Debt Justice

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Rising living costs, the impact of war in Ukraine on food prices and climate crisis are all pushing lower income countries into debt. 54 countries are in crisis, forced to borrow at inflated interest rates from banks. Debt levels are their highest in 20 years. Help us campaign to cancel the debt!

www.debtjustice.org.uk/biggive

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9 practical steps if you don't want a prepayment meter

From Debt Camel: If you can't pay your energy billss but don't want a prepayemnt meter, here are 9 steps that could help improve your situation and make it less likely your supplier will insist on you having a prepayment meter.

9 practical steps if you don't want a prepayment meter If you cant pay your energy bills but want to avoid a prepayment meter, here are 9 practical things you can do that may help.

The world's eyes are on Egypt right now because of the global climate summit - Where many are demanding for debt cancellation. There cannot be climate justice, without debt justice. Here is why:

Join at 6.30 on 8 Nov to hear about why debt cancellation is so crucial for climate justice.

debtjustice.org.uk/webinar

Next week, world leaders will meet in Egypt for the COP27 climate conference. We all know how much is at stake.

But for many lower income countries, dealing with the worst effects of the climate crisis will only be possible if debts are cancelled.

Caused by the climate emergency, Pakistan's devastating floods have displaced 33 million people since June. However, this year alone, US$18 billion in debt payments will be claimed from the people of Pakistan by foreign lenders. They need debt cancellation, and they need it now.

Pakistan isn’t alone, around the world 54 countries are in debt crisis.

Sign up for our free online webinar to find out more about the links between debt, reparations and the climate crisis and hear about how you can get involved in the campaign.

Our panel includes Tatiana Garavito, organiser and activist, Farooq Tariq, campaigner and General Secretary, representing small farmers in Pakistan, and Tess Woolfenden, Senior Policy Officer at Debt Justice.

This year a new fund to deal with the loss and damage caused by climate change is on the agenda at COP27. There’s a chance to push for these funds to be given in the form of grants, not more loans, but only if enough of us join the campaign.

Debt Justice is Racial Justice is Climate Justice is Social Justice is Economic Justice. Debt is a tool to continue the oppression of people and countries under capitalism. All oppression is connected and we must fight back.

Come along to our workshop on Debt, Climate and Colonialism on Saturday 29 October, 4pm- Join ONLINE: https://www.eventbrite.co.uk/e/debt-and-colonialism-online-workshop-and-panel-discussion-tickets-443313290987

Join us IN-PERSON: Saturday 29 October at 10-5:30 in Manchester
https://www.eventbrite.co.uk/e/debt-justice-national-activist-gathering-tickets-400113980687

35 years ago today, then revolutionary leader of Burkina Faso Thomas Sankara was assassinated. Sankara was adamant that debt was a neo-colonial tool to hold down the African continent. He was right.

https://jacobin.com/2021/10/thomas-sankara-assassination-anniversary-burkina-faso-debt

Sankara has become an icon of pan-Africanism. His legacy continues to inspire movements against imperialism and colonialism across the world.

Sankara saw that debt was just another form of imperial control by Africa’s former colonizers. His assassination abruptly ended Sankara’s attempt to build an alliance of countries to challenge debt, but his vision of debt resistance is still urgently needed today.

At the time, many African countries were mired in debt crises. Sankara graphically described the officials from the IMF and the World Bank as colonizers who had “transformed themselves into technical assistants. We should rather say ‘technical assassins.’”

The impact of such policies is still being felt today. Many countries in the Global South were completely unprepared when the pandemic hit last year, with threadbare public services and woefully inadequate health care systems. The IMF and the World Bank have continued to push austerity conditions with loans they have extended during the pandemic, demanding cuts to social services and unemployment benefits and wage freezes for public-sector workers and health care professionals.

“Debt cannot be repaid, first because if we don’t repay, lenders will not die. That is for sure. But if we repay, we are going to die. That is also for sure.”

