SA People's Solidarity Network

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SAPSN STATEMENT ON THE G8 DECISION ON DEBT CANCELLATIONS

The SAPSN Secretariat joins other voices in responding to the announcement
by the G8 to cancel debts for some of the developing countries namely,
Benin, Bolivia, Burkina Faso, Ethiopia, Ghana, Hondurus, Madagascar, Mali,
Mauritania, Mozambique, Nicaragua, Niger, Rwanda, Senegal, Tanzania, Uganda
and Zambia. The so called debt cancellations for these countries will lead
to further accumulation of more debts in that these countries still have to
toe the line and respond to the demands to open up their economies for more
exploitation and capital flights and other related imbalances that come up
with further liberalization.

SAPSN believes that debt cancellation is only welcome if the so called
"creditor nations" and the so called "debtor nations" conduct transparent
debt audits to determine exactly what is owed and by whom. We also believe
that without proper debt audits we will continue to be hoodwinked by
piecemeal offers that look like reliefs but in actual fact the offers lead
to further strangulations of our livelihoods by the Northern countries and
the International Financial Institutions.

SAPSN therefore continue to call for Unconditional Debt Cancellation for all
the developing countries. We would like the cancellations to take into
account the illegitimacy and odious nature of the debts claimed against the
developing countries as we believe that after transparent debt audits the
developing countries will emerge as creditors not debtors as the developing
countries are victims to historical, social and ecological debts arising
from the northern countries.

SAPSN : "Making Economic and Social Justice A People Driven Agenda"