The discussion on external debt at the start of the 21st Century: a conceptual and propositional review - Oscar Ugarteche, Jubilee 2000 Peru
Launch text for the Debt Forum of the Workgroup in Solidarity Socio-economy - Mexico City, December 2000
Oscar Ugarteche, January 2001
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The payment of debt is a heavy weight to carry for most of the Southern population. During the Jubilee year, a powerful international campaign was set up for debt reduction or cancellation. The Forum made it possible to think about the real impact of the Jubilee and about ways to mobilize civil society from the South and from the North more efficiently in order to support the renunciation of debt.
To support this reflection, Oscar Urgateche traces the history of foreign debt, notably in Latin America, then criticizes neoclassical debt analysis. He also describes the two theories on insolvency. Examples of insolvencies are given, notably the extreme case of the renunciation of debt.
Finally, proposals for changes in the rules of the system are given. The text is a call to civil societies, for both southern and northern countries, to mobilize for this cause.
(Exists in Spanish and English)