Previously we examined the role of the Export Credit Guarantee Department (ECGD) and its role as the major UK government debt generator. Cornelia Trogmann here turns the spotlight on another lender funded by the UK government. The European Investment Bank (EIB) The European Investment Bank was established in 1958 as the long-term lending institution of […]
Articles and Blogs
Economical with food for thought
This week’s Economist says something puzzling: The middling poor, those on $2 a day, are pulling children from school and cutting back on vegetables so they can still afford rice. Those on $1 a day are cutting back on meat, vegetables and one or two meals, so they can afford one bowl. The desperate—those on […]
ECGD – The UK government’s debt generator
The UK government’s bilateral debt relief policy is largely made up of cancelling debt owed to the ECGD. In fact about 95% of bilateral debt owed to the UK is through the ECGD. Most of the ECGD debt cancellation that occurs is through the HIPC initiative. HIPC only includes countries that qualify as having ‘unsustainable […]
Time to drop Suharto’s arms debt
Former Indonesian President’s death must trigger cancellation of illegitimate debts Jubilee Debt Campaign, Jubilee Scotland and the Anti-Debt Coalition Indonesia are calling on the UK government to cancel £525 million of illegitimate debt owed by Indonesia from loans made to former President Suharto, who died on Sunday 27th January Much of Indonesia’s debt to the […]
January Campaign Update on Indonesia
Jubilee Scotland is currently trying to convince the UK government to cancel the >£500 million it’s owed by Indonesia. This is a small goal within a much broader international objective, which is to promote the doctrine of ‘odious debt’. ‘Odious debt’ is a concept which enjoys some international credibility, but not nearly enough! Put simply, […]
Nigerian Debt Scam: UK not implicated
It’s general knowledge that the UK’s vast increase in development aid (ODA) from 05-07 consists largely of Nigeria’s debt buy-back. Net UK ODA increased by £2.5 billion 04-06, of which Nigeria’s debt cancellation counted for £1.7 billion. (Net ODA in 04 was £4.3 billion, in 06 it was £6.8 billion, as set out in DFID’s […]
G8 in Rostock: The State of Debt
The “Another World is Possible” rally in Rostock, 2nd June. At about 2.30pm, several thousand people dressed in black emerged from the ranks of the eighty-thousand peaceful demonstrators and marched at the police. Clashes started shortly afterwards. The police’s initial charges were limited, and did not disperse the group in black – though they did […]
Export Credit Debt owed to the UK
The previous post looked at debt owed to the UK government via DFID and CDC. Below is the result of a Freedom of Information request on debt owed to the UK export credit department run by the DTI. Most signifiantly is the percentage of Indonesian debt owed for arms related trade. While no breakdowns are […]
Lifting the Lid on UK debt
Lift the Lid on Bad Loans Research on UK debts April 2007 The debt campaign is entering new terrain. Coupled with the HIPC initiative, the Gleneagles debt deal in 2005 has provided debt relief for 22 countries so far with another 9 in the pipeline. Some countries like Malawi will have 90% of their debts […]
Disappearing debt relief
The debt relief offered to Zambia through the Heavily Indebted Poor Countries (HIPC) initiative would reduce the money available for human development. This is a surprising claim in a paper by John Weeks and Terry McKinley for the United Nations Development Programme (PDF here). When G8 Debt Deal cancellation (MDRI) is added, Zambia does see a […]
World Bank Debt Cancellation – a TOTAL scam?
On the face of it, the G8 debt deal is a scam. The money that qualifying countries save on debt repayments is almost entirely balanced by a corresponding cut in the aid that they receive from the World Bank. The G8’s debt deal seems to work like this: the financial flows out of the country […]
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