Category: Odious Debts

Letter to socially responsible financial advisors and mutual funds

(September 24, 1997) The following letter was sent to socially responsible financial advisors and mutual funds managers , after it was announced in September that General Electric Canada, a wholly-owned subsidiary of Connecticut – based General Electric Company, was awarded a contract to supply turbines and generators to the Three Gorges dam project.

A troubling deposit at World Bank

(November 29, 1995) For 5O years government guarantees have allowed the World Bank and its sister development banks to amass the world’s riskiest loan portfolios. Three months ago, the weakest of these sisters, the African Development Bank, was downgraded. And now for the first time, the World Bank admits that many of its own loans can’t be paid back.

How to Kill World Bank

(December 9, 1994) When the World Bank celebrated its golden anniversary in Madrid in early October, it promised a new and revitalized "vision" to alleviate Third World poverty. But the bank’s critics-from left-wing development agencies and radical environmentalists to right-wing think tanks-don’t trust that vision.