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? -- Notes -- 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 -- Notes -- 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 -- Notes -- 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 -- unpayable debt 2 -- 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 12 -- responsibility for debt 106 -- 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 63 -- 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.