South
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After the Argentina debacle, the IMF endorses weakening capital controls in Ecuador
20 December 2019 - by Lara Merling
The IMF is backing a tax reform bill in Ecuador that will enable capital flight and further austerity. Over the past year, a rebranded IMF returned to Latin America with promises of loan agreements that would be different than the dreaded (...) -
New debt crisis in the South
18 December 2019 - by Milan Rivié
Public external debt in countries of the South [1] is a source of concern, notably because of its dramatic increase within the last two decades and because of parallels with the pre-crisis debt situation of Third World countries in the 1980s. (...) -
Argentina: facing another debt crisis
18 December 2019 - by Eric Toussaint
After four years of brutal neoliberal policies under Mauricio Macri as President, Argentina is again facing a major debt crisis. Let us remember that when Macri started his mandate in December 2015 he accepted all the injunctions formulated by (...) -
Illegal projects: How World Bank Arbitrators Mugged Pakistan
9 December 2019 - by Jeffrey D. Sachs
Thanks to the World Bank’s flawed and corrupt investment arbitration process, the rich are making a fortune at the expense of poor countries. The latest shakedown is a $5.9 billion award against Pakistan’s government in favor of two global mining (...) -
For food sovereignty in Morocco
24 November 2019 - by ATTAC/CADTM Morocco
The ATTAC/CADTM Morocco organization has recently published its study in Arabic on agricultural policy in Morocco and its multiple impacts on small farmers, on agricultural workers, on economy and on environment. The title is: ’For food (...) -
Extractivism and resistance in North Africa
23 November 2019 - by Hamza Hamouchene
Northern African countries are key suppliers of natural resources to the global economy, from large- scale oil and gas extraction in Algeria and Tunisia, to phosphate mining in Tunisia and Morocco, to water-intensive agribusiness paired with (...) -
South Africa: actions against the abusive debts imposed on the popular classes
13 November 2019 - by Eric Toussaint
The 2012 Marikana mine massacre In 2012 thirty-four protesting miners employed at the Marikana platinum mine were massacred by police repression. They were in a hard fought struggle for wage increases. They had nothing left to lose because at (...) -
Series: Adverse International and Local Conditions for Sub-Saharan Africa (Part 6)
New Threats, New Resistances and New Alternatives
12 November 2019 - by Eric Toussaint, Patrick Bond, Ishmael Lesufi, Lisa Thompson
We conclude with thoughts about the agency for resistance to these neoliberal policies, both ones in existence since the early 1990s (Bond 2014) and those that are being re-introduced through SEZs and the renewed export-led ‘growth’ strategy. (...) -
Series: Adverse International and Local Conditions for Sub-Saharan Africa (Part 5)
Local South African Economic Conditions
6 November 2019 - by Eric Toussaint, Patrick Bond, Ishmael Lesufi, Lisa Thompson
As the world economy spirals into crisis stage, with fully-fledged deglobalisation and a new round of financial turmoil, the South African context is just as foreboding. Corporations and workers alike are ill prepared for the period ahead, (...) -
Series: Adverse International and Local Conditions for Sub-Saharan Africa (Part 4)
Africa’s Renewed Crises of Unbalanced Trade, Disinvestment, Debt
29 October 2019 - by Eric Toussaint, Patrick Bond, Ishmael Lesufi, Lisa Thompson
In addition to China, Africa is meant to be one of the most critical markets for South Africa’s SEZs, and attracting other investment, trade and finance to the continent was one justification for entering the BRICS bloc, according to Jacob Zuma (...) -
Series: Adverse International and Local Conditions for Sub-Saharan Africa (Part 3)
The China Factor
22 October 2019 - by Eric Toussaint, Patrick Bond, Ishmael Lesufi, Lisa Thompson
The most crucial factor in whether South African SEZs succeed may well be the complicated role of China. There are three aspects worth discussing: overall demand; Chinese incoming FDI to South African SEZs (such as is driving Coega and (...) -
Does BRICS Banking offer an Alternative to the IMF and World Bank? Pessimistic Signals from South Africa
21 October 2019 - by Patrick Bond
1. Introduction After their 1944 birth at a New Hampshire hotel, the International Monetary Fund (IMF) and World Bank turned 75 years old this year, long past a reasonable retirement age. For the sake of global financial management, most (...) -
Series: Adverse International and Local Conditions for Sub-Saharan Africa (Part 2)
Global Economic Volatility and Socio Political Reactions