Southern countries are facing a double catastrophe, as they also have to grapple with the climate emergency. Debt cancellation would be the quickest way to provide the finance that is so desperately needed.

Sankara’s vision must live on, and it should galvanize the global movement for debt justice.

experience of our Climate Justice is Debt Justice protest yesterday for the Global Week of Action on Debt

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Climate Debt. A brief explainer 👇

I've been in London for the last few days, supporting actions from .stopoil and Extinction Rebellion UK] in demanding greater agency from the UK government in addressing the rapidly escalating climate crisis. It's never felt more important given the disregard our current 'leaders' seem to pay to climate, social inequalities and the environment.

Today saw a demonstration take place at the World Bank by Debt Justice] and Extinction Rebellion UK], highlighting the role of these immense financial institutions in continued acts of social injustice as countries in the Global South bear the brunt of climate catastrophes and are forced deeper into debt to try dealing with such impacts.

Just this year, for example, the devastating floods in Pakistan have displaced 33 million people and covered a third of the country in water. Events made many magnitudes more likely by the extreme weather events precipitated by climate breakdown. Yet a total of US$18 billion in debt payments will be claimed from the people of Pakistan by foreign lenders in 2022 alone.

Countries like this need funds to be able to address the climate crisis right now, but so many are trapped in repaying vast sums to their creditors every year.

And at the same time, extreme climate events and insufficient grant-based climate finance force countries deeper into debt, creating a vicious cycle that can be impossible to escape.

The Global North have an obligation to both cancel this debt and finance such countries to deal with these effects - at least $400 billion per year according to the group Global Justice. Will another year of talks at in Egypt materialise this agreement?

I hope so.

Find out more 🌏 Debt Justice]

Photos from Global Action for Debt Cancelation's post

Photos from Global Action for Debt Cancelation's post

Debt is a neocolonial tool used to extract wealth in current times

The global economy is shaped by a history of exploitation. Learn more about the links between colonialism and debt and join the campaign to

From colonial powers forcing countries into debt at the point of independence, to allowing corporations like BlackRock to continue to make huge profits from debt repayments today, we can’t fight today's debt crisis without understanding its roots.

Fancy some mischief tomorrow..? We are getting as many people as possible to jam BlackRock with phone calls throughout the day. We want to make sure BlackRock hears us loud and clear.

BlackRock is one of Zambia’s biggest lenders. During the pandemic they refused Zambia’s request to suspend debt repayments, alongside other big global banks. Sky high interest rates mean that Zambians are due to pay back double what was initially borrowed.

Right now, the Zambian government is negotiating with BlackRock and other lenders to get some of its huge amount of unjust debt written off. Stand in solidarity with Zambian campaigners and help put pressure on BlackRock during these negotiations to cancel the debt.

www.debtjustice.org.uk/callblackrock

Over 100 economists and development experts have called on BlackRock and other creditors to cancel a significant amount of Zambia’s debt.

Zambia needs large-scale debt restructuring, including cancellation, to make its’ debt sustainable. Private lenders such as must take part. This letter calls on UK & New York to pass legislation to ensure private creditors comply.

https://www.theguardian.com/world/2022/sep/16/zambia-debt-lenders-urged-to-cancel

Debt Justice campaigns to stop unjust debt from causing poverty and inequality. A key part of bringing about this change is dismantling the systems of oppression which mean the voices, needs and rights of Black and People of Colour are disregarded by decision-makers and society.

Rest in power Chris Kaba, 24 year old man shot by the British police this week.

Photo and artwork by
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Pakistan’s people are struggling to keep afloat in catastrophic floods. It is also drowning in debt. Foreign debt has reached US$108.5 billion or 42% of its gross national income (GNI) and a staggering 390% of its exports as of 2020. Public sector debt constitutes US$78.75 billion of this total, most of which are owed to multilateral and bilateral creditors. The latest IMF program adds at least US$6 billion of new debts. Up to $38 billion in debt service is due for 2022. In addition, IMF surcharges penalizing Pakistan siphoned out US$65 million or over PKR 11 billion from 2018 to 2020. It is expected to pay $392 million more from 2021-2030, in addition to its ballooning debt payments.

