Debt, the IMF, and the World Bank: Sixty Questions, Sixty Answers

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...not only an indispensable tool for pro-poor anti-debt activists, but also a very useful synthesis that can and should be used in classrooms.---Gilbert Achcar, Professor of Development Studies, School of Oriental and African Studies, University of London

...explains the historical context behind the debt crisis, including the role of key players and the way in which debt in linked to foreign policy, war, corruption, and economic agendas. Toussaint and Millet provide a key intervention at a moment when we must all rethink the way the global economy should function.---Stephanie Luce, Associate Professor. The Murphy Institute, City University of New York

...proposes radical, pro-development alternatives to the current order of things, not least via calls for the cancellation of the illegitimate international debts made and to developing countries. Critics of the global financial architecture and students and teachers of development economics will find in this important new book an empowering and accessible intellectual framwork for their work.---Ilene Grabel, Professor of international Economics, Josef Korbel School of International Studies, University of Denver.

"Eric Toussaint is one of the brightest and most influential economists of his generation. He is the founder of the CADTM, and has gained a worldwide reputation for his exemplary struggle against the `odious debt' strangling countless countries in the South."---Jean Ziegler, former UN Special Rapporteur
 

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Contents

Abbreviations
10
Why is the term development ambiguous?
19
What are the Millennium Development Goals MDG?
27
10
28
13
30
What are the different kinds of debt
44
What part did the World Bank play in
51
What part did the governments of countries
61
THE STRuCTuRE OF DEVELOPING COuNTRIES DEBT
143
Of what does the external debt of developing countries consist?
145
How has the debt changed since 1970?
150
Do developing countries repay debts?
152
What about the external public debt of developing countries?
155
How are the debtrelated financial flows directed?
161
What about the domestic debt of developing countries?
164
Does Official Development Assistance ODA
197

49
64
THE DEBT CRISIS
71
How did the price of commodities evolve during the last quarter of the twentieth century?
73
What role did the evolution of interest rates play in the 1982 debt crisis?
75
Are the World Bank the IMF and private banks somehow responsible for the debt crisis?
79
How did creditors respond to the debt crisis?
82
Are there any similarities with the 2007 subprime crisis?
88
THE IMF THE WORLD BANk
93
AND THE LOGIC OF STRuCTuRAL ADJuSTMENT 93 16 How does the IMF function?
95
What are the shortterm or shock measures imposed by structural adjustment and what are their consequences?
106
What are the longterm or structural measures imposed by structural adjustment and what are their consequences?
109
What is the impact of the IMFWorld Bank logic on the world food crisis of 2007?
119
THE PARIS CLuB AND THE WTO
125
What is the Paris Club?
127
Are all the developing countries treated in the same way by the Paris Club?
131
What is undermining the Paris Club?
135
What is the role of the World Trade Organization WTO?
138
Is microcredit a solution to the excessive debt
204
What is NEPAD?
211
Is it impossible to cancel debt?
217
Why do the governments of the South
228
What are the moral arguments in favor of canceling
239
What are the legal arguments in favor of canceling
246
What are the environmental arguments in favor
254
Would canceling the debt of developing countries
269
Will canceling the debt help reinforce
276
What are the alternatives for human development
287
If and when the debt is canceled how can a new round
302
Can the developing countries external public debt
315
How did the international campaign
321
The 145 Developing Countries in 2008
329
Notes
347
Copyright

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About the author (2010)

Eric Toussaint, a doctor in political science, is president of the Committee for the Abolition of Third World Debt, CADTM Belgium. He is author of A Diagnosis of Emerging Global Crisis and Alternatives, and The World Bank: A Critical Primer, among other books.
Damien Millet teaches mathematics and is spokesperson for CADTM France. He is the author of L'Afrique sans dette, and co-author with Eric Toussaint of Tsunami Aid or Debt Cancellation.

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