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Argentina: creditors must take action to stem human impact of debt crisis

Iolanda Fresnillo, Daniel Munevar

14 May 2020 11:38:24

Argentina continues to struggle with recession and a mounting debt crisis. The country has been on selective default for a few months, and is battling to avoid a broader default. It has been trying to find a workable solution both with its private creditors, with bilateral creditors through the Paris Club and with the IMF, by proposing a comprehensive and consistent debt restructuring process. However, this has resulted in little success to date. On top of this already complicated situation, Argentina is now facing the economic consequences of the Covid-19 pandemic. That is why CSOs across the world are writing to the members of the Paris Club backing Argentina's call. “A substantial debt restructuring in Argentina, with fair burden-sharing by all creditors, is imperative in order to address ...

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Six things you should know about Covid-19 and debt for developing countries

Iolanda Fresnillo, Daniel Munevar

16 Apr 2020 13:46:54

An overwhelming amount of information regarding the impact of and response to Covid-19 has been published over the last month. Through this blog, we hope to provide a guide to understanding the key issues for developing countries.  1. There is so much going on right now. How can I keep track of what is happening?  Don’t worry. At Eurodad have been working on these issues for decades and we feel the same. The Covid-19 crisis is having a profound impact on many aspects of our lives. For countries in the global south, the impact of the crisis is such that we are not yet able to fully comprehend its implications.  Despite this uncertainty, at least three basic facts are clear:  Firstly, the health care systems in most of these countries are vulnerable and lack the required ...

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Debt relief must deliver on ambitions

The IMF and WB are calling on the G20 to support debt relief for impoverished countries in the face of the COVID-19 outbreak. But the institutions must break with the past to ensure debt relief fulfils its purpose. The COVID-19 pandemic is an exceptional crisis and potentially implies devastating legacy impacts for many impoverished countries. Global policy responses to deal with the economic fallout must therefore break with precedent and also ensure a reinforcement of longer-term development priorities. The call for a moratorium on official bilateral debt by the Bretton Woods Institutions is welcome, and could be a significant measure in securing fiscal breathing space for countries battling against the consequences of the COVID-19 outbreak. But for some countries, such a standstill may not ...

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A call to action for CSOs: Stop the new debt crisis from derailing women’s rights

Iolanda Fresnillo

09 Mar 2020 10:18:20

Iolanda Fresnillo, Eurodad and Verónica Serafini, LATINDADD This blog outlines the serious barriers women are facing due to the unfurling debt crisis in the global south. As debt payments increase, resources are diverted from public services investments and towards the outsourcing and privatisation of these services. This poses a threat to women’s rights and equality. CSOs across the world can help tackle this injustice, but, as this blog states, a greater gender focus for our actions is essential.  An unfurling debt crisis The last decade has seen an unprecedented increase in debt levels globally, including in the global south. This new “wave of debt” is – according to the World Bank - “the largest, fastest and most broad-based increase in debt” we’ve witnessed in “emerging ...

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Haiti 10 years after the earthquake: the fight for social and economic justice continues

Iolanda Fresnillo

10 Jan 2020 14:17:31

Delmas camp for  people internaly displaced by the earthquake. I Fresnillo/ Dec 2013 On January 12 2010 an earthquake of magnitude 7.3 on the Richter scale ripped through Port-au-Prince metropolitan area and other parts of Haiti. More than 1.5 million people, representing 15 per cent of the country's population, were directly affected by the earthquake. According to the Haitian government, 316,000 people lost their lives. An estimated US$ 7.8 billion dollars of damage was caused - equivalent to more than 120 per cent of the GDP of 2009. Everyone in Haiti has a story that begins or ends on 12 January and many wounds remain open. Everyone lost someone. Everyone remembers where they were that day. From debt relief to oil debt When the earthquake struck, I was with a group of European ...
Centro de la Cooperación Cultural Floreal Gorini, Buenos Aires, 29 November 2019, 14:00 – 17:00 This seminar took place in the context of an emerging wave of debt crises across the globe, and an especially acute situation in Argentina, which had already ...