Experiences in Debt Audit Maria Lucia Fattorelli Lige

Experiences in Debt Audit Maria Lucia Fattorelli Liège, Bélgic, December 11 th, 2011

PROGRAMME Part I: Introduction – Financial Crisis Part II: Debt Audit Part III: Suggestions of auditing practical procedures useful to Europe Part IV: Methodological aspects of Debt Audit Part V: Experiences of Debt Audit which can be helpful for Europe: Ecuador and Brazil

Part I Introduction – Financial Crisis

GLOBAL CONJUNCTURE World Financial Crisis Origin: Bank’s Crisis Deregulation of financial markets Unbacked derivatives Toxic assets Effects: Largest international banks under risk of bankruptcy Bad Banks? Parallel banking system US and Europe got indebted to bail out financial system Expansion of the crisis to other economic and social sectors

GLOBAL CONJUNCTURE Crisis of Private Financial Sector is turned into a DEBT CRISIS Instrument of “public” indebtedness is used as a system to embezzle public resources: “Debt System”

RECENT AUDIT: Governmental Accountability Office in the US unveiled that US$ 16 trillion were spent on secret bailouts by the Federal Reserve Bank to private banks and corporations www. unelected. org/audit-of-the-federal-reserve-reveals-16 -trillion-in-secret-bailouts Citigroup: $2. 5 trillion ($2, 500, 000, 000) Morgan Stanley: $2. 04 trillion ($2, 040, 000, 000) Merrill Lynch: $1. 949 trillion ($1, 949, 000, 000) Bank of America: $1. 344 trillion ($1, 344, 000, 000) Barclays PLC (United Kingdom): $868 billion ($868, 000, 000) Bear Sterns: $853 billion ($853, 000, 000) Goldman Sachs: $814 billion ($814, 000, 000) Royal Bank of Scotland (UK): $541 billion ($541, 000, 000) JP Morgan Chase: $391 billion ($391, 000, 000) Deutsche Bank (Germany): $354 billion ($354, 000, 000) UBS (Switzerland): $287 billion ($287, 000, 000) Credit Suisse (Switzerland): $262 billion ($262, 000, 000) Lehman Brothers: $183 billion ($183, 000, 000) Bank of Scotland (United Kingdom): $181 billion ($181, 000, 000) BNP Paribas (France): $175 billion ($175, 000, 000) http: //www. gao. gov/products/GAO-11 -696

BANKS IN TAX-HAVENS Source: Jorge Gaggero, Romina Kupelian y María Agustina Zelada - LA FUGA DE CAPITALES II. - ARGENTINA EN EL ESCENARIO GLOBAL (2002 -2009) - Documento de Trabajo Nº 29 - Julio de 2010 – CEFID-AR – Pag 62 -63 - Disponible en: http: //www. tjnamericalatina. org/wp-content/uploads/2010/10/LA_FUGA_DE_CAPITALES-II. pdf

43. 000 EMNs : more than 1. 000 of property attachments 40% of control in hands of 147 and high “core” conexion 75% of the “core” are financial entities 75% of the 147 companies are in hands of central institutions About 50 institutions of the financial sector have the control the center S. Vitali, J. B. Glattfelder, and S. Battiston (2011) The network of global corporate control

ECUADOR: lesson of sovereignty Official Commission for Debt Audit Created by Decree in 2007 Ø In 2009: Sovereign proposal of recognition of a maximum of 30% of the external debt represented by 2012 and 2030 bonds Ø 95% of the bond holders accepted Ecuadorian proposal, which means that 70% of the debt to private international banks was cancelled Ø US$ 7, 7 billion saved for the next 20 years Ø Increase of social expenses, especially Health Care and Education

Part II Debt Audit

CONCEPTS Public Debt Domestic Debt External debt MULTILATERAL BILATERAL COMMERCIAL (Debt with International Private Banks) PRIVATE* SOVEREIGN DEBT

BRAZIL: Relevance of External Debt to Private International Banks EXTERNAL DEBT: Registered by Central Bank US$ million – 1969 to 1994 Fonte: Relatórios Anuais do Banco Central disponibilizados à CPI da Dívida.