Debt relief initiatives of the G7/G20 and international financial institutions, they do not tackle the debt as a systemic problem. Permanent and system-changing debt treatments are needed for a fighting chance to tackle the multiple crises. Amid acute human suffering and intensifying climate change, heeding the urgent call for debt cancellation to free up funds for the survival of people and the planet should be paramount. Our solidarity actions raise the pressure to make this happen.

.chow1

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Reaction from to government announcement on energy cap today.

Energy bills are still going to be unaffordable for millions of people and more people will be forced into debt.

The refusal to expand the windfall tax on energy companies set to make £170 billion in profits over the next two years, will come at the expense of public services and investment in a green transition.

The crisis in Sri Lanka has caused acute shortages of food, fuel, medicines and other essentials, pushing more people deeper into poverty and heavily adding to the unpaid labors of women and girls. People are bearing the brunt of corruption and irresponsible borrowing practices by the government; the relentless peddling of loans by the International Monetary Fund, the World Bank, and other lenders; and the impunity of private creditors, to which Sri Lanka and other countries have become heavily exposed.

As the Sri Lanka government resumes negotiations for a bailout with the International Monetary Fund, we fear that more stringent austerity conditionalities cannot be far behind. We stress the urgent need to drum up protest and resistance in solidarity with the Sri Lankan people and for all other countries ground down by unsustainable and illegitimate debt.

Millions are already anxious because of rising living costs. Once in debt, it can be really hard to get out, energy debts could follow you around for up to six years.

The government can’t forget about debts that have already built up, they must must urgently act by bringing down bills and help families get out of debt.

Join us and demand the government:

Cap energy bills

Write off energy debts now

Stop debt ruining lives

We’re in a national crisis, but if enough of us come together and demand change, they can’t ignore us.

Unless we act fast, the energy crisis will snowball into a debt crisis.

Sign the petition now: https://tinyurl.com/ycke4dwh

Unless we act fast, the energy crisis will snowball into a debt crisis.

Sign the petition now: https://tinyurl.com/ycke4dwh

We demand the government:
-Cap energy bills
-Write off energy debts now
-Stop debt ruining lives

We’re in a national crisis, but if enough of us come together and demand change, they can’t ignore us.

Unless we act fast, the energy crisis will snowball into a debt crisis.

Sign the petition now: https://tinyurl.com/ycke4dwh

Millions are already anxious because of rising living costs. Once in debt, it can be really hard to get out, energy debts could follow you around for up to six years.

Sign the petition and demand the government:
-Cap energy bills
-Write off energy debts now
-Stop debt ruining lives

We’re in a national crisis, but if enough of us come together and demand change, they can’t ignore us.

SIGN THE PETITION https://tinyurl.com/ycke4dwh

with .repost
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The earth is by default an abundant realm.🌎
There is enough for everyone🌱

“As a collective, we must choose either champagne for a few or safe drinking water for ALL”

Either obscene amounts of wealth for a select few or enough to go around for everyone.

By the look of things, the choice has already been made.🥺
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Image via Via

Shout out to these cuties the who were outside Toynbee Hall giving it some welly. Saying enough is enough to councils use of bailiffs.

Despite this growing crisis, many councils still use bailiffs to collect council tax. A visit from a bailiff is one of the most stressful parts of dealing with debt. It’s outdated, wrong and just doesn’t work -> https://act.debtjustice.org.uk/councils-ban-bailiffs

Asking For A Friend: How can I deal with the emotional cost of debt?

Asking For A Friend: How can I deal with the emotional cost of debt?

‘When debt gets too great, people often feel a sense of guilt and shame and therefore keep it in the dark,’ mortgage broker and therapist Gemma Bennett tells us. ‘Guilt and shame are some of the hardest emotions to process, creating so much resistance and stress in our bodies.’

Asking For A Friend: How can I deal with the emotional cost of debt? Living with the stress of debt can be seriously damaging to your mental health.

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So often, we think of climate change and the Caribbean's high level of indebtedness as separate issues. However, Tess Woolfenden, Senior Policy Officer at Debt Justice explains how the two issues are interconnected, and how the Caribbean can stamp its place in global conversations on debt and climate justice.

Tess was a presenter at the CCWG Meeting, which was made possible through funding by the European Union in partnership with the CPDC.
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#cpdcatwork #cpdcngo #climatechange #covid_19 #debt #economicdevelopment #regionaldevelopment #nationaldebt #europeanunion🇪🇺

So often, we think of climate change and the Caribbean's high level of indebtedness as separate issues. Tess Woolfenden, our global south policy bod explains how the two issues are interconnected, and how the Caribbean can stamp its place in global conversations on debt and climate justice. Thanks to CPDC for sharing the video!

https://www.instagram.com/p/CgmTFOHAKPi/

So often, we think of climate change and the Caribbean's high level of indebtedness as separate issues. However, Tess Woolfenden, Senior Policy Officer at Debt Justice explains how the two issues are interconnected, and how the Caribbean can stamp its place in global conversations on debt and climate justice. Tess was a presenter at the CCWG Meeting, which was made possible through funding by the European Union in partnership with the CPDC. . . . . #cpdcatwork #cpdcngo #climatechange #covid_19 #debt #economicdevelopment #regionaldevelopment #nationaldebt #europeanunion🇪🇺

Do you have experience of personal debt?

Tonight at 7PM we are hosting a safe and open space to discuss the latest government plans for debt repayment.

Email us and make sure we are heard as loudly as the debt collectors! 👇

[email protected] for a spot

How the state is forcing the most vulnerable into the hands of loan sharks

“Systemic racism built into our economy means communities of colour are disproportionately pushed into debt. Black people have the highest debt-to-income ratios and racialised communities are twice as likely to be in debt as white people”

How the state is forcing the most vulnerable into the hands of loan sharks The UK's rising cost of living is affecting racialised communities the most, leaving many with no option but to rely on illegal money lending.

The Coming Debt Disaster

As prices rise faster than wages and salaries, households are piling on more debt to cope. This episode looks at the causes of the looming debt disaster, and poses radical solutions to the crisis.

Chair: Ann Pettifor
Speakers: Heidi Chow, Rajiv Prabhakar, Johnna Montgomerie

The Coming Debt Disaster As prices rise faster than wages and salaries, households are piling on more debt to cope. This session looks at the causes of the looming debt disaster, and poses radical solutions to the crisis. Ch

🎉 Campaign Success! 🎉 Ukraine Debt Suspended!

Ukraine’s lenders have agreed to campaigners’ demands to suspend the country’s debt repayments for around two years. This will free up billions of dollars to enable the Ukrainian people to address the severe humanitarian crisis and costs of the Russian invasion.

This breakthrough shows how campaigning can help to convert the unthinkable into the inevitable. Thank you to everyone who has supported this campaign - whether it's signing our petition, sharing our articles or helping us to spread the word. You have helped to push this issue onto the political agenda.

The Ukrainian government and its Western allies had previously insisted that it would pay its debts, and repayments to bondholders have continued throughout the invasion. Only last week the IMF insisted that it expected Ukraine to continue to pay.

In the long term, the struggle will continue to ensure that, once the war is over, the debt of a free Ukrainian government is cancelled, so that all available resources can be dedicated to what will be a massive reconstruction effort. It seems highly unlikely that Ukraine will restart paying off its creditors after the end of the war – eventual debt cancellation should be inevitable.

Read more: https://debtjustice.org.uk/news/campaign-success-cancel-ukraines-debt