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European Parliament demands EU action as debt crises “ravage” developing countries

EU must reform its own lending practices, says European Parliament report. Member States must also act on 2015 UN resolution to establish a multilateral legal framework for sovereign debt restructuring. Brussels, Tuesday April 17 2018. Campaigners are backing calls for the EU to act following the adoption of a damning report by the European Parliament that lays bare the growing debt crisis in developing countries. The Report on Enhancing Developing Countries’ Debt Sustainability calls ...

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Development aid stagnates in 2017 – and rules governing how it is spent mean the poorest are still missing out

Brussels, April 9 2018. The amount of aid going to countries in the Global South was stagnant in 2017, according to new figures published by the OECD today. The rules that govern aid also mean that a large proportion of Official Development Assistance (ODA) is still being spent in the donor countries themselves instead of reaching the poorest countries - with around 10% spent on the cost of hosting refugees. The figures, published by the OECD’s Development Assistant Committee (OECD DAC), ...

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Auditors expose the failure of public-private partnerships (PPPs) and slam EU’s support

The European Court of Auditors today slammed Public-Private Partnerships (PPPs), stating that they were ‘not always effectively managed and did not provide adequate value-for-money’. The report, entitled “Public Private Partnerships in the EU: Widespread shortcomings and limited benefits” looks at PPPs in several EU countries. Inefficient spending was identified in contracts worth 1.5 billion euros, out of which 0.4 billion euros were EU funds. The report recommends that “the Commission ...

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EU’s secret ’sweetheart’ tax deals with multinational corporations soar to record numbers

Advanced pricing agreements (APAs) – also known as ’comfort letters’ or ’sweetheart deals’ –  between EU governments and multinational companies have rocketed to record numbers, according to new figures released by the European Commission. This comes after such deals have been at the centre of several tax scandals, as well as State aid cases that the European Commission has launched against EU Member States, involving the alleged loss of millions of Euros in tax income. Most ...

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New EU aid plan risks handing billions to private companies at expense of the poorest, despite safeguards

Brussels, June 28 2017. Proposals to regulate a new multi-billion euro EU fund aimed at driving more private investment in development have just [June 28] been agreed by the European Parliament, Member States and the European Commission. But campaigners say although the proposed safeguards in the External Investment Plan are a step in the right direction, there is a risk that billions of euros of tax payers’ money will benefit big multinational corporations at the expense of the people in poverty ...

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New figures show the poorest countries could miss out due to weak aid rules.

New figures show the poorest countries could miss out due to weak aid rules. Brussels, April 11 2017. New global aid figures released today [April 11] have been criticised by campaigners as evidence that rules governing aid aren’t working. According to the European Network on Debt and Development (Eurodad), proposed changes to the rules could actually make things worse. The Official Development Assistance (ODA) figures, compiled by the Organisation for Economic Cooperation and Development (OECD) ...

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“Global Laundromat” scandal emphasises the need for strong EU action

Brussels, March 20 2017 Campaigners pushing for strong anti-money laundering measures say the “Global Laundromat” scandal shows just why the EU must take urgent action. Just as the EU is about to enter the final stages of negotiations over whether or not to ban anonymous trusts and shell companies, Eurodad (European Network on Debt and Development) says the scandal reveals why member states must ensure greater transparency around the ownership of companies and trusts.Tonight [March ...

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Tax campaigners condemn renewed punishment of Luxleaks whistleblowers

Brussels, March 15 2016.  Eurodad (European Network on Debt and Development) has condemned the revised sentences handed down by a court in Luxembourg today [March 15] after the retrial of LuxLeaks whistleblowers Antoine Deltour and Raphaël Halet. Although the new sentences (six months' suspended jail and a €1500 fine for Deltour and a €1000 fine for Halet) are less harsh than those imposed at the first trial, where the former PwC employees were sentenced to twelve and nine months’ suspended ...

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EU parliament gets serious about responding to the Panama Papers by fighting corruption and tax abuse

BRUSSELS, 28 FEBRUARY 2017 Members of the European Parliament agreed today to strengthen the Anti-Money Laundering Directive, a crucial tool for both the EU and third countries in the fight against corruption and tax abuse. The European Parliament has agreed with the European Commission’s proposal calling for public disclosure of information about who really owns and controls EU companies. MEPs also went beyond the European Commission’s proposal and are calling for the public disclosure of ...

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Trade Unions and campaigners around the world accuse the World Bank of encouraging dangerous hidden debts, boycott consultation on Public Private Partnerships (PPPs)

• The boycott was launched after the World Bank ignored repeated calls for the Bank to stop promoting PPPs that contain dangerous hidden debts. • Most governments leave these costs out of the accounting books, which can lead to crippling hidden debt – especially damaging for world’s poorest countries. • See ‘Notes to Editors’ for examples of disastrous PPPs. 27 February 2017 Trade unions and campaigners from around the world are boycotting the latest World Bank consultation on PPPs, ...