1. Who Profits from the Debt and Debt Crisis? Conference on Alternative Solutions to the Debt Crisis Brussels, Belgium March 7, 2014

2. LENDERS Commercial Banks, International Financial Institutions, Buyers of bonds, Governments Who make money from the interest on the loans – especially on non-concessional and only moderately concessional loans CORPORATIONS Whose services are contracted and/or products are bought for projects financed by loans. CORPORATIONS Who receive loans with public guarantees, OR whose business risks are publicly guaranteed These public guarantees are counted as contingent liabilities which then become debt when the guarantees are called on

3. CORPORATIONS Whose businesses are enhanced because of the projects TRADERS and BUYERS of DEBT PAPERS in SECONDARY MARKETS Who buy public debt papers at a discount or low rate and make money from reselling the papers or collecting the face value from the debtor (includes vulture funds) PRIVATE EQUITY FUNDS Who act as financial intermediaries in the investment of public funds for development, issue various lending and investment instruments and have a share in the profits

4. Banks and Corporations Who have been bailed out from their debt crisis – from predatory and reckless lending and investments -- using public funds GOVERNMENT OFFICIALS Who use loan-financed projects in patronage politics Who receive bribes and commissions in exchange for using their influence and authority to get loan-financed projects and loan contracts approved; Who steal money from loan-financed projects

5. INVESTORS, CORPORATIONS and INDUSTRIES (International and National) who benefit from the neoliberal policies being pushed on borrowing countries using LOANS, GOOD CREDIT STANDING and ACESS to DEBT RELIEF as leverage Austerity Measures Tight Fiscal and Monetary Policies Privatization, Public-Private Partnerships Deregulation of Industries Financial Liberalization Trade Liberalization