External debt : Brazil and the international financial crisis / Marcos Arruda ; translated by Peter Lenny.

Author
Arruda, Marcos [Browse]
Format
Book
Language
English
Εdition
1st ed.
Published/​Created
Sterling, Va. : Pluto Press, in association with Christian Aid, 2000.
Description
1 online resource (168 p.)

Details

Subject(s)
Summary note
Brazil owes almost $250 billion to private banks, governments and multilateral agencies. External Debt provides a concise history of Brazil's financial crisis. Marcos Arruda focuses on the government of Fernando Henrique Cardoso and its agreement with the International Monetary Fund. He examines how Cardoso's economic policies have brought Brazil to financial ruin by submitting to the dictates of the IMF and the US government. Despite this, the author argues, Brazilians are neither passive nor resigned to Cardoso's policies. Arruda describes the viable alternatives which the government and opposition parties have both failed to realise, and examines a range of related key issues, such as the Jubilee 2000 Debt Campaign and its Brazilian dimension.Arruda explores the ways in which social movements in both hemispheres have developed a global network around the issue of over-indebtedness, and the extent to which their pressure on authorities has led to important policy changes on the part of creditor governments and multilateral institutions. The study concludes with an assessment of a range of proposals submitted by national and international forums, demonstrating that civil society around the world is mobilised towards equitable relations between North and South.
Notes
Bibliographic Level Mode of Issuance: Monograph
Bibliographic references
Includes bibliographical references (p. [159]-163) and index.
Language note
English
Contents
  • Intro
  • Dedication
  • About Christian Aid
  • Contents
  • List of Tables
  • Chapter One:
  • Chapter Two:
  • Chapter Four:
  • Abbreviations
  • Introduction
  • 1. E( x) ternal Debt: Understanding Brazil's Debt Crisis
  • What is External Debt?
  • Is External Debt a Motherless Child?
  • How Do You Pay External Debt?
  • Who Do You Pay External Debt To?
  • Who Pays External Debt?
  • How did External Debt Begin?
  • 'We did not Get into Debt, They Got Us into Debt!'
  • 'We did not Develop, We Under-Developed!'
  • Capital Takes All, Social Spending Gets the Crumbs
  • A Good Budget Makes for Good Planning
  • The FHC- IMF Agreement: And the Government Promised not to Govern with Packages
  • Cancel Unpayable Debts
  • Notes
  • 2. Trojan Horse: Brazil and the International Financial Crisis
  • The Real's Three-Legged Prop Starts to Fall Apart
  • Brazil and the IMF ( International Misery and Famine)
  • Are There Ways Out?
  • 3. Neo-liberal Adjustment and Globalization: A Southern Perspective
  • The Historical Roots of the Adjustment Project
  • The International Monetary Fund ( IMF) Recipe
  • Adjusting to Competitive Globalization
  • Economic and Social Impacts
  • Opportunities and Challenges
  • 4. For a Debt- Free Millennium
  • The Burden of Unpayable and Unsustainable Debt
  • The Movements
  • Partial Successes: Official Relief
  • Alternatives, from Society's Point of View
  • Brazil Jubilee 2000 Campaign - Proposals being Discussed
  • Appendix 1: Debt Glossary
  • Appendix 2: Alternative Debt Policies being Discussed by Jubilee 2000 Japan
  • What is Jubilee 2000 asking Japan to do?
  • Appendix 3: The Jubilee South Summit in Johannesburg
  • Challenging and Changing Debt and Economic Policies of Southern Governments
  • Struggling for National Social Transformation
  • Bibliography and Further Reading
  • Index
  • Acosta, Alberto 87-8.
