The Debt Boomerang by Susan George

Author:Susan George [George, Susan]
Language: eng
Format: epub
Tags: Business & Economics, Public Finance
ISBN: 9780813314754
Google: 2L6KQgAACAAJ
Publisher: Avalon Publishing
Published: 1992-03-13T04:56:59+00:00

Notes

* Naturally, we are speaking here only about immediate financial costs to Northern citizens. This whole book is devoted to showing how many benefits they would derive from a different debt strategy, including deep debt reductions - from a healthier planet to increased employment whose taxed revenues could then compensate for tax losses on bank profits.

* Although we follow the World Bank’s categories, it has to be said that we find them sometimes unfathomable. The Bank’s list of SIMICs includes Argentina, Bolivia, Brazil, Chile, Congo, Costa Rica, Côte D’Ivoire, Ecuador, Egypt, Honduras, Hungary, Mexico, Morocco, Nicaragua, Peru, Philippines, Poland, Senegal, Uruguay, Venezuela. So far, so good. But its list of Other’ countries - those which are not Severely nor Moderately Indebted Low- or Middle-Income Countries (i.e., they are neither SIMICs or SILICs, MIMICs or MILICs) is constituted by China, Colombia, India, Jamaica, Korea, Malaysia, Nigeria, Thailand, Turkey and Yugoslavia. Collectively, these countries owed banks Sill billion in 1984 and $124 billion in 1990. Among them, certainly Jamaica, Nigeria and Yugoslavia are having serious repayment problems; while India has lately admitted to being severely strapped for cash and has, for the first time, addressed a plea to the IMF. Had we included these four debtors in our tables, we would have added a further $29 billion to the shaky loans column for 1990.

* $40 billion divided by 595 million people (275 million North Americans and 320 million Europeans) = $67 divided by 42 months = $1.60 per month. Using the higher estimate, the monthly charge to us all was $2.00.

* According to the OECD figures for 1990, one proportion of debt held by commercial banks was further reduced that year, to 42 per cent.

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