Jubilee South rejects G7's "cruel hoax"
The Cologne Debt Initiative does not offer relief for the 4.5 billion women and men in the South who suffer from debt domination. It makes a mockery of their right to a dignified life.
"Expanded HIPC" means increased misery and debt for peoples of the South.
HIPC ("Highly Indebted Poor Countries Initiative") is fundamentally flawed because it is linked to Structural Adjustment Programmes.
These programmes have been shown to have a devastating human impact on account of diminished spending capacities for social services and job creation.
HIPC is a scheme of the creditors by the creditors for the creditors. The Expanded Initiative is not relief at all but rather a self-service formula to keep governments in the South from defaulting.
Judged by its own terms, the Cologne Initiative still deals with less than 2 percent of the total nominal debt stock of the South. It still remains confined to a small group of countries, ignoring the plight of the poor in all other countries in the South.
The plan is also inconsistent with the OECD commitment to halve the levels of absolute poverty by the year 2015.
Jubilee South sees nothing to welcome in this initiative
Jubilee South sees nothing to welcome in this initiative. This Cologne scheme, like its predecessors, refuses to acknowledge the moral dimensions of the debt crisis and the historical responsibility of the rich countries for the current state of affairs.
For moral reasons, the debt of the South is illegitimate. Furthermore, it has been paid over and over again. Jubilee South does not speak of partial relief, but rather of full reparations.
We demand total, unconditional cancellation of all the debt of the South. The G7 has failed to meet the challenge of justice posed by Jubilee.
Don’t owe !
Won’t pay !
Jubilee South is a coalition of Jubilee debt campaigns and social movements from Africa, Asia and Latin America.
Contact : Donna Andrews 0173 970 5440/3.