- js reader version
- view hidden posts
- tags and related articles
Thursday, Feb. 07, 2002 at 3:58 PM
People's Tribunal on the Debt in Porto Alegre finds .8 trillion in debt illegal; World Bank, IMF & other lenders guilty of genocide
Published on Monday, February 4, 2002 by the Associated Press
by Harold Olmos
PORTO ALEGRE, Brazil -- A "court" composed of figures from developing nations ruled that the .8 trillion Third World debt was illegal and should be forgiven.
The "Court on Foreign Debt," sponsored by activist group Jubilee South, also charged lenders -- including the World Bank and the International Monetary Fund -- with genocide and pillaging debtor nations, spokesman Alejandro Bendana said Sunday.
Foreign debt has been a focus of the Social Forum, a summit of 40,000 politicians and members of grass-roots and citizens' rights groups meeting at the same time as the World Economic Forum.
About 2,700 politicians, business leaders and academics have gathered for the World Economic Forum in New York to discuss U.S. foreign policy, its possible role in breeding terrorism and the downside of globalization.
At the Porto Alegre meeting, the court said developing nations' debt -- which is about 0 billion in Latin America alone -- was contracted "outside the bounds of national and international law and without consulting society."
That crippling debt was "illegitimate, unjust and unsustainable, ethically, legally or politically," the court said.
Its judges included Argentine Nobel laureate Adolfo Perez Esquivel; Tanzanian lawmaker Rosemary Nyerere, daughter of "the father of African nationalism," Julius Nyerere; and South African poet Dennis Brutus, who spent time in prison with Nelson Mandela.
The court's "ruling" included 13 charges against industrialized nations and several institutions, such as crimes against humanity, collecting "usurious interest rates" and supporting dictatorial regimes.
The court faxed its ruling to several of the accused, including the World Bank and the IMF. Bendana said the accused had until the end of April to respond before the judges issue a sentence.
The judges also made 14 recommendations, including campaigns for debt rejection, full auditing of debt figures and creating procedures to control indebtedness, the statement said.
It also urged lawmakers in various countries to investigate how money from debt payments is applied and to demand the return of natural resources obtained from developing nations. In the late 1990s, Jubilee successfully pressed for the cancellation of 0 billion in debt owed by 41 poor countries. But the organization said at least 0 billion owed by 52 countries had to be pardoned to end the debt crisis.
Delegates in Porto Alegre repeatedly cite Argentina, which last month defaulted on its 1 billion public debt after nearly four years of recession and a cutoff of IMF aid, as an example of the failure of free-market economics.
The Bush administration supports the IMF stance that Argentina must change its currency regime, scrap a banking freeze and deal with soaring budget deficits.
That stance has angered delegates here.
"The more we pay, the more we owe and the less we have. That is the perverse logic of debt," Esquivel said.
Copyright © 2002, The Associated Press
Report this post as:
LATEST COMMENTS ABOUT THIS ARTICLE
Listed below are the 10 latest comments of 1 posted about this article.
These comments are anonymously submitted by the website visitors.
||Monday, Feb. 25, 2002 at 4:21 AM
Change Links September 2018 posted
More Scandals Rock Southern California Nuke Plant San Onofre
Site Outage Friday
Change Links August 2018
Setback for Developer of SC Farm Land
More problems at Shutdown San Onofre Nuke
Change Links 2018 July posted
More Pix: "Families Belong Together," Pasadena
"Families Belong Together" March, Pasadena
Short Report on the Families Belong Together Protest in Los Angeles
Summer 2018 National Immigrant Solidarity Network News Alert!
Watch the Debate: Excluded Candidates for Governor of California
Change Links June 2018 posted
The Montrose Peace Vigil at 12 Years
Unity Archive Project
Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi
CA Senate Bill 1303 would require an independent coroner rather than being part of police
Three years after OC snitch scandal, no charges filed against sheriffs deputies
California police agencies violate Brown Act (open meetings)
Insane Company Wants To Send Nuke Plant Waste To New Mexico
Change Links May 2018
Worker-Owned Car Wash on Vermont Closed
GUIDE TO REBEL CITY LOS ANGELES AVAILABLE
lausd whistle blower
Help KCET and UCLA identify 60s-70s Chicano images
UCLA Luskin: Casting Youth Justice in a Different Light
More Local News...
Irrémissible, l'inhumanité acquise en héritage
Addendum: Benjamin Tucker American Mutualist: Tucker Did Not Advocate Voting in Businesses
OUR HOUSE Grief Support Center Celebrates 25 Years with the House of Hope Gala
Against the Rent Madness and For a Nonprofit Orientation!
Cybermonde, cyberguerre, cyberespace, cyberterrorisme
Paraphysique de psychosomatique
Chuck Grassley: Women Abusing, Animal Murdering, Illegal War Supporting Criminal
Finance Capitalism and the Digital Economy
Muselières syndicales, muselières patronales
Jeff Bezos, Amazon, The Washington Post, Whole Foods, Etc
Why Choose Nut Milk Over Cows' Milk
Antrhopocène, le grand effondrement
The Dictatorship of Corporations
18 Lethal Consequences Of Hunting
Paraphysique de l'outplacement déontologue
Shopping du bashing
After Lehman Brothers, Experts Say Global Financial Crisis Can Happen Again
“Animaniacs in Concert!” Starring Voice Legend Rob Paulsen
Probabilités de fin d'humanité
Florida Area of Migrant Farmworkers Denied Right to Construct Health Clinic near NaplesCIW
Steer clear of work morality!
The Shortwave Report 09/07/18 Listen Globally!
August 2018 Honduras Coup update
Brett Kavanaugh Filled The 5th Circuit With Execution Judges
Augusta Georgia Woman Gets 5 Year Prison Sentence for Writing About Russians Crime Acts
Paraphysique de contextualité
Crisis Regulation in Global Capitalism
More Breaking News...