The International Association of Democratic Lawyers supports Ecuador’s sovereign decision to suspend the payment of interests on foreign debt, on the basis of the many illegalities discovered by the Auditing Commission installed two years ago, which presented its final Report the 20th of November of this year.
Ecuador’s decision is a historical one, because for the first time a Government decides to suspend the payment of foreign debt on the basis of legal considerations as well of Ecuadorian law as of international law.
The indebted countries have already paid an enormouos amount of money to the financial powers and they cannot and should not continue to pay, especially in the context of present financial crisis determined by the uncontrolled mechanisms of neoliberal economy.
Therefore, the International Association of Democratic Lawyers calls upon all countries to follow Ecuador’s example, instituting auditing Commission on foreign debt and taking all suitable measures, including the suspension of payments.
Furthermore, the International Association of Democratic Lawyers urges the United General Assembly to vote a resolution asking the International Court of Justice to give a consultative opinion on the legality and legitimacy of foreign debt in the light of all applicable international norms and principles.
Paris, December the 14th, 2008