European Debt Crisis and Links to our Global South work.

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European Debt Crisis and Links to our Global South work

Socialised Banking Debt Ireland: Socialised banking debt: € 64 billion Committed to 6 Irish banks Troika: deficit reduction € (2.2%/GDP) €3.1 billion 2014; €2 billion 2015

Grassroots solutions being proposed? Political proposals suspension of payments on Anglo lost that campaign (Feb) now shifting to a Pan-European focus demanding 3 things:

3 Demands (draft) 1. We can still save approx € 25 billion Non payment of ‘anglo bonds’ – no payment of interest; no selling them on to the international markets; write down the € 25 billion

We want the € 40 billion back How to get the € 40 billion back? Non-payment of remaining bonds with our banks Levy on the financial sector as a whole (as bondholders cannot be identified)

Future 3. End debt crises - Future deposit / insurance scheme for the banking sector in Europe to they pay for their crises in future

Debt write-down/compensation How? either through unilateral action or through a debt conference style approach (ala London Debt Accord) focusing on sovereign, business and household debt Each country should identify what is legitimate and what is not, through audits or other methods

Tactics so far…. Emphasis has been on grassroots education, explaining the debt Media focus Petition signing Have supported huge trade union mobilisations but their political position has been unclear.

Tactics so far…. What worked? accessible education media early on when no journalist understood it. Now media blackout But big challenges…. scale is a big problem: Re-fashioning social movements in Ireland (& no resources. Small groups of dedicated activists)

Link with Global South? We draw from examples of illegitimate debt, debt audits, unjust policy conditions and debt cancellation in the global south. Are calling for new system - justice for the global South, Europe as well as Ireland But still no coherent global call to justice for people who have / are paying back illegitimate debts.

Proposals? Analysis Research that focuses on both Europe and GS; Analysis of financial system not only specific debts Collective solutions (eg re: funding of cancellation and compensation / reparations needs to be looked at collectively) Organising Common communications message / call to justice; Interlinked / mirroring campaigns

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