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Exclusive: British taxpayers underwrote deals worth £140m by firm based in Cayman Islands

Tom Harper & Daniel Beiszley. Article on the UK ECA. Published in The Independent, 6th July 2014

The Government is using taxpayers’ money to underwrite £140m-worth of deals for a company whose ultimate ownership is based in a notorious tax haven. UK Export Finance, a branch of the Department for Business, is risking public funds to provide insurance cover for deals involving the aircraft leasing firm AWAS Aviation Capital Ltd. The company is backed by Terra Firma, one of the world’s biggest...

Temàtiques: 

  • Energy
  • Extraterritoriality

Financing useless projects

The debts of Castor Project.

Until September 2013 the underground natural gas storage Castor Project was unknown to most of the population. Earthquakes aroused doubts in public opinion, and gave voice to the local struggle that had long been warning of the dangers. Today, however, the complex situation facing this controversial project on the Mediterranean coast between Vinarós and Alcanar, has led the project to public...

Temàtiques: 

  • Debt
  • Energy

Movements against Spanish state debt

Sergi Cutillas. Published on TNI.org. 

For a new social deal that can transform Europe Since the awakening of the squares in 2011 the political atmosphere in the Spanish state has changed dramatically. “Frustration, despair and fear, instead of being channelled towards the far right, have gone towards the creation of opportunities to meet other people facing similar situations, support each other and resist.” This is the fourth piece...

Temàtiques: 

  • Debt

International jury rules in favour of binding laws for Transnational Corporations

Permanent Peoples’ Tribunal hears compelling testimony from impacted communities while the United Nations Human Rights Council debates a historic proposal to adopt binding codes for TNCs June 26, 2014, Geneva – On Monday June 23rd, representatives from communities impacted by the operations of Glencore, Chevron, Shell and Coca-Cola, among others, presented cases of systematic human rights...

Temàtiques: 

  • Energy
  • Land
  • Extraterritoriality

Why we shouldn’t pay the debt: Reasons and alternatives

Prologue. To the anonymous pyrate, by Pere Casaldàliga |1|. Greed upon greed upon greed upon the World Bank of the open sea, heart closed to justice, blind eye resisting all light. Death for glory and the jaundice of gold for health, in the settling of accounts between empires your prowess as thief of thieves makes port. Transnational wolf, foul vampire sucking our blood for the First World and...

Temàtiques: 

  • Debt

Against the Debt Economy

“Only debtors can free debtors from their debt” -Patterned on Berthold Brecht’s poem, All or Nothing.

George Caffentzis debt and money philosopher starts with his conclusion: The Global Justice movement of the 1990s and early 2000s focused on national debt. It is time that its heirs join forces with the nascent movements struggling against micro-debt that developed after the crash of 2008 in order to present a challenge to the whole debt economy. To make my argument for this political conclusion...

Temàtiques: 

  • Debt

Capital Controls: A practical guide

Costas Lapavitsas (SOAS), Daniel Munevar (CADTM) and Sergi Cutillas (ODG). Members of RMF Project.

This report, written by members of the ODG, the CADTM and RMF, explains the great importance of capital controls policies (restriction of the free movement of capital) for the proper functioning of economies. Capital controls have been widely rejected by the conventional theory for decades. Even heterodox economists have treated them with skepticism. However, evidence shows that these policies...

Temàtiques: 

  • Debt

The new European Banking Liquidation Fund, another mechanism for socializing bank losses

Sergi Cutillas, Javier Soraluce and Carlos Sánchez-Mato.

The Ecofin (European Council for Economic and Financial Business) has agreed to create the fund for liquidating banks in Europe or, in other words, to insure depositors’ money, which will be called Single Resolution Mechanism (SRM) . In this new pact there is, as there has been lately, a clear winner. Germany has assured itself that the European Commission will not have the last word in order to...

Temàtiques: 

  • Debt

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