International debt and the climate crisis
On Tuesday, May 2, representatives of various faiths will join charities and labor organizations for a rally at the Capitol in support of a single bill that promises to address climate change, inflation, high food costs, and the reality that developing countries need debt relief as quickly as possible. Sponsored by Assemblymenber Patricia Fahy, the New York Taxpayer and International Debt Crises Protection Act (S4747, A2970) is intended to “ promote effective and orderly sovereign debt restructuring for countries suffering from the pandemic, health, and economic crises, achieve equitable burden-sharing between public and private creditors, address economic and supply chain shocks, prevent financial system disruption, and protect NY taxpayers.” The organization Debt Justice explains the climate change connection this way: The economic shock of the pandemic has plunged many lower income countries further into a debt crisis that has been building for the las...