Konferenz: The Sovereign Debt Workout Debate in 2018: Where are we in the process?

Ten years on from the 2008 financial crisis, the global debt justice movement is warning of the signs of the next global debt crisis. Analyses show the continuous worsening of debt trends and indicators in the Global South, which come after an extended period of enhanced capital export from the North. However, the global financial architecture remains unreformed and ill-equipped to deal with a new crisis. Despite our longstanding calls and campaigning for the creation of a fair and orderly sovereign debt workout mechanism, the debt crisis management architecture is still as inefficient and unfair as it was 30 years ago. To prevent the next sovereign debt crisis in the Global South from resulting in another lost decade for development, orderly and comprehensive debt resolution processes are more urgently needed than ever.

The global debate as well as CSO campaigns on fundamental debt justice reforms have lived through ups and downs, with several highlights, which have been followed and preceded by phases when global reform seemed out of reach.

After two decades of CSO work on such a reform there are many experiences from which to learn. And on the brink of the next global sovereign debt crisis, it is a critical time to rethink strategies and make plans for a new push.

Purpose of the Meeting

• Establishing a joint understanding on key elements of a sovereign debt management reform in general and a debt workout mechanism in particular
• Stock-taking of substantial debates, strategic successes and failures through our campaigning and advocacy history
• Establishing a basis for joint advocacy and campaigning efforts in the short- and medium-term
• Agreeing on a co-ordinated medium-term strategy towards a global reform.

Costs and registration

erlassjahr.de will cover accommodation as well as food and drinks during the conference. Travel costs for arrival and departure have to be covered by participants. Space is limited, so please register until Monday, 18th June 2018.

July 19th: Stock-taking

12 noon – 1 pm:

Arrival, Registration, Lunch

Book Fair (what has been written, filmed, drafted by us and others about sovereign debt. Bring your books, brochures, leaflets, movies, poetry, comics…)

Part 1: Stock-taking of 20 years of civil society campaigning for a sovereign debt workout mechanism

1 pm – 3 pm:

• The evolution of the (official) debate on a sovereign debt workout mechanism: where is it today? How did we get there?
• The evolution of debt justice campaigning: successes and failures, mapping of current campaigns and demands and their specific context
• Experiences of interaction with politicians, civil servants and parliamentarians: Counterarguments against reform

3 pm – 3:30 pm: Coffee break

Part 2: Redefining the concept of a sovereign debt workout mechanism 3:30 pm – 5 pm:

• What are the currently discussed key elements of a fair and transparent debt workout mechanism?
  • –  Legal elements
  • –  Economic criteria
  • –  Institutional venues
  • –  Process elements
• Model laws, indexed bonds, principles on responsible sovereign financing – stock- taking of other debt management reforms

5 pm – 6 pm:

• What should the key elements of a sovereign debt management reform be, from our perspective?

6 pm: Dinner

7 pm – 8 pm:

• Thinking from different perspectives and target groups: is a sovereign debt workout mechanism understandable/ useful/ desirable/ a priority? Roundtable with all participants

July 20th: Planning ahead

9 am – 11 am:

• Opportunities for reform in the present global political landscape: Mapping of opportunities, obstacles, supporters and enemies (nationally and internationally)
• Campaigns, Advocacy, Lobbying, Street Action…. How can the issue and political initiatives be communicated in a coherent way on the national and international level?

11:30 am – 1 pm:

Planning 18 months ahead

• events, positions and responsibilities
• sharing individual plans
• Agreeing on joint advocacy and campaigning moments/efforts

1 pm: Lunch break

2 pm – 2:30 pm:

Evaluation of the meeting, agreement on follow-up, farewell