Mubarak contracted the debt so Mubarak should pay. Let the international banksters like IMF and WB who lent the money to Mubarak go collect it from him. Third world debt repudiation is the criminal banksters’ worst nightmare. Argentina did it successfully in the 90 and now there are Egypt, Pakistan Philippians even India is a possible candidate for debt repudiation
THE POPULAR CAMPAIGN TO DROP EGYPT’S DEBTS
8 November 2011 by Popular Campaign to Drop Egypt’s Debt
The Popular Campaign to Drop Egypt’s Debts has the honour to announce the formation of a joint Egyptian-Tunisian committee for the Dropping of Debts in coordination with the campaign in Tunisia. The Campaign to Drop Tunisia’s Debt aims at auditing and dropping the debts of the dictator Bin Ali and was launched in the aftermath of the Tunisian revolution. This coordination between two popular Arab movements is a practical translation of the achievements of the Arab Spring.
The Popular Campaign to Drop Egypt’s Debts was conceived as part of the January 25th Revolution, and affirms the right of the Egyptian people to assert collective control over all matters related to their life and the future of coming generations.
The economic policies applied by Mubarak’s regime have left us with enormous internal and external debts. The regime borrowed extensively in order to pay off its debt premiums and interest. Real solutions would have entailed searching for alternative mechanisms to finance government expenditure ~ such as wealth and income taxes ~ towards the goal of creating a more just economy.
But instead of seeking ways to address the structural issues at stake, policymakers attempted to sustain a failing economic model by borrowing both internally and externally. The resulting debts have left the Egyptian people captive to lending countries and institutions.
The interest on these debts represents one of the biggest items of public expenditure in Egypt; this means that significant amounts of money are channeled towards already-wealthy financial institutions rather than toward guaranteeing that every Egyptian can achieve a dignified standard of life.
Decisions about the basic principles of the Egyptian economy have, for too long, been restricted to a select group of experts. It is time that the people reclaim the fundamental right to participate in determining their country’s economic priorities, for they are the first to be affected by economic policies and presently bear the burden of paying from their very own pockets for the mistakes of the previous regime.
In the light of all these reasons, a group of civil society organizations and individual Egyptians concerned with the public good and with the future of social justice in the country have decided to launch a public campaign to pressure lending countries and institutions, both locally and internationally to drop Egypt’s debts.
THE CAMPAIGN DEMANDS THAT:
All loan agreements signed during Mubarak’s rule must be reviewed by an independent Egyptian commission that will evaluate the use of the loans and the degree to which the Egyptian people benefited from them. All debts that are determined to be illegitimate must then be dropped by the lending country/institution.
The conditions of debt swap should be discussed in a manner that guarantees integrity and transparency in the decision-making process.
Although the campaign does not approve of resorting to debts as a quick fix option, in case of any future loan agreements the campaign demands that:
All contracts and conditions be subject to popular participation and discussion in a manner that guarantees transparency and accountability. The legislature implements freedom of information laws that require full public disclosure of all contracts and other information related to loans and debts, with no exclusions save what is stated by law.
It gives us great honor to invite members of the Egyptian public and civil society organizations to join the Popular Campaign to Drop Egypt’s Debts. We invite you to support the Campaign’s agenda in order to preserve the gains of the Egyptian Revolution that enable the economy to be built in accordance with the will of the people, free of pressures imposed by economic colonization and the organized plunder of public money through debts.