Philippines and Grenada's debts

This came via Ed Le Quesne, and I think it is very important, hence a posting tonight.

Subject: Philippines and Grenada's debts

Dear All,

I had the latest newsletter from the Jubilee Debt Campaign today.

It says that the amazing sun of £50 million has been pledged to the DEC in the first fortnight  of their appeal for relief after Typhoon Haiyan  BUT the same amount of money leaves the Philippines every 3 and a half days, a total of $8 billion flowing overseas yearly, more than 20% of the Government income.  These debts originated with the odious rule of Ferdinand Marcos in the 1980s, debts run up at the time  when he was an ally in the Cold War.

Please sign the petition at www.jubileedebt.org.uk/philippinesaction.  You will also get more information about the debt.

A second article asks for support for the island of Grenada.  It has been hit by 2 hurricanes, Ivan and Emily, and the loss of EU trade preferences for banana and spice exports.  Rather than introduce austerity in a vain hope to pay their debts, the Government is asking for a negotiation of debt reduction.  They wrote a letter to the Guardian explaining their situation and the intolerable situation for their young people.   There is a petition to sign on the website asking George Osborne to enter negotiations. See www.jubileedebt.org.uk/grenadaaction

To help the Jubilee Debt campaign to keep these facts in the public mind, any donations given online from 10 am on Thurs, Fri, Sat Dec 5th,6th, 7th  at www.jubileedebt.org.uk/biggive  will be doubled!!

Best wishes

Ed Le Quesne,

P.S.   They congratulate Jersey for its action on Vulture Funds but warn that vulture funds are in danger of inflicting a massive debt burden on Argentina.   The present  world finance system protects wealthy speculators and imposes the costs on the poorest people