“In the transition from an oligarchy or a tyranny to a democracy…persons refuse to fulfill their contracts or any other obligations, on the ground that the tyrant, and not the state, contracted them”—Aristotle.
Egypt owes about thirty-five billion USD (or 210 billion EGP) in foreign debts, which impose on us an annual burden of about eighteen billion EGP. These debts were accumulated under the previous regime in accordance with its political and economic priorities. We are paying off these debts from our own pockets instead of spending on healthcare, education or social services. A number of activists and civil society organizations inside and outside of Egypt have, therefore, designated 31 October the global day for Egyptian debt cancellation This is a prelude to a popular campaign that aims to remove this burden off the shoulders of the Egyptian people, who were neither responsible in any way for the decision to take on these debts, nor were they ever consulted in how these funds were spent.
Dropping Odious Debts READ MORE