《WHO OWES WHO? 50 QUESTIONS ABOUT WORLD DEBT》求取 ⇩

1 The Third World in the context of globalizafion What is meant by the Third World?1

Are the living conditions of the poorest populations improving?5

What are the different kinds of debt?12

What impact does the external debt have on human development?14

2 The origins of the developing countries' (DCs') debt19

What were the main factors leading to the indebtedness of the DCs?29

What is the geopolitical context of the over-indebtedness of the DCs?21

Who were the leading actors in the indebtedness of the countries of the South, and how have the loans been used?23

3 The debt crisis27

How can the debt crisis be explained?27

How has the external debt of the DCs evolved over the last thirty years?30

How have the creditors responded to the debt crisis?34

4 Management of the debt crisis36

Who is the main actor in the management of the debtcrisis?36

What does the IMF do?38

How does the World Bank operate?46

What is the logic behind the IMF's and the World Bank's economic policy?52

What are the short-term or shock measures imposed by structural adjustment, and what are their consequences?54

What are the long-term or structural measures imposed by structurai adjustment, and what are their consequences?57

What is the role of the Paris Club?66

Are all the DCs in the same boat?70

5 Anatomy of the developing countries' debt74

What does the external debt of the DCs consist of?74

Who are the main creditors of the different DCs?75

How have the roles of the different creditors evolved over the last thirtyyears?79

Do the DCs repay their debts?82

How are the debt-related financial flows managed?85

6Ongoing moves to reduce the debt burden88

How did the debt-reduction initiative come about?88

What is the Heavily Indebted Poor Countries (HIPC)initiative?89

What are the results of the HIP(] initiative?94

What are the limitations of the HIPC initiative?96

What is the New Partnership for African Development(NEPAD)?102

What are vulture-funds?105

7Debt cancellation and suspensions of payment in the past108

Have there ever been debt cancellations in the past?108

Why do the governments of the South continue to repay the debt?114

8 The case for cancelling the DCs' debts117

Will debt cancellation be enough to ensure the development of the DCs?117

What are the moral arguments in favour of cancelling the DCs' debts?118

What are the political arguments in favour of cancelling the DCs' debts?120

What are the economic arguments in favour of cancelling the DCs' debts?122

What are the legal arguments in favour of cancelling the DCs' debts?124

What are the environmental arguments in favour of cancelling the DCs' debts?127

What are the religious arguments in favour of cancelling the DCs' debts?130

Who owes what to whom?133

Should there be conditions attached to debt cancellation?135

9 Issues raised by debt cancellation138

If the creditors decided to cancel the debt, would it cause a global financial crisis?138

Could cancelling the debt cause an impoverishment of the North, particularly for tax-payers?143

How can alternative funding be founa for the development of the DCs?146

Won't the dictatorial regimes currently in office benefit most from debt cancellation?151

If and when the debt is cancelled, how can a new round of indebtedness be avoided?154

Should recourse to borrowing be avoided at all costs?155

Can the DCs' external public debt be compared to the public debt of the North?156

How can we achieve cancellation of the DCs' debt and a general improvement of the human condition?159

10 The international campaign for debt cancellation164

How did the international campaign for the cancellation of the debt start?164

Howwas the CADTM founded?166

Appendix: Lists of countries169

Glossary171

Bibliography182