The system of debt continues to devastate the lives of people around the world. People in the South face the daily impacts and consequences of the financial indebtedness of their countries, which far from having been “relieved” is growing in step with the crisis and the pursuit of extraordinary profits by the most concentrated forms of capital. They continue also to bear the burden of the unpaid historical, social, ecological, and climate debts which are increasing as well to the rhythm of false solutions to the global crisis.
In Europe and North America, social security is being dismantled in the name of fiscal austerity, while millions of people cannot find a decent job and military budgets rise. South and North, people are fighting for the provision of public services and basic rights such as healthcare, education, housing, water, social security, land and urban reform, while governments favor the payment of services on an often ill-gotten debt.
It is the very foundations of the system that are showing their flaws. Nonetheless, most governments and the International Financial Institutions (IFIs) persist in seeking “solutions” that will only worsen the problems of our peoples, as they place financial markets and debt at the center of responses to the crisis they provoked.
Instead of new mechanisms of indebtedness and the perpetuation of illegitimate debt, people everywhere call for the repudiation of illegitimate and odious debts and the consolidation of economic and financial alternatives that are sovereign and democratic and based on respect for human rights and Nature.
Let us join forces and say NO to illegitimate debt: acquired on people’s behalf but destined to benefit a few corrupt bankers and politicians, huge multinationals, speculative interests, and the criminalization and repression of popular resistance. Peoples the world over demand accountability and transparency in public finances. We demand the suspension of debt payments and the realization of comprehensive and participatory debt audits NOW! The protection of human rights must be the top priority of all States.
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