Protesters march to the U.S. Embassy to call for overhaul of global financial system, joining worldwide protests ahead of UN finance conference
MANILA, PHILIPPINES – Over a thousand members of economic, finance and climate justice groups marched to the U.S. Embassy today to demand major reforms to the global economic and financial system, in time for the 4th International Conference on Financing for Development (FFD4) in Sevilla, Spain, where world leaders will meet from June 30 to July 3 to address the financing needs of the developing world. The march in Manila was organized by the Asian Peoples’ Movement on Debt and Development (APMDD), as part of worldwide protests held simultaneously in Asia, Europe, Africa, North America, and Latin America. According to the OECD, the gap between development financing needs and available resources will rise to USD 6.4 trillion by 2030 without a drastic overhaul of the global financial system. The global actions called for wealth taxes to generate revenue and debt cancellation to free up fiscal space. Protestors also called on the governments of rich countries to deliver climate fina...