A 25 -year trip in the fight against debt
For a quarter of a century, my commitment has been to analyze and look for alternatives to the challenges of public debt, focusing on the most vulnerable nations. It was in the late 1990’s that a conference by Arcadi Oliveres opened my eyes: the developing countries of the global south were returning more than six times what they received in international aid. This situation was due to foreign debt that made it difficult to deal with food emergencies and to invest in fundamental sectors such as education and health.
Witnesses illustrating the reality of the debt
I remember a conversation with Victor Nzuzi, an educator and activist of the Congo, who shared the paradox of his people: while an imposing hydroelectric prey was built to supply mines, his community remained without electricity, and he himself did not receive salary due to the debt derived from this infrastructure. A debt that reflects an unequal system, inheritance of colonial slavery, and benefits a few at the expense of the well -being of millions.
The consequences of mass debt
Between the 1980’s and 2000’s, this debt load forced millions to leave their homes, especially in Africa, Asia and Latin America. That migratory wave included many people looking for a better life, fleeing the economic crises generated by unsustainable debts.
A moment of historical mobilization
On March 12, 2000, thousands of citizens mobilized around the polling stations, especially in Catalonia, in what would be known as the citizen network for the abolition of foreign debt. More than 20,000 volunteers worked tirelessly to organize a popular consultation on the debt cancellation of the most impoverished countries. Despite being banned two weeks before its celebration, the consultation resulted in a massive act of civil disobedience.
The impact of 2000 mobilizations
This consultation attracted the attention of more than half a million voters in Catalonia and one million throughout the state, with an overwhelming majority in favor of the debt cancellation. This success contributed to a global mobilization that culminated in the 2000 Jubilee Initiative, making rich countries, the World Bank and the International Monetary Fund forgive more than $ 130 billion.
The persistence of the problem
Now, twenty-five years later, we are facing a new debt crisis that affects the same nations, especially in Africa, and threatening to repeat the mistakes of the past. Currently, 3.3 billion people live in countries that allocate more resources to pay interest in debt than to education or health.
The causes of the current debt
Although local governments and elites have responsibility, the creditors, especially the private ones, have also imposed severe conditions and high interest. Partial cancellation of the 2000 debt did not address the structural causes that generated it.
Reflections on the new debt crisis
It is essential to worry about this new wave of debt, not only on issues of social justice, but also because the resources that should finance public services and climate change actions are in the hands of investors seeking rapid benefits.
A Jubilee Year: An opportunity to change
With 2025 in sight, a new opportunity is presented for economic justice. Pope Francis has urged rich countries to forgive unsustainable debts, emphasizing that this is not a matter of charity, but of justice. Organizations and social movements are mobilizing to request the cancellation of debt and reforms in the international financial system.
The future that awaits us
Despite the current circumstances, the coincidence of a new retirement year, a movement renewed by economic justice and the imminent International Development Financing Conference in Seville, opens a window of opportunity that we cannot miss. It is a key moment in redressing the course of global economic policies and seeking sustainable solutions for debt problems.