Debt Cancellation: Who calls the shots? #LondonAgreement1953 #CancelTheDebt
Channel: Debt Justice
Date: 2023-02-28

Is debt cancellation realistic? With multiple crises happening around the world - climate, pandemics, and recessions- debt cancellation seems like an impossible ask. So let’s be realistic, and demand the impossible.

On 27th Feb, 70 years ago, the impossible happened. Following World War II, leaders from around the world came together in London and agreed to cancel Germany’s debt.

This act significantly contributed to the growth of the broken post-war German economy and helped the country rebuild. Countries that agreed to cancel Germany’s debt included Pakistan, Zambia and Sri Lanka – countries that today are in a debt crisis of their own. And in total, 54 countries around the world are also in debt crisis.

But this isn’t the only time countries have had their debts cancelled, in the 2000's we won $130bn of debt cancellation for lower income countries. Thousands of us campaigned and demanded justice – and won.

Whilst many debts today are owed to private lenders, international financial institutions and governments still wield enough power to make a difference. We must make them.

Join our Executive Director Heidi Chow, and these amazing speakers as they take us on a journey from how debt cancellation was achieved, to why we need to fight for debt cancellation now.

• Kristina Rehbein – From our sister organisation Jubilee Germany, will cover the historic debt cancellation for Germany, and other keydebt cancellation moments
• Jayati Ghosh – Economics professor will talk about the current situation with the global economy, especially in the global south, and why debt cancellation is important
• Jwala Rambarran - Policy expert on economic conditions in the Caribbean will speak about two case studies Haiti and Guyana and will introduce Emancipation 2030
• Sunny Morgan – Climate activist from South Africa will talk about the global movement for debt cancellation and climate justice and why British colonialism has to be part of the conversation.

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Debt Justice are part of a global movement to end unjust debt and the poverty and inequality it perpetuates. Only together can we build a fair economy that serves people and the planet.