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MEPs to discuss new UN proposals for solving debt crises faster, better and more fairly

Added 11 May 2015

MEPs to discuss new UN proposals for solving debt crises faster, better and more fairly

UN experts will present solutions to sovereign debt crises that could bring an end to the misery they cause

Monday May 11 2015

UN experts will present new solutions to tackling sovereign debt crises during a high level event at the European Parliament tomorrow (Tuesday May 12).

MEPs from Greece, Italy, the Netherlands and Spain will be among the audience discussing the process at the UN which aims to create a new system. It was set up last year after a majority vote at the UN General Assembly, but EU member states have failed to participate actively.  

A new Debt Workout Roadmap and Guide laying out alternatives will also be launched by a representative of the UN Conference on Trade and Investment (UNCTAD).

Organiser Bodo Ellmers, Policy and Advocacy Manager at the European Network on Debt and Development (Eurodad) said: “The current system for managing debt crises needs a fundamental overhaul. Greece is proof of this. Five years of muddling through and we have not made one single step forward towards a sustainable solution. The country has been strangled by austerity measures and the economic and humanitarian crisis they have caused. There are faster, better and fairer solutions that could avoid this suffering.”

Keynote speakers at the event include Ambassador Sacha Llorenti, who chairs the UN General Assembly Committee working on a new global debt restructuring framework.

Richard Kozul-Wright, Director of the Division of Globalisation and Development Strategies at UNCTAD, will present the Roadmap and Guide.

Ellmers added: “Last year, the countries of the UN spoke when they voted for a different system that does not leave their economies crippled or allow ‘vulture funds’ to hold them to ransom. We are delighted that the European Parliament is hosting this important event. It is time Europe got involved with this crucial process and helped bring an end to unsustainable economic crises, which seem to get worse rather than better.”

The event has been organised jointly by Eurodad, the United Nations and MEPs representing the European Parliament Groups GUE-NGL, S&D, and the EFA-Greens.

It will take place on May 12 between 3pm and 5pm in Room P1CO47. This will include questions from the floor. Ambassador Loretti and Mr Kozul-Wright will both be available for interview afterwards.

MEPs attending include:

  • MEP Miguel Urban, Podemos (GUE/NGL), Spain
  • MEP Elly Schlein, Partito Democratico (S&D), Italy
  • MEP Judith Sargentini, Groenlinks (The Greens), The Netherlands
  • MEP Stelios Kouloglou, Syriza (GUE/NGL), Greece

ENDS

To organise an interview with any of the speakers please contact Julia Ravenscroft, Communications Manager at Eurodad on jravenscroft@eurodad.org or + 32 2 893 0854.