Six years into the global financial crisis, many countries suffer from high and unsustainable sovereign debt burdens. If sustained, debt service will divert scarce public resources from their intended use for social and development spending for decades to come. Failed debt restructurings in Greece and Caribbean countries, and the vulture funds lawsuits against Argentina, also prove that the current (non-)system for sovereign debt workout is in urgent need of reform.
In light of these events, we have seen a surge of political and academic activities on a new sovereign debt workout framework this year, including new processes at the UN and the IMF. We want to give this an extra push in 2014.
A key tool is the "Academics call for a fair and transparent sovereign debt workout mechanism" that was just launched, which will be used in campaigns and advocacy activities as soon as a critical mass of academics has signed.
It would be great if you could join in and sign the call using the following link: http://www.erlassjahr.de/kampagne/academics-call-english.html
Senior Policy and Advocacy Officer
Eurodad, European Network on Debt and Development
Tel: + 32 2 894 46 51
Rue d’Edimbourg, 18-26. Brussels 1050. Belgium
Eurodad's new report on the debt crisis has just been released: "The new debt vulnerabilities. Ten reasons why the debt crisis is not over." Download here