Our Defuse the Debt Crisis campaign is calling for Scotland to become the world’s first arbiter of international debt, giving the Global South a chance to make their voices heard through a fair and transparent debt workout mechanism. Find information here, including the world's first Sovereign Debt Arbitration Rules designed for arbitrating in Scotland, or contact us to find out how you can get involved in the campaign.
Jubilee Scotland is working hard towards making sovereign debt arbitration a reality in Scotland. This is to present a fair and transparent process through which unjust and unpayable debts accumulated by poor countries but which also put the life chances of their populations at risk can be renegotiated and in many instances cancelled. Often these debts have built up as a result of irresponsible lending and so where disputes do arise over the origin of the debt and the extent to which it is fair for a country to continue making repayments, arbitration provides a way of resolving the debt dispute in such a way that benefits both the debtor and creditor country for which ongoing ad hoc restructuring is neither desirable or sustainable.
To find out more about why arbitration presents a good model for resolving sovereign debt disputes and why Scotland is well placed to host sovereign debt arbitrations, read our November 2012 briefing and bespoke arbitration rules.
On Tuesday 20th March Jubilee Scotland organised a launch event for a unique set of Sovereign Debt Arbitration Rules, which were presented by the Scottish Cabinet Secretary for Culture and External Affairs, Fiona Hyslop MSP. The event, held at the Scottish Arbitration centre in Edinburgh, marks another step in the ambitious campaign to make Scotland a seat of arbitration for unfair and unpayable debt.
Jubilee Scotland has created a briefing to help supporters answer tricky questions about using the Scottish Arbitration Act to cancel the unjust debts of the poorest countries of the world. You can download it here or contact the office on 0131 225 4321 to order a copy.
8-5-2011
Attendees at the Jubilee Scotland People's Debt Tribunal at the Scottish Parliament yesterday voted overwhelmingly for the cancellation of $3bn worth of unjust debt owed by the Philippines to the World Bank.
As part of our campaign to defuse the debt crisis, Jubilee Scotland held a People's Debt Tribunal at the Scottish Parliament to demonstrate the need for a fair and transparent arbitration process. Watch the short film below for a wee taste of what happened.
Over 40 Jubilee Scotland campaigners attended the lanch of the Defuse the Debt Crisis campaign in Holyrood on March 22nd. Academics, MSPs and members of our grassroots network came together to hear all about the campaign, calling for Scotland to become a seat of fair and transparent debt arbitration. The group was addressed by the Reverend Elisabeth Cranfield, Convenor of Jubilee Scotland, Campaigns Director James Picardo, Iain Thom of the World Development Movement, and finally by Des McNulty MSP.