Tunisian debt in figures
External debt capital stock : 21 708 517 000 => 3 times the amount of debt in 1987 and 50% of GDP.
Interests represent 70% of the total due amount.
Since 1987, multilateral credits went from 19% to 40% of the ongoing external debt.
5 loaners have 76% of the ongoing debt: Financial markets (31,5%) ; France (13,9%) ; European Investment Bank (11,1%) ; African Development Bank (10,5%) ; World Bank (9,1%).
In 2011 Tunisia will have to pay: 3 500 000 TND
Between 1990 and 2008: Tunisia received 33,6 MTD and paid 38,5 MTD
New loans are being used to pay off the debt not the development !
*The debt in 2011 budget is :
- 3 Times the health budget
-11 Times the social affairs budget
-13 Times the justice budget
and...19 Times THE EMPLOYMENT BUDGET !
Instead of getting rid or at least negociating better terms for this shocking debt, the interim government contracted billions of dollars of loans.
Loans weren't used to finance growth and development but to finance Ben Ali and his family excesses and their stealing of honest tunisians projects.
"Empirically, there's little proof that a failure to pay leads to a long period of exclusion from the financial markets. Russia was able to have access 2 years after a payment failure which was decreed unilaterally without consultation with creditors. The fact that Argentina did so well even without IMF support (or thanks to that) should lead to a change of belief." Joseph Stiglitz

