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">https://www.worldbank.org/en/news/s...
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/">https://www.redpepper.org.uk/thomas-sa...
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)
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