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”: