Debt crisis
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Hoping ’something will turn up’
13 June 2016 - by Joseph Hanlon
Mozambique, long touted as an African “success story”, is sinking under debt. International lenders and donors have been angered by revelations of at least $2.3 billion in secret loans taken in 2013-4. Inflation is rising and so is the cost of (...) -
END OF MISSION STATEMENT
United Nations Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights, particularly economic, social and cultural rights
6 June 2016 - by Juan Pablo Bohoslavsky
Today I end my official visit to institutions of the European Union which began on 30 May 2016 and I would like to thank the European Commission and other European institutions for their full cooperation during the visit. I have benefitted (...) -
Too little, too late: an appraisal of the latest Greek deal
26 May 2016 - by Daniel Munevar
A new agreement has been reached between Greece and its creditors regarding the bailout program for the country. Jeroen Dijsselbloem, president of the Eurogroup, described the new deal as “ambitious” and a “major breakthrough”. However, a look at (...) -
Towards an integral framework for debt management: Lessons from Latin America to Europe (Part II)
8 May 2016 - by Daniel Munevar
The first part of this presentation dealt with the parallels between the Latin American debt crisis of the 1980’s and the current crisis in Europe. In this second part of the discussion I will attempt to develop a series of ideas on how to think (...) -
South African capitalism’s cul de sac opens more paths leftwards
4 May 2016 - by Patrick Bond
The great sweeps of capital accumulation flowing above, through and away from South Africa are leaving business here more ravaged than at any other time in memory. That weakness, contrasting to prior periods in which capitalists had state elites (...) -
Towards an integral framework for debt management: Lessons from Latin America to Europe (Part I)
1 April 2016 - by Daniel Munevar
Part II A brief survey of the history of South America would reveal that one of the landmark spots of historical traditions is reserved, besides soccer and corruption, to debt crisis. As such the region has one or two words of wisdom it could (...) -
Debt bubbles “popping” in emerging economies
19 February 2016 - by Bretton Woods Project
Global economic instability has highlighted the vulnerability of developing countries to renewed economic turbulence and even the potential for new debt crises in developing countries, in particular Sub-Saharan Africa. During the summer of 2015 (...) -
A Growing Threat on Debt: The New Global Infrastructure Agenda
18 February 2016 - by Counter Balance
As the world economic crisis of 2008 pushed leaders to find renewed recipes for growth, jobs and prosperity, large infrastructure projects appeared as the perfect solution to trigger a new wave of investments and, consequently, of revenues. (...) -
Reform of the IMF lending framework: The IMF bails out from bailouts
3 February 2016 - by Bodo Ellmers
The International Monetary Fund (IMF) has approved a new reform of its exceptional access framework. The key step made on 29 January 2016 is to remove the systemic exemption clause. This is the clause that has made IMF participation in the mega (...) -
£139 million of ‘made-up money’ to count as UK aid
25 January 2016 - by Jubilee Debt Campaign
£139 million of ‘made-up money’ will count as UK aid and contribute towards meeting the UK government’s target for spending 0.7% of national income on aid, documents released under the Freedom of Information Act have revealed. Under an agreement (...) -
Why rising interest rates are bad news for emerging markets
14 January 2016 - by Ola Sholarin
All eyes are on the US Federal Reserve which is expected to raise interest rates for the first time in nearly a decade. Since the financial crisis in 2008, the US, along with the eurozone, UK and Japan have held their interest rates close to (...) -
U.S. Workers and Puerto Rico’s Crisis
4 January 2016 - by Rafael Bernabe
Puerto Rico has been in the news lately, particularly the financial news. The possibility that its government may default on part of its $73 billion public debt has drawn the attention of Wall Street analysts. The New York Times has deemed the (...) -
The Potential of Debtors’ Unions
17 December 2015 - by Ann Larson, Laura Hanna, Alessondra Shackleton, Hannah Appel, Luke Herrine
Financial markets are political. Stock markets, bond markets and derivatives markets do not merely (or even primarily) raise capital for goods and services. Rather, they all have direct and often harmful effects on people’s everyday lives. Our (...) -
US interest rate rise could deepen debt crisis in developing countries
15 December 2015 - by Jubilee Debt Campaign
Commenting ahead of the anticipated rise in US interest rates on Wednesday, Sarah-Jayne Clifton, Director of the Jubilee Debt Campaign said: “Many developing countries are already suffering from a fall in prices of their commodity exports. An (...) -
Puerto Rico Avoids Default Governor Announces Revenue “Claw-Back” to Fund Government Services
2 December 2015 - by Eric LeCompte
Washington DC - Puerto Rico surprised some analysts by making a scheduled $354 million debt payment and avoiding a default. In an announcement, the island’s Government Development Bank said it had “paid all principle and interest payments due (...) -
The Diaspora, Debt, and Dollarization: Unraveling Lebanon’s Resilience to a Sovereign Debt Crisis
30 November 2015 - by Julia Tierney
There are no official statistics on the numbers of Lebanese who have emigrated and are working abroad, nor on the immense sums of money they transfer to their home country. According to World Bank estimates, remittances comprised between (...) -
Puerto Rico must escape the debt trap
30 November 2015 - by Pierre Gottiniaux
Since the end of the 19th century Puerto Rico has been some sort of unacknowledged US colony. Officially its few islands are called a ‘non incorporated territory’ with Commonwealth status, i.e. the status of a sovereign state but with limited (...) -
For a Standing Plan B Conference in Europe
Declaration, Paris, November 14th, 2015 Following the tragic terrorist attacks in Paris, our thoughts are with the victims and their relatives. We express our deepest indignation and full solidarity, from the two shores of the Mediterranean (...) -
Recipes of curbing the crisis
23 November 2015 - by Vitalyï Doudine, Denis Pilach
On the day of October Revolution, November 7, left-wing academics and activists in Kyiv proved their ability to carry out socially critical activities of international level. The renowned Kyiv Polytechnic Institute (KPI) has hosted researchers (...) -
Greece’s way out?
14 August 2015 - by Sushovan Dhar
If the Greeks want to get out of this imprisonment, they have to adopt radically different measures — fiscal, financial, economic and of course, political. They must also be prepared to leave the Eurozone voluntarily. The Nobel laureate Jose (...) -
Eric Toussaint: “The president of the Greek parliament has rescued Syriza’s honor”
1 August 2015 - by Eric Toussaint, Fátima Martín
“Now the Tsipras government has made itself an accomplice to the creditors, violating human rights,” says Eric Toussaint, the scientific coordinator for the Truth Commission on the Greek Debt, formed under the auspices of the Greek parliament in (...) -
Puerto Rico – the USA’s ‘Greece’
27 July 2015 - by Barry Sheppard
The world has been focused on the spectacle of the “troika” of the IMF, the European Commission and the European Central Bank crushing the Greek people. But there are other cases of strong imperialist countries using a “debt crisis” to extract (...) -
Why I’ve Changed My Mind About Grexit
24 July 2015 - by Daniel Munevar, Thomas Fazi
Daniel Munevar is a 30-year-old post-Keynesian economist from Bogotá, Colombia. From March to July 2015 he worked as a close aide to former Greek finance minister Yanis Varoufakis, advising him on issues of fiscal policy and debt sustainability. (...) -
Video : Debt crisis in Greece and in the EU
13 July 2015 - by Eric Toussaint, Michael Hudson, Dimitris Papadimoulis
Conference by Eric Toussaint (CADTM) and Michael Hudson (Levy Economics Institute, USA) coordinated by Dimitri Papadimoulis (MEP Syriza, vice president of the EU Parliament) July 2nd 2015 - Brussels, European (...) -
History of accumulation of the Ukrainian sovereign debt, defaults and its effects on the economic development of the country
9 July 2015 - by Zakhar Popovych
1992 the National Bank of Ukraine began to issue loans and state guarantees for foreign loans to Ukrainian state-owned enterprises. Because of the absence of any transparent mechanism and arbitrariness of the assessing of credit projects it (...)
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