WHO THE SOVEREIGN DEBT SERVES? Public Sector? WHAT IS THE TRUE ROLE OF PUBLIC DEBT? • Means to finance public expenses? OR • Means of financial power to transfer public resources into private financial sector? AN AUDIT CAN ANSWER THIS QUESTION

DEBT AUDIT Technical instrument, but not only accounting • Explains the mechanisms that generate “public” debt Direct and indirect obligations; assets issuing; transfers of private debts to Central Banks; transformation of invalid or prescribed debts in bonds which are renewed and restructured through new bonds Measures deployed by financial sector, for instance, unilateral elevation of interest rates from 1979, after an excessive loan offer to Latin American countries

Impact of unilateral elevation of interest rates

DEBT AUDIT • Instrument that clarifies the reasons of immensurable growth of the public debt Follows the offer of currency by financial institutions, the refinancing under burdensome conditions, the recapitalization of interests, unnecessary prepayments, new loans to finance collateral warranties, and, above all, policy of bailing-out banks whose crash has been originated in their baseless growth (actually, based on unclear operations that hide the negotiation of “toxic” financial products).

http: //www. spiegel. de/international/europe/0, 1518, 676634, 00. html

AUDIT IN ECUADOR AND BRAZIL: ORIGINS OF THE DEBT located in process of BANK BAIL-OUT OPERATIONS • Ecuador: since the 80’s • Brazil: since the 80’s and 90’s till nowaday • PROER • PROES • Highest interest rates in the world • Removal of the currency “surplus” from the banks by issuing sovereign bonds, without capitals control

DEBT AUDIT • Instrument that shows the usurpation of “public indebtedness” by international financial system Creation of holdings, mistaken accounting policies, assets capitalization, crossed transactions between different companies within the holdings, not effective profits, bind and linked companies. G 20: work group on PARALLEL BANK SYSTEM Net transfers of public resources to the international banking system

PARALLEL BANK SYSTEM Bank Run’s Modern Form – The Wall Street Journal, December 5, 2011

DEBT with PRIVATE BANKS = net transfer of public resources

DEBT AUDIT UNVEILS THE JURIDICAL INSTRUMENTALIZATION OF THE NATION IN BENEFIT OF PRIVATE BANKS Privileges of the payment of public debt, before any other public expense. Legal apparatus implemented in almost all the indebted countries E. g. : FISCAL “RESPONSIBILITY” ACT, that imposes limits in social expenses, but does not establishes boundaries for the cost of monetary policy. Privileges for financial payments and criminalization of the public managers who do not obey this privilege Tributary privileges for private banks and for bond-holders who speculate with bonds of sovereign debt.

DEBT AUDIT UNVEILS THE POLITICAL INSTRUMENTALIZATION OF THE NATION IN BENEFIT OF PRIVATE BANKS MILITARY DICTATORSHIPS IN LATIN AMERICA • Allowed strong private indebtness with private international banks followed by its transformation into “public” debt • Repression and violence • Disappearance of authentic political leaders • Lack of transparency of financial operations IMF IMPOSITIONS • Interference in domestic politics, Fiscal Adjustment Plans EUROPE: TECHNOCRACY taking place of DEMOCRACY

Debt crisis in Europe Evidence of aplication of the “Debt system”: the same modus operandi 1º. Financial crisis caused by large international private banks 2º. Articulation between IMF and banks 3º. Intervention of IMF in national domestic economic matters 4º. Negotiations that guarantee the transfer of public resources to the same banks that caused the crisis 5º. Write-offs of the bank losses on their accounting books 6º. Generation of illegal and illegitimate debts; unbacked assets 7º. Recycle of assets through their transformation in new debts or through real investments in the process of privatization 8º. Deep social costs and damages 9º. Lack of transparency and access to documents that show the truth about the negotiations

DEBT AUDIT SHOWS THE SPECULATION THAT BENEFITS BANKS Speculation in secondary markets: as the lowest the price of the bonds, the higher the yield, as shown below with Greek bonds: Valor Nominal Precio de Mercado Tasa de Interés Ejemplo 1 € 1. 000 60% = € 600 7% € 70 Ejemplo 2 € 1. 000 € 167 6. 25% yield Cálculo 11. 67% 70 x 100 / 600 = 11. 67% € 62. 50 37. 43% 62. 50 x 100/167= 37. 43% Compensation of eventual losses of banks and financial companies on their accountancy sheets

DEBT AUDIT SHOWS THE SPECULATION that BENEFITS BANKS -Use of debt bonds in negotiations with discount: • purchase of state companies • handing them over to the financial system in order to carry out the minimum deposit in the Central Bank • negotiations of currency in the markets

