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"It was particularly relevant then that this morning's sessions, which focussed on lessons for Europe from the global South, looked in some detail as to how the 'Third World debt' crisis had been created and prolonged by all manner of 'bail-out' and restructuring packages. We heard from representatives from Peru, the Philippines, Brazil, Morocco, Argentina, and Zimbabwe (virtually), who showed how their debt crises were used to force detrimental policies on their countries by institutions like the International Monetary Fund, which set back their economies for decades. "

By the same authorMarie-Christine Vergiat By the same authorGabi Zimmer By the same authorCADTM Press release 4 April 2011 by Marie-Christine Vergiat, Gabi Zimmer, CADTM Press release of Marie-Christine Vergiat (Front de Gauche) and Gabi Zimmer (Die Linke) MEPs and of the CADTM (Committee for the Abolition of the Third World Debt) Following a meeting held in the European parliament in Brussels organised by the CADTM (committee for the Abolition of the Third World Debt) and two MEPs from the GUE-NGL (European United Left-Nordic Green Left), Marie Christine Vergiat (Front de Gauche) and Gaby Zimmer (Die Linke), and several members of the European and national parliaments belonging to different political affiliations, are launching an appeal calling for the immediate suspension of the EU debt repayment by Tunisia (with frozen interests).

Tunisia urgently needs to marshal all of its financial resources to meet immediate needs, including extreme poverty, benefits for the unemployed, improving workers' material conditions, etc. Meanwhile, we're getting reports of foreign initiatives to develop an emergency "aid" package for Tunisia, including 17 million euros from the European Commission and 350,000 euros from the French state.

""the goal must be a model in which protectionism gives way to openness, the reigns of commerce pass from the few to the many, and the economy generates jobs for the young. America's support for democracy will therefore be based on ensuring financial stability, promoting reform, and integrating competitive markets with each other and the global economy.""

"must register and consolidate their victories in the institutions of that state"

Egypt's Revolution has cost the country, up to September, US$9.79 billion, according to a report issued by consultancy group Geopolicity. Titled "The cost of the Arab spring & Roadmap for G20/UN support", the report shows results of a costing exercise undertaken by Geopolicity, based on data from the International Monetary Fund (IMF). It accounts for the impact of productivity losses on GDP and public finance, but excludes losses to human life, infrastructure damage and business and foreign direct investment losses. The near 10 billion dollars shed by Egypt are divided among the $4.27 billion cost to GDP and $5.52 billion in lost public finances.

The government announced in January its plan for a 33 per cent hike in the prices it charges heavy industry for of natural gas and electricity in a bid to narrow its growing budget deficit. Natural gas prices will be raised from $3 to $4 per million British thermal units while electricity prices will climb from LE0.24 to LE0.30 per kilowatt hour.

"For it is precisely the current lack of democratic accountability that make the banks' stated aims achievable"

The interest that Egypt pays on its foreign loans is larger than its budget for education, healthcare, and housing combined, accounting for 22% of government expenditures. For the sake of Egyptians and people living under tyranny everywhere, Egypt's government must take a brave stand by voiding these debts as

Economic Crisis in Egypt: Enter the IMF Mohsin S. Khan discusses why Egypt has reluctantly turned to the International Monetary Fund for help and the outlook for negotiations to rescue its economy. Transcript of interview recorded February 1, 2012. © Peterson Institute for International Economics.

"a critique of these financial packages needs to be seen as much more than just a further illustration of Western hypocrisy"

Cairo, Egypt [RenewableEnergyAccess.com] Japan Bank for International Cooperation (JBIC) will loan 10,665 million yen [USD $90,000] to the Arab Republic of Egypt for materials, equipment and consulting necessary for the construction of a 150 MW integrated solar combined cycle power plant in the Kuraymat district, which is about 100 km south of Cairo.

The unelected Government of Egypt requests $ 3.2 billion from the International Monetary Fund.

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"86 percent was used to pay for previously accumulated debt"

"instability"

Presentation

1. On March 30, 2010, JICA (President: Sadako Ogata) signed an agreement with the government of the Arab Republic of Egypt for a Japanese ODA loan up to 38.864 billion yen for the Gulf of El Zayt Wind Power Plant Project. 2.