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Press release
The CADTM downgrades its IMF rating and places this institution on very negative outlook.
by
CADTM
6 February 2012
The Committee for the Abolition of Third World Debt (CADTM) has decided to downgrade the IMF’s rating due to this institution’s heavy share of responsibility for the deterioration of people’s living standards in countries subjected to austerity policies it has openly imposed or dictated from behind the scenes. The resulting high levels of unemployment, aggravation of the crisis and the increase in public debt of the States following its counter productive and unjust recommendations justify (...)
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Press Release
Egypt: transitional government obtains loans four times as much as those of Mubarak’s time
by
Amr Adly
2 February 2012
The IMF loan issue is looming again in the horizon, a few months after the rejection of a similar loan. It was claimed that the first loan was rejected because its conditions were unacceptable, however, such conditions were never revealed to the public. Dr. Fayza Abu El-Naga, Minister of International Co-operation and Planning, who has previously rejected the first loan, started to refer to conducting positive consultations with IMF and confirming that this time, the loan is (...)
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Why Pakistan says adieu to IMF program?
by
Abdul Khaliq
24 September 2011
Existing $11.3 billion Stand By Agreement (SBA) is 8th program with IMF, going to be ended on a bitter note. Having kept the IMF at arm’s length for over a year now is anything but good news. The government of Pakistan has taken the latest decision to say ‘adieu’ to the International Monetary Fund (IMF) at least for the time being, after the existing $11.3 billion Stand By Arrangement (SBA) program, is to be ended on 30 September 2011.This is the 8th SBA program with the IMF to conclude on an (...)
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End financial control of European governance
by
Susan George,
Nick Buxton
9 August 2011
We need Eurobonds and a new charter for Europe The Euro crisis is clear evidence that we need to break out of the economic straight-jacket imposed by the Lisbon Treaty, the European Central Bank and the over-powerful financial sector. You became well-known for your work on the debt crisis in the 1980s and 1990s. Then it was a crisis for developing countries; now it seems to be mainly afflicting developed countries? How do you explain this? The causes of the debt crisis in third world (...)
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Some useful reminders about Dominique Strauss-Kahn
by
Jérome Duval
2 June 2011
► He served as Minister of Industry and International Trade from 1991 to 1993, during which he participated in the trade negotiations of the Uruguay Round, preparatory to the creation of the World Trade Organization (WTO). ► In 1994, he participated with Raymond Levy, then CEO of Renault, in the creation of the Industry Round Table, the IRT specializes in defending French industry in Brussels, where he became vice president and where he rubs elbows with the big bosses. ► In 1997, Lionel (...)
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The IMF dictates more than ever
by
Jérome Duval
12 February 2011
As an instrument of the big creditors, the IMF tramples on basic human rights to enforce neoliberal policy in the North and in the South The superpowers have used the current crisis to move the International Monetary Fund (IMF) back into the center of politics. Its legitimation has fallen intensely for years. Together with the European Union, the IMF enforces its austerity policy in Europe and in the South. The IMF is ready to carry out its goals even against resistance and single-mindedly (...)
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Repaying bondholders while immiserating people: Ireland’s EU-IMF programme
by
Andy Storey
16 January 2011
Ireland has been a member of the IMF since 1957. Despite ongoing calls from global justice groups for Ireland to help reform the undemocratic governance of the IMF and end the damaging impact of the IMF’s policy conditions, the country has failed to influence the institution in a pro-democracy or anti-poverty direction. Partly as a result of these failures of successive Irish governments, Irish people are now confronted with the same anti-democratic and immiserising consequences the IMF has (...)
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Global Justice Campaigners say IMF Has Failed All Around the World
4 December 2010
As Ireland faces the prospect of IMF intervention in its economy, Irish global justice group, Debt and Development Coalition Ireland (DDCI), today warned that the IMF’s track record shows that the institution seeks to silence voices for justice, and that its policies have failed impoverished people all around the world. Nessa Ní Chasaide, Co-ordinator of Debt and Development Coalition Ireland (DDCI) said, "The notion that the IMF is needed to promote ’tough love’ in crisis situations, whether (...)
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High time for flood-hit Pakistan to refuse foreign debt repayments
by
Abdul Khaliq
16 August 2010
Press Conference at Lahore Press Club on Friday, August 13, 2010, addressed by Abdul Khaliq (CADTM-Pakistan) and Farooq Tariq (LPP) Pakistan is facing the worst disaster of its history. About 20 million of its population is badly affected by the recent huge devastation caused by angry floods. Major infrastructure is totally destroyed in major parts of the country. Besides continuous human causalities, the economic loss is in billion dollars. The country has suffered a loss of about Rs250 (...)
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Hungary defies the IMF
by
Jérome Duval
16 August 2010
Hungary, which will assume the EU presidency for 6 months beginning 1 January 2011, has suffered heavily from the financial crisis which is not yet over. Although only marginally off the Maastricht rule regarding annual budget deficits (3.8% in 2008), Hungary has become the first EU country to obtain financial support from the IMF/EU/World Bank troika. In October 2008, a rescue plan of €20 billion was established for Hungary: €12.3 billion from the IMF, €6.5 billion from the EU and €12 (...)
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