Is this the time for a moratorium
or a cancellation of
Latin American debt? Is it the only way to have the resources to overcome the
immense and deadly health infrastructure gap, which in each country can be
around an average of US $ 20,000 million, in addition to sanitation and energy?
Well, this is what former
presidents of the region are requesting, such as Rafael Correa, Dilma Rouseff,
Evo Morales, Fernando Lugo, Alvaro García Linera (former vice president),
Ernesto Samper, Jose Luis Rodriguez Zapatero, (see
Petition here), among others, and It has been mentioned by the government
of Argentina, and academic and political institutions in the region, as
disclosed by the website of the Schiller Institute and EIR. Meanwhile, Alicia Bárcena, of ECLAC,
discusses more generally the abandonment of neoliberal economic policy
patterns. (see also recent
post)
How “bad” can a moratorium or
waiver be? In the long term, it favors the creditors themselves, since the
debtors must first recover their capacity to produce physical goods, and their
commercial and payment capacity, on an expanded scale. Morally, it is a sign of
the shared responsibility and shared destiny of all.
It is necessary? Does anyone
believe that by passing the "first peak" of the pandemic we are
already safe? Will 1 month quarantine be enough or how long?
Decisions to combat the pandemic
in Latin America have been extremely costly: in the absence of a viable health
system, all that remained was to declare a strict quarantine, at the price of
stopping a good part of economic activities. In other words, recession, in the
context of a global financial crisis, pre-existing since at least 2007.
To give an example, in Peru, more
than 70% of the labor force is independent (self-employment) or informal
employee; many live on "day to day". The time will soon come when the
"market" will be insufficient to guarantee the health of the
citizenry, and it will be the State that centralizes an important part of the
purchases of food and vital supplies, and distributes it directly to the
population in need, through the Armed Forces, using the already known
mechanisms of the Popular Eaters, Mother Clubs and Milk Glasses.
While the Minister of the Economy
dreams about the "good fiscal position of Peru", arranging ridiculous
games for insufficient, vital time is lost for timely decision-making.
In the international field,
close, scientific and economic cooperation is expected between the largest
powers: the US, China, Russia, India, the European Union: it is no longer
possible to ensure health within borders, we need a world health system.
Life comes first, always, debt
comes later. Don't you think?
01/04/20
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