Wednesday, May 22, 2024
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HomeWorldITUC Report: Trade Unions Demand Reform To Address Global Sovereign Debt Crisis

ITUC Report: Trade Unions Demand Reform To Address Global Sovereign Debt Crisis

To coincide with a series of major global
financial meetings, the ITUC has released a key report
recommending immediate action, comprehensive reform and
deeper trade union involvement in sovereign debt policy at
all levels.

This month sees the Spring
Meetings of the IMF and the World Bank, G20 Finance
Ministers and Central Bank Governors and the UN
Financing for Development Forum
. The ITUC report, Sovereign
Debt, the Sustainable Development Goals and Trade Union
, offers these
financial leaders bold solutions for dealing with the
long-ignored global debt crisis.

At the launch of the
campaign, the ITUC noted that “more than 70
countries are on the brink of collapsing under the weight of
a debt crisis foreseen yet neglected for years.” Nearly
2,000 people have already signed
a petition
calling on the World Bank to “change course
and support worker demands for a new social

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ITUC General Secretary Luc Triangle
added: “With hundreds of millions of workers living in
countries that are either already in deep debt distress or
close to it, budget cuts are affecting employment, public
services and social protection, while demand and essential
investments are stifled. This threatens to plunge affected
countries into a ‘lost decade’ at a time when resilience
is critically low.

“The trade union movement calls
for immediate reforms to address this crisis that threatens
the achievement of the sustainable development goals,
undermines the legitimacy of the world’s development
finance system and destabilises democracy in these
countries. We can’t afford to sit on the sidelines. We
demand comprehensive, democratic and sustainable solutions.
Our message is simple: in real democracies, development must
deliver for workers.”

The ITUC report is accompanied
by five
detailed country studies
from Argentina, Mongolia,
Senegal, Tunisia and Zambia, illustrating the specific
impacts of the sovereign debt crisis on workers and
outlining how trade unions can contribute to sustainable

These studies are intended to inform the
discussions at the upcoming global financial forums, as well
as ongoing efforts to reform the international financial

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