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PARLIAMENTARIANS' DECLARATION


Parliamentarian Declaration- ask your TDs and MEPs To Lift the Lid on Illegitimate debts

How? By getting them to sign up and support the INTERNATIONAL call for more just financial relationships between rich and poor countries.

SOME OF THE ROOT CAUSES OF THE CURRENT DEBT CRISIS

The history of the sovereign debt crisis since the 1980s has shown that loans have often been extended to impoverished nations with insufficient regard for democracy or citizens' welfare. In many cases, loans were used to buy political support, to fund non-viable projects, or given on unfair terms and conditions. Loans have been stolen and misused on a large scale, and parliamentary and citizen consultation in loan decisions has been non-existent or marginal. These loans have been detrimental to the development of debtor countries and the debts, which have resulted, have commonly been described as "illegitimate" debts. However repayments continue to be demanded by creditors.

Why must the poor 'carry the can' for bad loans/debts?

For any failed loan, and any breach of international lending standards, there is a shared responsibility between both parties to the contract. However, the reality is that under the current system, all claims on sovereign states are considered valid and the debtor must assume responsibility for the loan while the lender does not share any part of the risk. This in effect gives the lenders a 'get out' clause. Those who were involved in illegal or questionable loan deals in the past have in most cases not had to suffer the consequences. It has sometimes encouraged reckless behaviour by creditors because they are almost always guaranteed to recover their credits. This in turn has led to an erosion of honest debtor-creditor relationships. But most importantly, it is unacceptable because it puts a disproportionate part of the burden onto the shoulders of the citizens of indebted countries.

Can our TDs and MEPs contribute to restoring the balance for an international just lending/borrowing relationship? Yes, because as elected representatives of the people who ultimately suffer the consequences of failed lending policies, it is our joint responsibility to ensure that all loans reflect the aspirations of the citizens of debtor countries. This is why this declaration calls for further concrete steps to establish the legitimacy of individual sovereign loan agreements and institute principles of shared responsibility in international sovereign lending. Putting pressure on political leaders works! For example, in October 2006, the Norwegian government cancelled the debts of five countries admitting major creditor failures and shared responsibility for the debts, which ensued. This shows that it is possible for creditors to acknowledge co-responsibility.


