One of
the cornerstones of the Week of Global Action against Debt and International
Financial Institutions (IFIs) on October 11-17, 2010 is the demand for the
immediate cancellation of illegitimate debts across the globe - Africa, Asia,
Latin America and the Caribbean, Europe and North America. At least 297
organizations from 60 countries
will participate and will strongly raise issues around illegitimate debt cases
in the week-long activity.
Among the examples of illegitimate debt relief cases is the Zhong Xing Telecomunication Equipment Corporation-National Broadband Network (ZTE-NBN) deal between the Governments of the Philippines and the Peoples Republic of China.
The USD$ 329 million ZTE-NBN contract would have led to a new case of illegitimate debt. Philippine debt campaigners, legislators, and the protesting public, successfully forced the Arroyo administration to cancel the contract and help the country get out of debt.
News
Ukraine Denied $3.5B by International Monetary Fund The International Monetary Fund has decided to withhold the latest installment of a $16.8 billion loan to Ukraine until after the presidential election next month
The debt relief, which will cut the DRC's overall stock of public and publicly-guaranteed debt, will be reduced to about $4 billion from $13 billion
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