  • adjustment
  • 61-7
  • and cycle of indebtedness 63
  • and globalisation 64-5
  • exports 62-3
  • new approach 64-5
  • price stabilisation 62
  • social costs of 51-4
  • spending cuts 62
  • structural adjustment 64-5
  • Africa 79
  • Alliance for a Responsible and United World 118
  • Amerindians 10
  • amortisation 6
  • AMRO 8
  • Andean Central America 100
  • Angola 103
  • Aranha, Oswaldo 11
  • arbitration tribunal 27
  • Argentina
  • 9
  • dependence on Brazil 15
  • moratorium law 88-9
  • unpayable debt 2
  • Asian crisis 21
  • Asian Tigers [Asian Dragons]
  • 21
  • 29n
  • asset stripping 111
  • Assoziazzione Beati i Costruttori di Pace 97
  • ATTAC [Association for the taxation of financial transactions for citizen's support] 117
  • Azeredo, Governor Eduardo 52
  • bailing in 86-7
  • Banca Etica 97
  • Banco do Brazil 51
  • Bangkok 123-4
  • Bangladesh 82-3
  • banks, rescue of 42-3
  • Basque country 97
  • Basualdo, Eduardo 91
  • Benin 108
  • Berlin Tribunal 89
  • Blair, Tony 151
  • BNDES 37
  • Bolivia 23
  • Brady bonuses 86
  • Brady Plan 87
  • Brazil
  • 5
  • and debt service 47
  • and democracy 18-19
  • and exchange rate controls 50
  • and exchange rate controls 126
  • and external debt 1
  • and IMF 20-2
  • and IMF conditions 45
  • and interest rates 16-17
  • and international speculation 16
  • and international speculation 19
  • and international speculation 30
  • and loan conditions 50-1
  • and military dictatorship 11
  • and military dictatorship 131-2
  • and privatisation 19
  • and privatisation 48
  • and social spending cuts 17
  • and social spending cuts 38
  • audit of foreign debt 129-30
  • corruption 18
  • decapitalisation of 48
  • deregulation 33
  • devaluation 15
  • devaluation 53
  • elections 19
  • elections 65
  • environmental debt 1-2
  • exports and imports 7
  • exports and imports 83-4.
  • External Debt Symposium proposals 28-9
  • external investment 7-8
  • external investment 33
  • FHC-IMF adjustment programme 1
  • financial crisis 2
  • fiscal adjustment 51-4
  • fiscal deficit 46-9
  • importance of rescuing 48-9
  • inflation 35
  • insolvency 1
  • interest payment 6
  • interest payment 40
  • internal public debt 1
  • internal public debt 47
  • Jubilee [ 92
  • Jubilee [ 127-33
  • land reform 54
  • Letter of Intentions 40
  • liberalisation 32
  • monetarism 33-6
  • moratorium 11
  • of public assets 9
  • of public assets 129
  • over-indebtedness 84
  • over-indebtedness 131
  • overvaluation of Real 36-8
  • overvaluation of Real 45
  • pension system 53-4
  • political debt 1
  • protest demonstrations 39
  • public deficit 38
  • renegotiation of debt 6
  • renegotiation of debt 57
  • social crisis 51-4
  • social debt 1
  • social needs 22
  • taxation 45
  • trade balance 85
  • trade liberalisation 36
  • Trojan Horse policy 30
  • unemployment 9
  • unsustainable debt 125
  • Brazil Network on Multilateral Institutions 56
  • Brazilian Central Bank
  • 34
  • 47
  • Bretton Woods institutions 72
  • Britain
  • and debt cancellation 107-11
  • Jubilee [ 107
  • Brown, Gordon 107-8
  • Bryden, David 113
  • Buenos Aires Declaration 122-3
  • Bunding, Madeleine 93
  • Burkina Faso 23
  • Burundi 23
  • Buxton, Nick 107-9
  • Cafod 23
  • Caixa Econômica Federal 51
  • Calcagno, Alberto Eric 88
  • Camdessus, Michel 41
  • Cameroon 23
  • Canada 8
  • Canadian Ecumenical Jubilee Initiative 112
  • capital flight 1
  • capitalism 2
  • Cardoso, Fernando Henrique
  • 19
  • 38
  • and external debt 16
  • and external debt 34
  • and fiscal deficit 46
  • and internaldebt 36
  • as Finance Minister 40
  • dependence on foreign capital 9
  • dependence on foreign capital 30
  • impeachment 39.
