Download European Debt Crisis and Links to our Global South work

European Debt Crisis and Links to
our Global South work
Socialised Banking Debt
Ireland:
• Socialised banking debt: € 64 billion
• Committed to 6 Irish banks
• Troika: deficit reduction € 3.5 2013
(2.2%/GDP) €3.1 billion 2014; €2 billion 2015
Grassroots solutions being proposed?
Political proposals
• suspension of payments on Anglo
• lost that campaign (Feb)
• now shifting to a Pan-European focus
demanding 3 things:
3 Demands (draft)
1. We can still save approx € 25 billion
• Non payment of ‘anglo bonds’
– no payment of interest; no selling them on to
the international markets; write down the
€ 25 billion
We want the € 40 billion back
How to get the € 40 billion back?
• Non-payment of remaining bonds with our
banks
• Levy on the financial sector as a whole (as
bondholders cannot be identified)
Future
3. End debt crises
- Future deposit / insurance scheme for the
banking sector in Europe to they pay for their
crises in future
Debt write-down/compensation
How?
• either through unilateral action
• or through a debt conference style approach
(ala London Debt Accord) focusing on
sovereign, business and household debt
• Each country should identify what is
legitimate and what is not, through audits or
other methods
Tactics so far….
• Emphasis has been on grassroots education,
explaining the debt
• Media focus
• Petition signing
• Have supported huge trade union
mobilisations but their political position has
been unclear.
Tactics so far….
What worked?
• accessible education
• media early on when no journalist understood it.
Now media blackout
But big challenges….
• scale is a big problem:
• Re-fashioning social movements in Ireland
• (& no resources. Small groups of dedicated
activists)
Link with Global South?
• We draw from examples of illegitimate debt,
debt audits, unjust policy conditions and debt
cancellation in the global south.
• Are calling for new system - justice for the
global South, Europe as well as Ireland
• But still no coherent global call to justice for
people who have / are paying back illegitimate
debts.
Proposals?
Analysis
• Research that focuses on both Europe and GS;
• Analysis of financial system not only specific debts
• Collective solutions (eg re: funding of cancellation and
compensation / reparations needs to be looked at
collectively)
Organising
• Common communications message / call to justice;
• Interlinked / mirroring campaigns