“Debt System” : the same modus operandi The audit of Ecuadorian bonds: Investigation of all the documents referred to the issue of bonds: “bonds contract”, “agency contract”, “conditions contract”, “warranty contract”, attached files, “indenture” Analysis of illegitimate clauses: • Anticipation of the maturities for all debt-payments in case of any default • Revocation of sovereignty • Imposition to the General Prosecutor to sign his “opinion” in the way the creditors demand • Contracts overlap the country’s Constitution and Laws • Declaration in which the parties assert that the contract does not violate any law of the country, and if there is an illegality, it can not be impugned

Part III Suggestions of practical procedures of audit that can also be put into practice in Europe

Questions that a Debt Audit must answer: • What part of the Sovereign Debt has been issued to bail out failed banks? • What is the responsibility of the European Central Bank and the European Commission in the countries’ indebtedness process? • What is the responsibility of the rating agencies for downgrading sovereign bonds, causing the elevation of interest rates? • What is the responsibility of the IMF and the EU forcing some governments to implement reforms against the interests of their people and for the benefit of the Banks? • What is the responsibility of the Banks for: • Thrusting more and more loans onto the markets • Speculating on sovereign bonds, in order to make the interest rates go up continuously to force an intervention of the IMF? • Playing with derivatives, “Credit Default Swaps” and “toxic” papers? • What is the origin of the registered sovereign debt? Did the country receive the full amount of money? Where did it go? Who benefited from these loans? For what purpose? • Which private debts were transformed into public debts? What is the impact of these private debts on the budget?

IDENTIFY THE EVOLUTION OF THE DEBT Important step forward to identify the main factors that contributed to the increase of debt Example: Debt Audit in Ireland (debt to bail-out financial institutions under crisis) IDENTIFY: - parts of the debt not counted by the gobernment, like bail-out operations - Instruments of credit (loans of Central Bank and others) that impact the “risk” of the debt Fuente: Uma Auditoria da Dívida Pública Irlandesa. Dr Sheila Killian, Dr John Garvey, Frances Shaw. Universidade de Limerick, setembro 2011. Disponível em: http: //auditoriacidada. info/article/uma-auditoria-da-d%C 3%ADvida-p%C 3%BAblica-irlandesa

IDENTIFYING THE ORIGINS OF THE DEBT • Investigate how the bail-out operation affects public debt • Identify the justifications for bonds issues, besides the legal authorizations • Examine the public expenses during the last 20 years, identifying which expenses grew most Irish Citizen Debt Audit identified the creation of NAMA (National Asset Management Agency) through a legislative act, to buy banks assets. They also identified some public warranties to private debts. The government did not include NAMA bonds as a part of Public Debt in Ireland

EXAMPLE OF CITIZEN AUDIT IN BRAZIL CLARIFIES THE ROLE OF HIGH INTEREST RATES: the debt is not a result of a increase of social expenses, because there was a primary surplus It is necessary to verify this process in European countries What is the influence of the high interest rates? ANATOCISM Source: Banco Central

IDENTIFY THE ORIGINS OF THE DEBT Research the effects of the reduction of taxes for the richest people on the Fiscal Balance -Source: European Comission – Taxation and Customs union - Taxation trends in the European Union - Main results – pages 9 -10 - http: //epp. eurostat. ec. europa. eu/cache/ITY_OFFPUB/KS-EU-10 -001/EN/KS-EU-10 -001 -EN. PDF

Unbalance between the parties on the negociation TROIKA (BCE, FMI, UE and Private Banks) X Each countrie isolated, without any alternative of financing Coercion? ILLEGALITY

IDENTIFYING THE VARIATION OF INTEREST RATES • Investigate how the rating agencies and other market agents inflate the rates required to refinancing SOVEREIGN debts, while financial private sector has always the warrant of contract debts to ECB with low interest rates (of 1 -1. 5% per year, or even less) • Simulate how it would be if the interest rates offered by Central Bank to the private financial system was adopted to the public or sovereign debt EVIDENCE THE ILLEGITIMACY OF THE DEBT Example of simulation: Debt Audit in Ecuador

IDENTIFY THE IMPACT OF UNILATERAL ELEVATION OF THE INTEREST RATES – DEBT AUDIT IN ECUADOR Possible contrary argument: interest rates required from countries had to be as high as possible, for compensation of the risk of default. Answer: If the creditors have already been reimbursed for the risk premium, it is fair not to pay the debt.

