Banking
The Debt Trap and the interlinked Crises
We continue to witness country after country in the Global South falling victim to the ‘debt trap’ and inability to repay foreign loans. People in these countries bear the multiple burdens of indirect taxation as governments failing to repay debts and interests to powerful governments pass the responsibility on to unwitting people through indirect taxes and cuts on subsidies for health and education that further impoverish an already oppressed mass.
This forces governments and people to depend on fossil fuels, resort to regressive social practices, and encourage displacements and migrations in search of a sustainable life. The webinar with renowned experts examined the reasons for the debt and explained how people put pressure on themselves to escape these cyclical debt and poverty traps.
Speakers:
- Ahilan Kadirgamar: Senior Sociology Lecturer, University of Jaffna, Sri Lanka
- Eric Toussaint: Committee for the Abolition of Illegitimate Debt (CADTM)
- Lidy Nacpil: Asian Peoples’ Movement on Debt and Development (APMDD), Philippines
Moderators:
Kris Vanslambrouck & Anuradha Chenoy