Illegality and Illegitimacy confirmed by Official Ecuador Debt Audit
    Mandated with the task of auditing the external and internal debt contracted by the country with international banks, multilateral organisations and the big powers between 1976 and 2006, the Commission yesterday presented its Final Report to President Rafael Correa, confirming the presence of illegitimacy and illegality in Ecuadorian public debt. Amongst the findings was the discovery that of all loans taken out, only 14% were invested in social projects, while 86% of the loans were used to pay debts. More 
US Financial Crisis: let's hope the party is really over
    In recent days we have heard the US House of Representatives Speaker Nancy Pelosi declare 'the party is over’ for US financial institutions who have taken risks, privatised gains, and are now asking taxpayers to pick up the tab. Developing countries have been on the receiving end of irresponsible and immoral lending for more than 30 years. When are we going to end the party for international institutions and wealthy countries who continue to collect this illegitimate debt from the poorest people in the world? More 
Let's Get Real - no concrete action on debt makes meeting MDGs impossible
   The official report released by the UN yesterday needs only one paragraph to summate the debt situation, praising the progress made in reducing external debt of the countries who qualify for HIPC (Highly Indebted Poor Country Initiative). There is no mention of countries like Indonesia who face unacceptable levels of impoverishment and disease yet are not considered “poor” enough by the World Bank and the International Monetary Fund to qualify for formal debt relief. There is also no mention of internal debt, which has reached all time highs in developing countries like Indonesia that are trying to meet MDGs. More