TO PREPARE THE SIMULATION, IT IS NECESSARY FIND OUT, FOR EACH YEAR, AND FOR EACH TYPE OF DEBT: A) Stock of the debt in the beginning of the year B) Loans contracted (verify the aim and if the money actually entered) C) Accrued interests (item B multiplied by the interest rate of each type of the debt) D) Paid interests E) Paid amortizations (capital principal) F) Stock of the debt in the end of the year VERIFICATION: “F” must be the result of the sum: A+B+C-D-E SIMULATION: Change column “C”, considering the interest rates of ECB

COLLECT DOCUMENTS • Right to access documents: if the debt is “public”, the documents that support the debt are also public • Contracts, agreements, statistics data, accountability records • All the communications between the country with organisms of Troika, identifying the connection between private banks, ECB and EU • Example: Italy – secret letters between ECB and Berlusconi http: //economico. sapo. pt/noticias/bce-envia-carta-secreta-a-berlusconi-e-gera-polemica-em-italia_124263. html Experiences: • In Ecuadorian Debt Audit, were found documents – telex, letters and other communications - that prove the conditions of pressure and urgency, besides, the impositions of IMF, under which the refinancing packages of refinancing the debt with private banks were approved in 1983, right after the financial crisis of 1982.

Juridical aspects that might be considered on a Debt Audit § Co-responsability of the creditors and international financial institutions § Asymmetry between parts § Violation of general principles of Right: • Reasonability • Rebus sic stantibus, which determines that an obligation may be reviewed if the initial circumstances are substantially changed, for example, the unilateral elevation of the interest rates (art. 62 of Wien Convenant) § Right to Development § Right to Sovereignty § Violation of Human Rights

Juridical Aspects considered by Ecuadorian Debt Audit • Unjust Enrichment • Anatocism • Vices of Origin • Good Faith (UN Convention) • Equity (The law can not protect the abuse of Right) • Solidarity and Cooperation (UN Convention) • Public Order

Part IV Methodological Aspects of a Debt Audit

Fundaments of the Debt Audit in Ecuador Audit of processes and operational cycles of the transactions that originated the debt, in order to find out if they: Were reasonably registered in Accountancy, properly justified and transparent Were legal, legitimate and had no vices Caused any moral or economic prejudices

METODOLOGY for a DEBT AUDIT PRELIMINARY REVIEW EXECUTION FINAL REPORT

REVISION and PRELIMINARY ANALYSIS CONFORMATION OF PRELIMINARY WORK GROUP COLECT INFORMATION: Documents (Contracts, Agreements, communications); Statistics; Legislation; Debt Control Institutions PRELIMINARY ANALYSIS: General revision of documents; formal authorization; Visit to institutions of Debt control PRELIMINARY REPORT

EXECUTION OF THE INTEGRAL AUDIT WORKING PLAN • Motivation of the Audit • Scope and depth of the examination • Type of Audit to be realized • Conformation of multidisciplinar Woking Group • Time required and work schedule AUDIT PROGRAMM • General Objectives • Specific Objectives • Procedures and Techcnics apliable • Compliance Proofs • Sustantive Proofs EXPECTED RESULTS • Detail of the Public Debt • Mecanisms that generate the Debt • SOCIAL, ECONOMIC and POLITICAL IMPACTS

ORGANIZATION OF THE WORKING GROUP FOR EACH TYPE OF DEBT DOCUMENTAL and JURIDICAL ANALYSIS STATISTICS and ACCOUNTABILITY ANALYSIS

STATISTICS and ACCOUNTABILITY ANALYSIS • Statistics analysis allow the aplication of Relevance criteria • Determination of the components of stock of each type of debt will define the Subcommission job. Ex: Commercial Banks, Paris Club, IMF etc o Conciliation of amounts between datas – accountability, statistics and other extra-accountability books o Determination of its reasonability o Audit Procedures: Substantive Proofs

EXECUTION – SUBSTANTIVE PROOFS Useful to determine: Actual amounts of indebtedness Other costs: commissions (excessive? ) and costs Interest capitalization and other penalties Pre-payment of not expired obligations Enforcement of collateral warranties without consent Payment of excessive or overestimated honorary to lawyers Refinancing by issuing bonds Unilateral changes of the contract, as the increment of interest rates • Effectiveness of receiving the resources • External influence • •

