler

Mark Engler is a writer based in Philadelphia and an editorial board member at Dissent magazine. His latest book, written with Paul Engler, is entitled This Is an Uprising: How Nonviolent Revolt Is Shaping the Twenty-First Century.

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Mark Engler is a writer based in Philadelphia and an editorial board member at Dissent magazine. His latest book, written with Paul Engler, is entitled This Is an Uprising: How Nonviolent Revolt Is Shaping the Twenty-First Century (Nation Books). Mark’s full bio is available here.

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