The big default
The big default
How reasonable is it for example when the inhabitants of a country have to pay for loans which keep private banks from collapsing? How reasonable is it if the same inhabitants have to pay for loans which were given to their country, by banks who knew long time that the country could never pay the loan back? And lastly how reasonable is it if the same inhabitants have to pay back a loan which an overthrown dictator used in the past the enrich himself and buy weapons to strengthen his rule?
The last thing happened in the Philippines in the 70s, when the dictator Marcos was in power. Lidy Nacpil from the Philippine Debt Campaign says that Filipinos are still heavily effected by the loans that were that were given to Marcos. It doesn't seem very fair for a country like the Philippines to have to start a democracy with a debt of billions and billions of dollars that the people had nothing to do with. Of course the Philippines isn't the only southern country that carries an unjust burden. Countries in the Maghreb like Tunisia and Egypt, which are in the midst of a political and social revolution, face the same problems.
In Greece the feelings of unjust debt - created by a financial and political elite, according to most Greeks attending the conference - are very alive as well. Of course the oldest democracy in the world didn't just expel a one person government. That doesn't mean though that in finding solutions Greece can not look at countries from the southern hemisphere, that have gone through similar crises. An often mentioned solution during today's conference is that Greece should go for a default, like Argentina did a couple of years ago. It should just stop paying the interests and stop paying back its debts and deleting them altogether.
Like Thomas Sankara, the president of Burkina Faso, once said: "The debt cannot be repaid. If we do not pay, our creditors will not die, we can be sure of that. On the other hand, if we pay, it is we who will die, of that we can be equally sure".
Read more about this subject
Publication / 8 January 2021
External link / 28 December 2020
No matter whether you're working with us for 30 days of 30 years: we'd like to hear from you! What do you think about Both ENDS? What was/is our added value to your work? How did/do we cooperate? What is your oldest, or your dearest, memory? What do you wish for the years to come? Submit your contribution for our 30-year anniversary!
Press release / 14 December 2020
Brussels, Belgium - 14 December
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News / 11 December 2020
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Blog / 7 December 2020
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News / 27 November 2020
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Publication / 26 November 2020
Event / 16 November 2020, 18:30 - 19:30
The Netherlands is a major business partner to Brazil and has not been deterred by the record of human rights' abuses by Bolsonaro's government, nor by the coup d'Etat against the president Dilma Rousseff in 2016. How do the Dutch economic ties with the Brazilian political and corporate elites affect the Brazilian population, in particular indigenous peoples, nature and the global climate?
Press release / 11 November 2020
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Publication / 11 November 2020
News / 10 November 2020
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News / 19 October 2020
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External link / 19 October 2020
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News / 16 October 2020
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News / 15 October 2020
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News / 21 September 2020
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Press release / 18 September 2020
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News / 18 September 2020
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Press release / 11 September 2020
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News / 11 September 2020
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