DOCUMENTAL and JURIDICAL ANALYSIS Compliance Proofs • These are important to determine if: • The operations were authorized according to law • The documents were subscribed by competent authorities, within the contracted terms • The studies and reports that backed them up observed all legal and technical aspects • The covenant that back them up are clear or include vices, abuses or revokes; legal clauses? • The operations that generated debt observed the Juridical Order and the General Principles of Right

FINAL REPORT • FORMALITIES • Resume of Findings and Results • Resume of Limitations • CONCLUSIONS • RECOMENDATIONS • Publicity

Debt audit is a technical work that requires a staff that prioritize: • the disposal for examine the documents • the entire view of the indebtedness issue connected to the economic model • the courage to expose results. Miriam Ayala

Part V Experiences of Debt Audit

CITIZEN DEBT AUDIT BRASIL Citizens initiative since the realization, in 2000, of a huge referendum that involved more than 6 million voters

CITIZEN DEBT AUDIT - BRAZIL • MAJOR EFFORTS: I – Historical approach of the debt: studies, documents, reports of Parliament II – Analysis of present events – Analysis of national budget and struggle against the privileges of the debt III – Compilation of legal arguments IV – Major political results Audit in Ecuador - CAIC Parliamentary commission of inquiry in Brazil CPI V – National demonstrations involving workers’ associations, students, and other popular organizations. VI – International connection – countries and organizations (Latindadd, CADTM, JS, UNCTAD) VII – Popular reports, participation in national and international events, books, movies, studies, website: www. divida-auditoriacidada. org. br

LEGAL SUPER-STRUCTURE – THE PRIVILEGES OF THE DEBT Federal Constitution Art. 166, § 3º, II, “b” See “Anatomia de uma Fraude à Constituição” LDO – Guidelines for budget Goals of primary surplus Fiscal Responsibility Act – LC 101/2000 Obliges the public administrator to carry out fiscal goals, even if it means cuts in essential public services. Criminalizes the public administrator that does not accomplishes with the payment of public debt. Does not imposes any boundaries for the costs of monetary policy. OTHER INSTRUMENTS Profits of state companies that returns to government, privatization, charge of debt interests to states and municipalities. Unlink of public resources destined to other specific areas (MP 435 e 450)

Dictatorship debt • Interest increase • Debt converted to CB Pre-payment to IMF; goodwill Fonte: Banco Central - Nota para a Imprensa - Setor Externo - Quadro 51 e Séries Temporais - BC

CPI: Lack of real counterpart Financial mechanisms Conflict of interest Lack of transparency Fonte: Banco Central - Nota para a Imprensa - Política Fiscal - Quadro 35.

Union General Budget – Executed in 2010 R$ 635 billion Nota: Inclui o “refinanciamento” ou “rolagem” – Total do Orçamento 2010 = R$ 1, 414 Trilhões Fonte: SIAFI - Banco de Dados Access p/ download (execução do Orçamento da União) – Disponível em

The strategy of keeping power under capitalist accumulation Increasing profits of financial and corporate sectors Financing of electoral campaigns and corruption Extreme power of the press linked to the large capital Illusory distribution of wealth Small advantages for poor people: “Bolsa Família” Minor adjusts for workers Access to cheap products: sensation of a better life Access to credit/financing

Union General Budget – Expenses (R$ million) Juros e Amortizações da Dívida Previdência e Assistência Social Pessoal e Encargos Sociais Saúde e Saneamento Educação e Cultura Fonte: Secretaria do Tesouro Nacional - SIAFI. Inclui a rolagem, ou “refinanciamento” da Dívida

WHO PROFITS? WHO LOSES? Apparent fall Increase of supplies Fonte: Banco Central - http: //www 4. bcb. gov. br/top 50/port/top 50. asp

COMISIÓN PARA LA AUDITORÍA INTEGRAL DEL CRÉDITO PÚBLICO ECUADOR – Audit Comission – CAIC – Decree 472/2007 Integral audit with social participation Art 4º - The CAIC is authorized to audit and transparent all indebtedness processes of state institutions. Art 9º - All public sector entities are obliged to provide information requested by the Commission in the terms and penalties established in the Law on Fiscal Transparency. LEGAL BASIS AND POLITICAL BACK UP ARE INDISPENSABLE TO CARRY OUT THE AUDIT