16 October 2019 - by Eric Toussaint, Patrick Bond, Ishmael Lesufi, Lisa Thompson
Trade and currency wars, financial volatility and economic turbulence are now the most important features of the world economy. The elements of a new international financial crisis are in place. Although we do not know when it will break out, (...) -
Ecuador: Brutal economic decisions (“paquetazo”)
11 October 2019 - by Diego Borja Cornejo
With a stubborn position that borders on political suicide, the government of Lenin Moreno, during the seventh day of massive and combative Popular Unemployment, has preferred to repress thousands of indigenous, students, settlers and workers (...) -
Series: Adverse International and Local Conditions for Sub-Saharan Africa (Part 1)
South African Special Economic Zones : History of Limited Successes
8 October 2019 - by Eric Toussaint, Patrick Bond, Ishmael Lesufi, Lisa Thompson
Given both short- and longer-term trends in the world and South African economies, there is a danger of government and society placing inordinate hopes in what are variously termed Export Processing Zones, Industrial Development Zones and (...) -
Trapped in a debt cycle
27 September 2019 - by Gihan D Chickera
The entrapment of rural communities, especially rural women, in a vicious debt cycle generated by thousands of unregulated microfinance organizations has reached epidemic proportions, affecting almost three million people island-wide. Once seen (...) -
South Africa: Cancel Eskom’s odious debt to the World Bank
3 September 2019 - by Jonathan Cannard
Despite significant and wide-ranging concern about the fate of Eskom, the World Bank has recently expressed its full confidence in the state-owned power utility’s ability to complete Medupi power station and ensure national electricity provision. (...) -
Southern Africa losing US$30 billion annually in trade-related illicit outflows, external government debt payments
2 September 2019 - by Sunit Bagree, ACTSA
According to a new report, The Money Drain: How Trade Misinvoicing and Unjust Debt Undermine Economic and Social Rights in Southern Africa, launched today by ACTSA on the eve of the SADC Summit in Dar es Salaam, rich countries may be accused of (...) -
The African Continental Free Trade Agreement: Loss of Sovereignty, Lack of Transparency
19 August 2019 - by Jonathan Cannard
The African Union’s Assembly of Heads of State and Government conceived of the African Continental Free Trade Agreement (AfCFTA) in 2012 with the goal of creating a Continental Free Trade Area by 2017. In March 2018 the majority of AU member (...) -
Nicaragua 1979-2019
18 July 2019 - by Eric Toussaint, Nathan Legrand
THE NICARAGUAN GOVERNMENT’S violent repression against demonstrators protesting its brutal neoliberal policies, resulting in more than 300 people being killed by regime forces since April 2018, is only one of the reasons why various leftist (...) -
Corporate debt: the catalyst for the next crisis in India?
30 June 2019 - by Sushovan Dhar
According to IHS Markit, a London based information provider, India is going to overtake the UK, its former colonial ruler, to become the world’s fifth largest economy this year and is projected to outdo Japan to feature at the second position in (...) -
Something’s got to give
14 June 2019 - by Amandla Editorial
The election of a new government should be a time of celebration. 25 years since the end of Apartheid should be the time of immense celebration. Yet, 25 years since the “dawn of democracy” and South Africans are engulfed by extreme forms of anger, (...) -
China’s Corporate Debt: On the Way to Crisis? Part 3
Challenges Posed by Recent Shifts in the Composition of Chinese debt
21 May 2019 - by Alice Jetin Duceux
As we have seen in the previous part of this study, despite the government’s spectacular stimulus plan, growth has been continually slowing over the past decade. Massive investment and growing corporate debt can no longer maintain a high rate of (...) -
South Africa: Resistance and Research for Alternatives to Illegitimate Debt and for Ecosocialism
3 May 2019 - by Eric Toussaint
Report on the CADTM International mission to South Africa 31 March – 12 April 2019, part 2. First part available here Wednesday 3 April: Cape town and Cape of Good Hope: highly visible social and racial segregation The fourth day was (...) -
South Africa: the odious debts generated by coal-fired power-stations
2 May 2019 - by Eric Toussaint
In South Africa, public debt has recently been back in the news through a nationwide debate over the future of Eskom, the public electricity company. Major power cuts affected the country’s social and economic life in February 2019, drawing (...)
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