• We believe there is a need to address and challenge the root causes of global inequality.
  
  
• We seek justice in North-South relationships and therefore a radical, positive re-shaping of these relationships.
  
  
• We believe in the urgent need to take collective action against the exploitation of the Global South.
  
  
• We act in solidarity with other movements globally advocating for a better world.

Programme of Events Download in PDF format

Call to Action to demand that our parliamentarians take action against Illegitimate Debts!

We will do this by holding a national campaigning event targeting our TDs on Tuesday 21st October at Buswells Hotel, Molesworth St, Dublin (the hotel opposite the Dáil) from 11.30am till 7.30pm.

We are inviting you to make appointments with your TDs at any time between those hours to come and talk with you at Buswells Hotel about the problem of debt. The purpose of the event is to engage TDs on the issue of debt and to increase parliamentary endorsements of the 2 declarations on debt that are enclosed in this issue of Campaigners Update, along with futher details of the action.

Campaigners Update PDF (520kb)

TD declaration 1 PDF

TD declaration 2 PDF

List of TDs by constituency Word .doc

List of TDs by constituency Word .rtf

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.

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.