Read on Twitter
As Blackrock announce an 18% increase in 2020 revenue, and $7.8 *trillion* in assets, we release figures on how Blackrock and fellow banks are profiting from the #COVID19 debt crisis in Africa and beyond. #CancelTheDebt (1/9) https://www.globaljustice.org.uk/news/2020/oct/14/banks-and-hedge-funds-slammed-draining-poorer-countries-funds-during-pandemic
Today the G20 will extend debt relief in 2021, but this isn’t proper cancellation AND doesn’t include big banks who are raking it in. Lower income countries will pay $13 billion to rich investors by end 2020 (2/9) https://in.reuters.com/article/imf-worldbank-emerging-debtrelief/g20-to-extend-debt-freeze-for-poorest-nations-still-wrangling-over-next-steps-idINKBN26Z085?il=0
This includes the richest banks and funds on the planet: Blackrock, HSBC, Goldman. Blackrock alone – with assets worth two and half times more than the GDP of all of #Africa - hold US$1 billion of bond debt in Ghana, Kenya, Nigeria, Senegal and Zambia. (3/9)
Perversely even the insufficient debt relief given by rich countries is therefore being diverted into the pockets of these financial giants. It seems big finance cannot lose in this economic model, which upholds only the ‘rights’ of the bankers. (4/9)
Even the World Bank chief said this last week when he called the debt system a ‘debtor’s prison’ and that “people, even the world’s poorest and most destitute, are required to pay their government’s debts as long as creditors pursue claims” (5/9) https://www.worldbank.org/en/news/speech/2020/10/05/reversing-the-inequality-pandemic-speech-by-world-bank-group-president-david-malpass
We can change this. We must compel these banks to cancel debt and pass anti vulture funds law. And we need a new debt system. Not as far-fetched as it seems. Keynes proposed something like it after WW2. (6/9) https://www.eurodad.org/Entries/view/1547087/2019/09/17/We-can-work-it-out-10-civil-society-principles-for-sovereign-debt-resolution
Thomas Sankara said in the 80s: “Those who led us into debt were gambling. There is talk of a crisis. No. They gambled. They lost. We cannot repay the debt because we have nothing to pay it with, because it is not our responsibility” #DebtJustice (7/9) https://www.redpepper.org.uk/thomas-sankara-an-african-leader-with-a-message-for-europe/
Listening to him could have saved so many lives in the 80s and 90s. Lives lost to debt and the IMF’s austerity. We cannot ever allow this to happen again. Demand a new debt system. Demand life over debt. (8/9)
A massive thanks to @dariokenner for the work on this briefing, as well as @MattiKohonen, @not_DJW, @tim_jones6, @AnaArendar and everyone working to #CancelTheDebt. We can win. Keep going. (9/9) https://www.globaljustice.org.uk/resources/under-radar-private-sector-debt-and-coronavirus-developing-countries
