20 Amendments of Mireille D'ORNANO related to 2016/2241(INI)
Amendment 6 #
Motion for a resolution
Recital D
Recital D
D. whereas these initiatives, accompanied by the commodity price boom, have improved the financial situation of many developing countries, while exceptionally low interest rates since the 2008 financial crisis have also contributed to debt sustainability; whereas, however, there can be no guarantees of this favourable set of circumstances continuing to prevail, notably in view of the risk of speculative bubbles bursting, which particularly applies to the commodities market or financial markets;
Amendment 9 #
Motion for a resolution
Recital E
Recital E
E. whereas there has been an increase in the number of developing countries classified by the IMF and the World Bank as burdened with unsustainable debt or presenting a high or medium risk, with most of the low-income countries now belonging to one or other of these categories, which creates a major uncertainty; ;
Amendment 13 #
Motion for a resolution
Recital G
Recital G
G. whereas the composition of developing country debt has evolved in line with the growing importance of private creditors and trading conditions and increased, which is a regrettable situation because it increases these countries' exposure to financial market volatility; whereas, while debt denominated in the national currency effectively eliminates exchange-rate risks, such an option may prove to be unfavourable or untenable where backed by insufficient domestic capital reserves;
Amendment 17 #
Motion for a resolution
Recital H
Recital H
H. whereas threats to debt sustainability include not only deteriorating terms of trade, natural and man-made disasters, adverse trends and volatility on international financial markets, but also irresponsible lending and borrowing, the mismanagement of public finances and corruption; whereas the more effectivresponsible mobilisation of domestic resources offers strong prospects of improved debt sustainability;
Amendment 29 #
Motion for a resolution
Recital K a (new)
Recital K a (new)
Ka. whereas, according to Sack's doctrine, odious debt contracted by such regimes from lenders who are aware of their nature is not legitimate and whereas people cannot be obliged to pay it off;
Amendment 32 #
Motion for a resolution
Recital L
Recital L
L. whereas the mobilisation of domestic resources is being hampered by the transfer of transnational corporate profits in particular; whereas the OECD binitiative on Base eErosion and pProfit sShifting (BEPS) initiative is a welcome but insufficient response to this situationphenomenon, as tax avoidance by certain multinationals remains a serious global problem, which has been responded to with only minimal solutions;
Amendment 37 #
Motion for a resolution
Recital N
Recital N
N. whereas existing debt service default proceedings for countries differ fundamentally from insolvency proceedings for businesses falling within national jurisdictions, since no provision is made for impartial arbitration before a court of law; whereas short-term loans, subject to terms and conditions and disbursed in tranches, are provided by the IMF, whose mission is to ensure the stability of the international financial system; whereas the Paris Club of creditor countries takes decisions regarding debt relief, while private creditors are represented by the London Club, through which they are able to coordinate their actions; whereas no procedures exist that are applicable across the boarbetter international cooperation is needed for arbitration between debt-laden countries and their creditors;
Amendment 41 #
Motion for a resolution
Recital O
Recital O
O. whereas vulture funds targeting distressed debtors and interfering with the debt restructuring process should non no account receive legal or judicial support for their pernicious activities and further, very strict action must be taken in this regard;
Amendment 45 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Points out that credit facilities aremain an essential means of ensuring a dignified future for developing countries;
Amendment 53 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Takes the view that credit facilities are inextricably linked to other forms of development funding, including earnings from trade, tax revenue and, remittances from migrants to developing countries and solidarity microcredit, as well as official development aid;
Amendment 56 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Is concerned at the substantial increase in both private and public debt in many developing countries and the harmful effect thereof on their ability to finance investment expenditure for health, education, the economy and the public infrastructure needed for social and economic development;
Amendment 57 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Points out that structural adjustment plans that were developed in the 1990s for over-indebted countries have seriously compromised the development of basic social services and, such as education, have damaged their capacity to pursue a form of development which avoids damage to the environment, and have undermined countries’ ability to assume their responsibilities as sovereign nations, in combating insecurity and terrorism for example;
Amendment 61 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Considers that responsibility for spiralling (external) debt rests primarily with the politicians governing the countries in question and that, in many cases, their creditors - especially private creditors - must also be held accountable for the resulting debt crisis;
Amendment 68 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Considers that the rules or instruments currently in force are either inadequate or, to varying degrees, insufficiently, as they are not binding;
Amendment 78 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that, like the goals for education or health, most of the sustainable development goals can be viewed in terms of human rights and, as such, are an end in themselves when it comes to combating poverty, whereas debt redemption, on the other hand, is merely a means to an end;
Amendment 82 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 87 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Urges development stakeholders to assess the impact of debt servicing on the financing capacity of heavily indebted countries in the light of the SDGs, for which results must be achieved by 2030, taking precedence over the rights of creditors;
Amendment 96 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Commission to draw up, in the form of a white paper, a genuine strategy designedformulate recommendations on how to save developing countries from excessive debt by adopting a multilateral approach, specifying the rights, duties and responsibilities of all concerned and considering the institutional provisions best suited to to ensuring an equitable approach to the problem of debt;
Amendment 123 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Urges the adoption of a rule applicable in cases of impending insolvency, depriving creditors of the right to initiate legal proceedings against a debtor country if the loan in question was not duly authorised by its national parliament, so that such authorisation by the national representation eliminates any risk of odious debt which could be inflicted on the population in an insolvent state;
Amendment 126 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls on the EU Member States to adopt, on the Commission’s initiative, adraw up a joint regulation based on Belgian legislation seeking to prevent debt by vulture funds;