COMISIÓN PARA LA AUDITORÍA INTEGRAL DEL CRÉDITO PÚBLICO Definition of the integral audit – Decree 472 Art. 2 - Integral audit is defined as: “the supervising action managed to examine and evaluate the process of contraction and/or renegotiation of public indebtedness, the origins and the destination of the resources, and the execution of projects that are financed with domestic or external debt, in order to determine its legitimacy, legality, transparency, quality, efficacy and efficiency, considering legal and financial aspects, and the impact on economy, society, gender, regions, ecology, nationality and peoples”

COMISIÓN PARA LA AUDITORÍA INTEGRAL DEL CRÉDITO PÚBLICO Final report of CAIC presented to President Rafael Correa on September 2008 Some general conclusions: The process of indebtedness of Ecuador, during the period between 1976 and 2006, from the perspective of a structural continuity, has been developed for the benefit of the financial sector and transnational corporations, clearly affecting the nation’s interests. Commercial debt: • Net transfer of resources in the amount of US$ 7. 13 billion in 30 years. • Increase of the debt from US$ 115. 7 million to US$ 4, 200 billion (1976 -2006) • Debt has not been a source of financing for the state. Actually, it represented a continuous loss of resources.

ECUADOR: Access to information that unveiled: • Facts that also occurred to other countries, which should be backed up by integral audits • Impressive similarities • Disrespect to human rights due to the continuous subtraction of resources that should be destined to answer to the basic needs: health, education, assistance • Possibility of articulation between countries that were submited to the same process of indebtedness

COMISIÓN PARA LA AUDITORÍA INTEGRAL DEL CRÉDITO PÚBLICO CO-RESPONSABILITY OF IMF ü Obtainment of documents (contracts, letters etc. ) that show that IMF actively participated in all of the refinancing agreements that Ecuador contracted to international private banks, unacceptable intromission in sovereign decisions of economic and social policies. ü Refinancing packages conditioned to the signature of agreements with IMF, which imposed antisocial measures. ü Violation of sovereignty, statutes, and basic principles of International Law (sovereign equality between states, selfdetermination, right to development and respect to human rights).

Parliamentary Comission of the Debt - Brasil CPI – HOUSE OF REPRESENTATIVES Created on December 2008 and settled on August 2009, after an effort of Deputy Ivan Valente (PSOL/SP) Finished on May 11 th 2010 Identification of serious evidences of illegalities in public debt At the present: under investigation by Federal Prosecutors’ Office

CPI of Debt: Large social participation

Brazilian public debt: who has the bonds?

HOW INTEREST RATES ARE DEFINED? Invited to the 36 th meeting of Central Bank with “independent analysts” Fonte: Ofício 969. 1/2009 -BCB/Diret, de 25/11/2009 (nomes dos convidados) e pesquisas na internet (cargos).

DEBT: prevents a worth life and the attention to human rights What caused all this debt? How much did we receive and how much have we paid? How much do we really owe? Who contracted these debts? Where were the resources applied? Who had profited with the debt? How responsible are the creditors and international organizations in this process? An AUDIT would respond to these questions

CONCLUSION: the crisis exposed what we call a “Debt system” System that uses the instrument of public indebtedness – that should raise resources – to embezzle public resources. To operate, this system uses a structure of privileges in legal, political, financial and economical orders, with the aim of guarantee absolute priority to financial payments, which costs the violation of human rights of the whole nation. This “Debt System” should be unmasked to resume the sovereign rights, using the antidote of the PUBLIC DEBT AUDIT DEMOCRATIZATION OF KNOWLEDGE AND MOBILIZATION

CONCLUSION The instrument of public debt has been usurped by financial sector “The state creditors, actually, give nothing, because the loan is turned into debt, easily transferred, and keep in their hands the same amount of money in cash” “The national debt provoked the growth of anonymous societies, the trade with all kind of bonds, usury, in short: the game of the burse, agiotage, the modern bankcracy” KARL MARX

Strategies DEBT AUDIT with CITIZEN PARTICIPATION Regional centers to dismantle the “Debt System” and democratize knowledge of financial reality CONSCIENT SOCIAL MOBILIZATION CONCRETE ACTIONS • Centers of Citizen Audit • Follow investigations • Review monetary and fiscal policy to guarantee income distribution and social justice • Respect human rights • TRANSPARENCY and access to TRUTH

Quando se trava uma luta, não se deve ter a preocupação com o resultado, mas se é ou não algo pelo qual vale a pena lutar. Sou feliz porque acho que cumpri o meu dever Barbosa Lima Sobrinho

Thank you Maria Lucia Fattorelli www. divida-auditoriacidada. org. br