Parliamentarian's Declaration
Signatories from Ireland - April 2008

  • Bernard Allen [TD], Fine Gael, Ireland
  • Barry Andrews [TD], Fianna Fail, Ireland
  • Gerry Adams [MLA], Sinn Fein, Northern Ireland
  • Martina Anderson [MLA], Sinn Fein, Northern Ireland
  • Johnny Brady [TD], Fianna Fail, Ireland
  • Bairbre de Brun [MEP], Sinn Fein, GUE/NGL, Northern Ireland
  • Francie Brolly [MLA], Sinn Fein, Northern Ireland
  • Micky Brady [MLA], Sinn Fein, Northern Ireland
  • Sean Barrett [TD], Fine Gael, Ireland
  • Cathal Boylan [MLA], Sinn Fein, Northern Ireland
  • Paul Butler [MLA], Sinn Fein, Northern Ireland
  • Catherine Byrne [TD], Fine Gael, Ireland
  • Willie Clarke [MLA], Sinn Fein, Northern Ireland
  • Michael Creed [TD], Fine Gael, Ireland
  • John Curran [TD], Fianna Fail, Ireland
  • Carál Ní Chuilín [MLA], Sinn Fein, Northern Ireland
  • Pat Doherty [MLA], Sinn Fein, Northern Ireland
  • Pearse Doherty [Senator], Sinn Fein, Ireland
  • Martin Ferris [TD], Sinn Fein, Ireland
  • Michelle Gildernew [MLA], Sinn Fein, Northern Ireland
  • Marian Harkin [MEP], Independent, ALDE, Ireland
  • Tom Hayes [TD], Fine Gael, Ireland
  • Marie F. Hoctor [TD], Fianna Fail, Ireland
  • Michael D. Higgins [TD], President Labour Party, Ireland
  • Jackie Healy-Rae [TD], Independent, Ireland
  • Gerry Kelly [MLA], Sinn Fein, Northern Ireland
  • Billy Kelleher [TD], Fianna Fail, Ireland
  • Ciaran Lynch[TD], Labour Party, Ireland
  • Kathleen Lynch [TD], Labour Party, Ireland
  • Arthur Morgan [TD], Sinn Fein, Ireland
  • Alex Maskey [MLA], Sinn Fein, Northern Ireland
  • Paul Maskey [MLA], Sinn Fein, Northern Ireland
  • Francie Molloy [MLA], Sinn Fein, Northern Ireland
  • Conor Murphy [MLA], Sinn Fein, Northern Ireland
  • Gay Mitchell [MEP], Fine Gael, EPP/ED, Ireland
  • Michael McGrath [TD], Fianna Fail, Ireland
  • Mattie McGrath [TD], Fianna Fail, Ireland
  • Finian McGrath [TD], Independent, Ireland
  • Mary Lou McDonald [MEP], Sinn Fein, GUE/NGL, Ireland
  • Fra McCann [MLA], Sinn Fein, Northern Ireland
  • Jennifer McCann [MLA], Sinn Fein, Northern Ireland
  • Gerry McHugh [MLA], SinnFein, Northern Ireland
  • Raymond McCarthy [MLA], SinnFein, Northern Ireland
  • Martin McGuinness [MLA], Sinn Fein, Northern Ireland
  • Barry McElduff [MLA], SinnFein, Northern Ireland
  • Claire McGill [MLA], SinnFein, Northern Ireland
  • Daithi McKay [MLA], Sinn Fein, Northern Ireland
  • Mitchell McLaughlin [MLA], Sinn Fein, Northern Ireland
  • Michael Noonan [TD], Fine Gael, Ireland
  • Caoimhghin O'Caolain [TD], Sinn Fein, Ireland
  • Aengus O'Snodaigh [TD], Sinn Fein, Ireland
  • Michelle O'Neill [MLA], Sinn Fein, Northern Ireland
  • John O'Dowd [MLA], Sinn Fein, Northern Ireland
  • Christy O'Sullivan [TD], Fianna Fail, Ireland
  • Jan O'Sullivan [TD], Labour Party, Ireland
  • Willie Penrose [TD], Labour Party, Ireland
  • Sue Ramsey [MLA], Sinn Fein, Northern Ireland
  • Caitríona Ruane [MLA], Sinn Fein, Northern Ireland
  • Prionsias DeRossa [MEP], Labour Party, PES, Ireland
  • Tom Sheahan [TD], Fine Gael, Ireland
  • Emmet Stagg [TD], Labour Party, Ireland
  • Sean Sherlock [TD], Labour Party, Ireland
  • Mary White [TD], Green Party, Ireland

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Action Alert:

While the Irish government does not lend directly to impoverished countries, we should still send a signal to rich and poor nations that Irish Parliamentarians support a more just global financial system. That is why we are calling on TDs and MEPs to sign the declaration in solidarity with other Parliamentarians throughout the world who are working for a global justice financial system. We call on you to ask your local TDs and your MEPs to sign and support the International Parliamentarian Declaration today.

Please return the signed Parliamentarian Declaration to the Debt Coalition office by post.
Download the form at the bottom of the page.


Parliamentarians’ Declaration
for Shared Responsibility in Sovereign Lending
(see: www.debtdeclaration.org)

Recognising that there have been abuses in international sovereign lending in the past;

Recognising that we, as elected representatives of the people, have a right and duty to scrutinise the sovereign lending and borrowing decisions of our countries;

We, the undersigned parliamentarians / legislators commit ourselves to:

  • Support further research into the concept of illegitimate debt as it relates to international sovereign lending in order to develop an international consensus around the issue;

  • Initiate and support parliamentary audits of existing claims and debts in our own countries, in order to distinguish between proper and improper lending and borrowing and to encourage responsible lending and borrowing procedures in the future;

  • Work to give greater legal force to the concept of illegitimacy in international sovereign lending; particularly by initiating and supporting legislation, motions or other parliamentary measures;

  • Support principles of shared responsibility in sovereign loan agreements;

  • Support far greater parliamentary participation in loan contraction processes to ensure judicious public scrutiny of the purpose, financial terms and conditions of loans.
Signature of Parliamentarian or Legislator: .......................................................

Parliament and affiliation: ..............................................................................

Download in Word Format here, get your TD to sign it!
Please return signed copies by fax or post to:

Debt and Development Coalition Ireland,
Unit F5,
Spade Enterprise Centre,
North King Street,
Dublin 7.

Tel: + 353 1 617483
 

 


Debt and Development Coalition Ireland: Unit F5, Spade Enterprise Centre, North King Street, Dublin 7.
Tel: + 353 1 6174835
Contact us: enquiries / information click here