How to get out of the external debt trap

The Event


Yanis Varoufakis

(Former Finance Minister of Greece and member of the Progressive International)

 Andrés Arauz

(Former candidate for president for the Movimiento Revolución Ciudadana) 

Martín Guzmán

(Minister of Economy of the Argentine Nation)

 Hosts: Luci Cavallero (Ni Una Menos Movement) and Mario Santucho (Crisis)


Argentina's economic recovery in the post-pandemic is conditioned by the enormous debt contracted with the International Monetary Fund during the government of Mauricio Macri (2015-2019). For several months, a complex negotiation has been developed aimed at establishing an Extended Facilities Program, which allows the country to rebuild its growth horizon and that the fruits of this improvement can be perceived by society. But time is running out and the deal doesn't seem to be going through.


However, the crossroads is not only Argentina: the International Financial Architecture (AFI) showed serious limitations in the face of a health emergency that hit national economies and exposed planetary inequality in all its drama, placing many countries on the brink of an imminent crisis of debt. Despite its devastating social consequences, the COVID pandemic offers the international community a unique opportunity to push for a joint solution to AFI's costly shortcomings.


Some of the general questions in this meeting will be: Is there an alternative that allows us to pierce the narrow framework of the current financial order, to regain the degrees of sovereignty that are required? And what kind of strategies could guarantee us a dignified negotiation?

Also: what structural modifications should be introduced so that debt restructuring with private creditors is not a ruinous process for nation states? And what reforms do we need to push in the International Monetary Fund?

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24/10/2021 @ 14:00 EST
Crisis mag and Proyecto Ballena Contact
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