Levels of international aid have been criticised as seriously insufficient for over 50 years, debt cancellation programs have failed to reach most developing countries, and the Millennium Development Goal for halving poverty will not be met by 2015. Without a fundamental restructuring of global economic priorities, the needs of the majority world will continue to be overshadowed by commercial interests.
An international task force comprised of leading academics, tax experts,
and lawyers has been convened to analyse how illicit financial flows –
specifically the proceeds of tax abuse – contribute to poverty and
subsequently affect the enforcement of economic, social, and cultural
rights (ESCR) across the globe.
What
is happening in Greece today mirrors what has been happening in the
developing world for 30 years – unaccountable international institutions
demanding a pound of the people’s flesh in exchange for bailing out
banks and rewarding speculators, says the Jubilee Debt Campaign.
Beware the havoc that
power without oversight and democratic control can wreak. The world's poor are not begging for charity from the rich – they're asking for justice and fairness, says Robert Newman.
It is easy to question the morality of wealthy nations once aware
of the consequences of a debt based monetary system; however, the beneficiaries
of Third World debt are not the people in richer nations, nor the
nations themselves. Such a system benefits
no-one, explains Mira Tekelova.
The future of the Arab spring and the Indignados and Occupy Wall Street movements is very difficult to foresee, but one thing is certain: the fight to break the infernal cycle of debt is a vital one. If it is not energetically pursued, there is little chance of
overcoming the next neo-liberal offensive, writes Éric Toussaint.
As EU negotiations begin in Athens to hammer out a bail-out
package, there is mounting evidence that speculative hedge funds are
playing a role in preventing a deal. A crack down on the activities of these ‘vulture funds' is needed as part of a much
wider programme of debt cancellation for Greece, writes Nick Dearden.
Last week’s High Level Forum on Aid Effectiveness in Busan saw a greater inclusion of non-DAC countries, with China, Brazil and India joining the negotiating table. But with no binding commitments or specific actions agreed, what difference will the conference make for the world's poorest and most vulnerable people?
