In a couple of weeks time the leaders of the world's seven richest nations are coming to London. George Bush, Helmut Kohl, Francois Mitterrand and the rest will arrive with their finance ministers for theirannual review of the world's economy.
Part of their meeting, as usual, will be a cynical discus sion about the price the people of the third world have to pay for the debt crisis.
The Cancel the Debt campaign is using the opportunity provided by the summit to mount demonstrations in London and Scotland calling for the cancellation of the debt. It will be a crucial opportunity, at a time of massive international publicity, to strike a blow for the millions of hungry and op pressed in the third world.
The debt originates from the 1970s, when the western banks, bloated with 'petro-dollars', urged bigger and bigger loans on poor third world countries. But as economic recession hit the ability of the thrid world to pay the huge interest on the debt diminished The result has been the famous IMF austerity programmes. Dozens of countries now have their economies policed activist about town! • Introductory offer (5 issues): £2.50 • 1 Europe: 1year £18 • Six months £10 • Rest of the World: 1 year 222 • Six months £12 • I include a donation of £. I'd like to know more about Socialist Outlook a Name...
Address by the IMF and the World Bank, which impose savage cut backs in state spending, wage freezes and anti-inflation programmes which have thrown millions into unemployment, hunger and despair.
The irony is that many third world countries have already paid back the debt in interest payments, several times over. Cancellation of the debt would have a minimal effect on Western banks and LOVEL ments. But still the West con tinues to pump billions of dol lars out of the third world and into the coffers of western banks each year.
In Africa, Asia and especially Latin America the debt is a fundamental political concern. But it is very difficult to break out of debt bondage. The debt could only be repudiated if a number of large third world countries acted But most governments in the South are reactionary and tied to imperialism. They have no interest in confronting their western masters.
Those fighting back against the effects of the debt need the solidarity of the workers move ment in the advanced capitalist Colintrip But although the issue of the debt is well-known in the West, little has been done to combat it politically. What action there has been has usually been undertaken by third world charity nd campaigning organisaions. With the exception of the Theirs is the future to be fought for - against the banks and multinationals! done little.
in opportunity to turn thi around. Campaigns are gettin off the ground in severa European countries. Already plans are being made to demonstrate at next years G7 summit in Germany; but unless there is a big demonstration in London, next year's plans will be set back.
The Cancel the Debt campaign has widespread sponsor'G7' summit in Paris, the left has ship from labour movement and campaigning organisaThe London summit in July is tions. But that support has to be turned into action. There has to be the maximum possible turnout at the 13 July demonstrations. Strike a blow for the people of the third world - make sure that the world's media and political bosses know that the British labour movement stands with the people of the third world! *See page 14 for further details. against the debt
mass demonstration at the 1989 Printed by Tridant Press, Edenbridge, Kent. Published by Idolrare Ltd, 377 City Road, London EC iV
International Demonstration and Carnival Support third world struggle
Saturday 13 July Assemble: 12 noon, Harmsworth Rally at Trafalgar Square 2.30pm