Our Defuse the Debt Crisis campaign is calling for Scotland to become the world’s first arbiter of international debt, giving the Global South a chance to make their voices heard through a fair and transparent debt workout mechanism. The indebted countries of the world desparately need a fair and transparent process through which debts can be cancelled on the basis of being unjust or unpayable. Jubilee Scotland is calling for the Scottish Government to lead the way on this issue, by promoting Scotland as a centre of arbitration for debtors and creditors to meet and reach fair resolution.

 

There is no global system for dealing with unjust or unpayable debt. And where debt cancellation has happened in the past, it has come with damaging conditions which which often leads to an even worse economic situation. For many years, campaigners have been calling for a fair and transparent system for handling sovereign debt. In coordination with academics, activists and legal experts Jubilee Scotland has created a framework for sovereign debt workout right here under Scots Law. You can download the full pack of briefings, or individual papers if you have a particular area of interest:

• Scotland as a seat of fair and transparent arbitration for unjust and unpayable debt (25 pages)
• 1. Introduction to the Arbitration Pack
• 2. Scotland – A Seat of Sovereign Debt Arbitration Nov 2012
• 3. Sovereign Debt Arbitration Rules (Modifications)
• 4. Scottish Arbitration Rules – The modifications (explanatory briefing)
• 5. Sovereign debt arbitration in Scotland- creating a Debt Arbitration Panel
• 6. Funding Sovereign Debt Arbitration in Scotland