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Debt and Development Coalition Ireland ICTU Global Solidarity Summer School.

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Presentation on theme: "Debt and Development Coalition Ireland ICTU Global Solidarity Summer School."— Presentation transcript:

1 Debt and Development Coalition Ireland ICTU Global Solidarity Summer School

2  National network  Solidarity based with activists and social movements in the Global South  Focus on financial exploitation of the Global South: South-North resource flows  Debt, role of international financial institutions (World Bank; IMF) and tax justice

3  Pre- existing poverty levels – not on target to meet MDGs  External Debt $3 trillion ($100m payments per day)  Financial crisis: reduction in remittances (Kenya: 5% GDP, fall in ‘08 by 33%); growing unemployment (up by at least 40m in ‘09 GS); $2 trillion financial shortfall in Global South; 30% drop in exports.

4  Food Crisis: FAO: 100m more people in chronic hunger in  Climate crisis: Approx 26 million people displaced already; 375 million people may be affected by climate disasters by 2015; 200 million people may be displaced each year by 2050; major cities dependent on water from mountain ranges face collapse  A new debt crisis: Countries such as Zambia already facing unsustainable debts

5  ‘Tax Consensus’ – tax competition as approach to national ec devmt and corporate business models  Low tax regimes by govmt & ‘tax minimisation’  Strongly supported by World Bank and IMF in Global South  Increasing role of tax havens: $7 trillion stashed in tax havens

6  At least $160 billion every year lost to Southern countries due to tax evasion.  Significantly greater than all the aid received by South from North.  $160 Bn Could save 350,000 children’s lives

7  Transfer pricing – companies exaggerate costs and minimise profits  60% of international trade takes place within TNCs  Profits are transferred to holding companies based in tax havens

8  Allow non-residents to open bank accounts  No disclosure of information to other countries  Cayman Islands – 5 th largest banking centre - $2 trillion  Also Switzerland, Isle of Man, Jersey – and Ireland

9  Strong tax base essential if countries are to build stronger democratic states:  Rltns bwtn gvmt & citizens, and real exit strategies from aid dependency.  Direct taxation and corporate taxation NB.

10  Banks and hedge funds engaging in risky practices used tax havens.  Losses and liabilities hidden off balance sheet  G20 / Obama raising questions about tax havens; OECD ‘concern’; race to sign info exchange agreements

11  End to banking secrecy – automatic exchange of information  Control over accountancy firms – end to self- regulation  Country-by-country reporting for TNCs

12  Debt and Development Coalition Ireland & wider tax justice network  We need trade union support in Ireland!  ;


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