Swiss banks have felt the pressure from NGOs before, with Credit Suisse and its clinch with Greenpeace the most memorable example. Now, an alliance of groups demand a cancellation of debt for the poorest countries.
While rich countries – including Switzerland and the European Union – have pledged gigantic sums to prevent a collapse of their economies, the poor are struggling on two fronts. Their health-care systems seem generally ill-prepared to handle a pandemic. And at the same time, the economies need a positive contribution from exports – and demand for goods has slumped.
In light of the difficult situations facing the poor nations, a coalition of Swiss non-governmental organizations now demands a pledge from Swiss banking to cancel the debt of the poorest nations.
Round Table for Cancellation Deal
The eleven groups say that the 86 poorest nations have a combined debt of 5.7 billion Swiss francs ($6 billion) at some 40 Swiss banks, citing figures compiled by the Swiss National Bank (SNB).
The NGOs demand from the government to launch a round table to negotiate the terms of a debt cancellation from the banks. The also ask the banks to transparently inform about the loans, their conditions and repayment terms.
