This automated translation of the original
message in French has been
revised only to correct the mistranslations.
Dear
friends,
The
«Observatoire de la Finance» thanks you for your subscription and announce you
the opening of the workshop "Towards a sustainable finance".
As you
already know, the issue of "Finance and the common good" arises at
both global and local level. For this reason, we call on diverse areas , from
the economic sociology to the financial theory, from the North hemisphere to
the South hemisphere, from the East to the West.
Our first
area of debate will be therefore, "The exclusion by the finance:
international debt and micro-enterprises." Here is a small text on this
issue… to think about…
«Is
exclusion inevitable? How to fight it ?
Globalised
finance is trapped in a paradox: on the one hand, it cannot exclude countries
or continents forever, but on the other hand, to uphold the rules and bring
conduct under control, it must constantly bear in mind the threat of this
marginalisation.
The dilemma
of international debt, particularly of developing countries, is posed exactly
in these terms. It is also essential to encourage private operators to be more
aware of the risks of non-repayment, as is usually the case with national
bankruptcy. Achieving the highest degree of caution depends on exercising some
control over both the borrowers and the lenders. Various discussions are
currently under way, ranging from the idea of fifty-year debt remission periods
to an arbitration procedure that would have the authority to lighten or remove
the burden of debt, if it is unbearable.
The
relationship between poor countries’ external debt and political corruption
should also be looked at. One of the ways to lessen the chances of impunity in
the medium term would be to include a clause in the debt contracts stating that
if the debt is renegotiated, the creditor has the right to prosecute persons
who have misappropriated the funds that were made available. Under this system,
which leaves a lot to be desired, rulers would at least have been warned that
if they abuse their authority, it is in their personal interests to have a
sense of proportion so that this national debt does not become unbearable.»
We are
impatient to know your contributions, your ideas and your solutions.
Whilst
waiting to read you soon, we present our best regards.
The
animators of the workshop:
Paul H.
Dembinski
Natasha
Morais.