Debt and the financial crisis
The financial crisis was caused by debt. Private banks in Europe and the US were allowed to lend recklessly. Whilst the same banks have been bailed-out, ordinary people across the world from Europe to Sierra Leone are paying the price.
European debt crisis
Jubilee Debt Campaign Director Nick Dearden on the Eurozone crisis:
- Greece is a smokescreen for the mother of all bank bailouts, 20 February 2012 >>
- Zombie banks are dragging Ireland into the ground, 23 January 2012 >>
- Vulture funds are profiting from Greek misery, 16 January 2012 >>
The IMF and EU are repeating past mistakes in European countries such as Ireland and Greece. The European debt crisis closely resembles debt crises in developing countries over the last thirty years. Jubilee Debt Campaign has produced a briefing Private Debt, Public Pain: What the Third World debt crisis means for Europe today.
The briefing shows the similarities and differences between European and Third World debt. We argue that with the effects of debt lapping on the shores of Europe, now is an opportunity to further the case for fundamental changes to bring about debt justice.
In December, Ireland agreed an austerity programme with the IMF. Our partners Debt and Development Coalition Ireland have warned that the IMF's track record shows that the institution seeks to silence voices for justice, and that its policies have failed impoverished people all around the world. You can read more about their response here.