  • irresponsibility 47
  • programme 1
  • social spending 54
  • Caribbean 66
  • Castro, Fidel 91
  • Catholic Church 94
  • CCFD [Catholic Committee Against Hunger and for Development] France 107
  • CEBU Declaration 97
  • Centrais Elétricas de Minas Gerais 37
  • Central Bank of the United States 15
  • Centri Missionari Diocesani del Nord-Est 97
  • Cepaline 87
  • Chagas, Carlos 51
  • Chile 12
  • China 8
  • Christian Aid 23
  • Christianity, and usury 7
  • churches
  • and external debt 29
  • and external debt 91
  • and Jubilee [ 101
  • CIDSE [International Co-operation for Development and Solidarity] proposals 23
  • Citibank 8
  • Citizen's Collective against the WTO 117
  • civil society
  • and mass education 119
  • influence of 3
  • organisations [CSOs] 99
  • organisations [CSOs] 121
  • participation in debt cancellation 27-8
  • participation in debt cancellation 120-1
  • protest movements 51
  • Clinton, President Bill
  • 41
  • 151
  • Club of Paris 27
  • co-operation 32
  • Cologne Debt Initiative
  • 101-5
  • achievements of 102-3
  • insufficiencies of 103-5
  • Cologne, Jubilee
  • 96-7
  • Colombia 13
  • Columbus, Christopher 10
  • Commonwealth, and over-indebtedness 111
  • communications, democratization of 71
  • compensation, for war crimes 10
  • complementarity 32
  • compound interest 81
  • Conable, Barber 73n
  • Conceição Tavares, Maria da 91
  • Congo 23
  • Continental Social Alliance 117-18
  • Coordinamento Caritas Diocesane del Nord-Est 97
  • Correio Braziliense 51
  • corruption 18
  • Costa Rica 89
  • CPMF [Provisional Tax on Bank Transactions] 35
  • creditors
  • 1
  • packages 44
  • pressure to cancel debt 109
  • private 100
  • responsibility for debt 12
  • responsibility for debt 106
  • Cruzado Plan 39
  • Cry of the Excluded 92
  • Crédit Agricole 8
  • Cuba 8.
  • Côte d'Ivoire [Ivory Coast] 23
  • Davos International Economic Forum, Switzerland 111
  • debt cancellation
  • 48
  • conditions for 103
  • Debt Free Millennium
  • 4
  • 116-18
  • ceiling on 28
  • ethical 127
  • European initiatives 105-12
  • Japan 151-3
  • Jubilee [ 15
  • mass mobilisations for 98-9
  • North American initiatives 112-14
  • policies regarding 155
  • postponing 52-3
  • principle accepted 116
  • programmes 23
  • programmes 107-8
  • social movements 117-27
  • success of movements 99-103
  • transparent decision-making 22
  • transparent decision-making 27
  • unconditional 155
  • debtors' alliance 158
  • Debtors' Cartel 120
  • default/insolvency, international system of 27
  • democratisation 117
  • denationalisation 131
  • deregulation 28
  • Deutsche Bank 8
  • dollar 3
  • dollarization
  • 86
  • as international currency 43-4
  • Dominican Republic 9
  • Duboc Pinaud, João Luis 91
  • Dwarfs on the Budget 18
  • East Asia 15-16
  • ECLAC [UN] 13
  • economic development, and foreign investment 61-2
  • economic liberalism 68
  • Ecuador
  • 86-8
  • moratorium 86
  • education 23
  • Egypt 107
  • El Agustino 93
  • El Universo 123
  • empowerment 69
  • England 8
  • Enhanced Structural Adjustment Facility [ESAF] 113
  • Ethiopia 23
  • European Union, debt 127
  • external debt
  • 78-80
  • and cycle of indebtedness 80
  • and human rights 121-2
  • and illegitimate regimes 12-13
  • and illegitimate regimes 106
  • and social development 91
  • cancellation 2
  • creating dependence 6
  • creating dependence 119
  • definition of 5-6
  • effect on people's lives 8-9
  • government backing for private debt 130
  • illegitimate 28
  • odious debts 106
  • odious debts 155
  • reasons for borrowing 81
  • repayment 7-9
  • responsibility for 106
  • responsibility for 154-5
  • risk tax 130.
  • vicious circle 6.
ISBN
1-84964-100-5
OCLC
70765118
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