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+Observatorio de la Deuda en la Globalización

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Message from Rome: Time for a new Jubilee

Bodo Ellmers

04 Jun 2014 18:07:45

Representatives of the Global Jubilee Debt Relief Coalition visited the Vatican in Rome last month to discuss what to do about the global debt crisis. High and surging debt levels are causing economic and developmental problems once again. This time it’s a problem affecting every region of the world. The ethical dynamite of the ‘who owes whom and what and why’ is dividing humanity into creditors and debtors. A new Jubilee is long overdue. Breaking the chains of debt The Bible’s Old Testament describes a practice from the ancient world that could well be the world’s first insolvency regime. Every seven years, slaves and prisoners were to be freed, and debts were to be forgiven. This seventh year is called the Jubilee. Photo: The Jubilee delegation with Cardinal TurksonThe ...

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Financing for Development - Where is the UN heading?

Bodo Ellmers

31 Oct 2013 14:10:17

The United Nations' Sixth High-Level Dialogue on Financing for Development (FfD) that took place in New York in early October shows a deep rift between developing and developed countries. This dialogue was mandated to look at the FfD Agenda's status of implementation and the tasks ahead.  While the EU thinks it contributed at least its fair share, developing countries pointed to the major failures in implementation of aid, debt or trade commitments. The future of the FfD process remains unclear.  Slow Implementation For the EU – the only rich countries that bothered to issue a statement at the meeting - the state of financing for development 11 years after the first UN World Conference, held in Monterrey, on the subject seems just fine. The EU's representative ...

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Brazil’s ‘debt cancellation’ for Africa leaves more questions than it answers

Konstantinos Todoulos

13 Jun 2013 11:07:21

On 25 May Brazil announced the “cancellation or restructuring" of up to $900 million of debt owed by 12 African countries though the details remain extremely unclear, including what this may actually be worth to African countries, and crucially what Brazil expects in return. The debt relief, announced by Brazilian president Dilma Rousseff on the occasion of the 50th Anniversary of the African Union, reflects Brazil’s growing prominence in the global political scene, and the increasing relevance of its relations with African countries. According to news reports, Congo-Brazzaville will be the main beneficiary and will receive $352 million of debt relief, followed by Tanzania with $237 million and Zambia with $113.4 million. The other countries that are included in the initiative are Democratic ...