Don't Let the Bankers Occupy Timor - Sign the petition For Debt-Free Timor-Leste

Please sign the joint petition from ETAN and Movimento Kontra Deve (Movement Against Debt):http://www.gopetition.com/petitions/support-a-debt-free-timor-leste.html


Background:

The Government of Timor-Leste is currently free of debt. Despite current substantial income from petroleum resources, the government has announced plans to begin borrowing.

In September, more than 137 organizations based in 32 countries endorsed a statement that urged "the government of Timor-Leste to keep the nation debt-free and refrain from borrowing money from international lenders.... to protect its future generations." The groups argue that "Rather than repeat the mistakes of other developing countries that have struggled with debt during recent decades, Timor-Leste should learn from their experiences, which often inflicted great hardships on their people." http://etan.org/news/2011/08debt.htm 

Income from oil and gas provides 95% of state revenue, making Timor-Leste the most petroleum-export dependent country in the world. Timor-Leste has not yet borrowed funds from other countries or international financial institutions, but the government has passed laws to enable borrowing. In the 2012 budget, the government has proposed borrowing. 

This petition is a joint project of the the Movimento Kontra Deve, a coalition of civil society organizations in Timor-Leste opposed to their country taking out loans, and the East Timor and Indonesia Action Network (www.etan.org), a 20-year old U.S.-based group working in solidarity with the people of Timor-Leste. 

Additional background on Timor-Leste and borrowing can be found in English athttp://www.laohamutuk.org/econ/debt/09Borrowing.htm and Tetum:http://www.laohamutuk.org/econ/debt/09BorrowingTe.htm 


Sign the petition: http://www.gopetition.com/petitions/support-a-debt-free-timor-leste.html 

Petition Text

We, the undersigned, urge the government of Timor-Leste to keep the nation debt-free and refrain from borrowing from international lenders. 

We come from many countries, including those that have experienced onerous conditions that placed a priority on repaying loans over the needs of our people. Others of us come from nations that have imposed those conditions.

We have seen how too many developing countries have struggled with debt. We urge Timor-Leste to learn from their experiences. 

Despite Timor-Leste's current petroleum wealth, when Timor-Leste's oil and gas run out in less than 15 years and loans still must be repaid, Timor-Leste's children and grandchildren will suffer the consequences.

Sign the petition: http://www.gopetition.com/petitions/support-a-debt-free-timor-leste.html 

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John M. Miller, National Coordinator
East Timor & Indonesia Action Network (ETAN)
PO Box 21873, Brooklyn, NY 11202-1873 USA
Phone: +1-718-596-7668  Mobile phone: +1-917-690-4391  
Email: john@etan.org Skype: john.m.miller

Website: http://www.etan.org
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