The #G20 statement on ‘a new debt system’ today is shockingly bad. Expectations were very low, but this is truly underwhelming nonetheless. #CancelTheDebt (1/5) jubileedebt.org.uk/press-release/…
No compulsion for big banks or World Bank to write down debt. It’s all the responsibility of the debtor country, which in the current system has little power. Everything will be done to ensure as little debt is cancelled as possible. (2/5) g20.org/en/media/Docum…
On the day Zambia teeters on default this is pure ‘head in the sand’. Zambia spends 4x more on external debt than public healthcare. Meanwhile some ultra-rich bondholders could make up to 250% profit. (3/5) jubileedebt.org.uk/press-release/…
65% of Zambia’s payments this year ($1.1 billion) are to private lenders. More than half of non-bond private debt to *British* banks. They’ve been raking it in even as public spending has plummeted 18% in Zambia. 88% live on less than £4.20 a day. (4/5)
jubileedebt.org.uk/blog/zambia-ed…
jubileedebt.org.uk/blog/zambia-ed…
The World Bank says the debt system works like a debtor’s prison. But won't act to change that. So… we must offer full solidarity to those defaulting. Only a strong international movement can break this deeply unjust system. #CancelTheDebt (5/5)
newint.org/features/2020/…
newint.org/features/2020/…
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