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DRGR-Proposal Receives Recognition in Progressive International’s Policy Briefing

In the run-up to the G20 meeting on February 25 and 26, “Progressive International” featured the DRGR proposal in its policy briefing on “Debt Justice at the G20”.

Following the criticism of the G20s own “Common Framework”, the document regards itself as “a call to break with [the] system of neo-colonial exploitation — and an analysis of the G20 obligations to initiate a just debt workout system that 

  • Compels every creditor — public and private — to participate, putting an end to “holdouts” that undermine debtors’ bargaining power in order maximize their profits.
  • Includes all countries facing debt distress — not just the poorest countries who have the cheapest debt.
  • Creates a “workout” process that is transparent and inclusive — rather than one is that by and for creditors.
  • Guarantees “independent debt assessments” that focus on restoring economic capacity, not on cost minimisation.
  • Offers real debt cancellation, instead of diagnosing the debt crisis as a question of liquidity.
  • Includes no austerity conditionalities — conditionalities that have intensified inequalities and hollowed out public health systems.
  • Delivers additional financing for pandemic response and sustainable recovery.” 

At the end of the document, various predominant debt relief proposals are compared in a summary table. The DRGR-idea is featured here as “HBS/SOAC/GDPC”:

Originally published here

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