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Corporate debt, fiscal stimulus and the next recession
23 October 2019 - by Michael Roberts
The debt owed by corporations in the major economies has risen since the end of the Great Recession in 2009. With global growth slowing and the prospect rising of an outright global recession recurring ten years after the last one, the debt (...) -
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 (...) -
Bretton Woods Institutions’ neoliberal over-reach leaves global governance in the gutter
18 October 2019 - by Patrick Bond
This week, the annual meeting of the World Bank and International Monetary Fund will again be held in Washington, DC, with back-slapping now that the Bretton Woods twins have reached age 75 (they were founded at a New Hampshire hotel in 1944). (...) -
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 (...) -
Tunisia’s Truth Commission vs France, the IMF and World Bank
8 September 2019 - by Olfa Belhassine
On July 16, Tunisia’s Truth and Dignity Commission (IVD) sent two memorandums calling first on France and then on the World Bank and International Monetary Fund to apologize and pay reparations to Tunisian victims. It says they all have a “share (...) -
South Africa: The support of the World Bank and the IMF to the Apartheid regime
29 April 2019 - by Eric Toussaint, Patrick Bond
The World Bank and the IMF were accomplice of the apartheid for decades. They violated the UN embargo against the racist regime at the helm of South Africa. Between 1958 – 1968, the World Bank loans made possible the financing of the “pro-White” (...) -
A delicate moment
17 April 2019 - by Michael Roberts
The IMF-World Bank meeting in Washington this weekend revealed again that the world economy is slowing down and the prospect of an outright recession is getting much higher. The IMF economists cut their outlook for global growth to the lowest (...) -
Crisis deepens as global South debt payments increase by 85%
9 April 2019 - by Jubilee Debt Campaign
- External debt payments by developing country governments grew by 85%, as a proportion of government revenue, between 2010 and 2018 For the countries with the highest payments, in two-thirds public spending is falling The largest cuts were in (...) -
Series: Yanis Varoufakis’s Account of the Greek Crisis: a Self-Incrimination
Varoufakis’s secret negotiations and his disappointments with China, Obama and the IMF
20 February 2019 - by Eric Toussaint
After Part Seven which analysed the first capitulation on 20 February 2015, this eighth part of the series will focus on the failure of the talks with the Chinese government, the continued secret diplomacy, relations with the IMF and the failure (...) -
Universalism … really?
15 January 2019 - by Francine Mestrum
With all the paradigmatic changes the World Bank has been promoting in the field of social policies, one element never changed in the past thirty years. Social policies were meant for the poor, governments had to find the best ways to target (...) -
South Africa searches for a financial parachute, now that a $170 billion foreign debt cliff looms
18 December 2018 - by Patrick Bond
Johannesburg – This week’s hush-hush visit by International Monetary Fund Managing Director Christine Lagarde to Pretoria (between stops in Ghana and Angola) is mysterious. In contrast to last week’s IMF press briefing claim – “Madame Lagarde will (...) -
Is Pakistan on the way to living without the IMF?
1 December 2018 - by Abdul Khaliq
Pakistan is perhaps the only country in South Asia with a history of repeated engagements with the IMF – 21 loan agreements since 1959. The last one was concluded in September 2016. Despite that, Pakistan’s economic woes have not been resolved. (...) -
Corporate debt – the IMF gets worried
20 November 2018 - by Michael Roberts
The IMF does not pull any punches in [its latest post on the IMF blog->https://blogs.imf.org/2018/11/15/sounding-the-alarm-on-leveraged-lending. It is really worried that so-called ‘leveraged loans’ are reaching dangerous levels globally. These (...) -
Argentina: More lending guarantees creeping austerity
16 November 2018 - by Gino Brunswijck
Against a backdrop of public protests, on 25 October the Argentinian government approved the 2019 budget including US$10 billion worth of cuts in essential areas such as education and public works. The next day, the Executive Board of the (...) -
Forced marriage between Argentina and the IMF turns into a fiasco
9 November 2018 - by Jérôme Duval
While the discontent of the Argentine people grows day by day, President Mauricio Macri flees to the United States. In New York, he continues negotiations with the IMF to revise the already outdated agreement signed in June, intervenes in the UN (...) -
Nicaragua: From 2007 to 2018, Daniel Ortega Had the Support of the IMF and Conducted Policies Favourable to Big National and International Capital
5 November 2018 - by Eric Toussaint
The principal detonator of the protests that began in April 2018 in Nicaragua was the imposition by Daniel Ortega’s government of neoliberal measures that impacted social protection, and in particular retirements. These measures were the result (...) -
Argentina in turmoil
24 October 2018 - by Jérôme Duval
After Argentine President Mauricio Macri announced, on 3rd September, a brutal austerity plan under IMF supervision, the people hit the streets to express their anger at rising prices and budget cuts. Seventeen years after the 2001 crisis in (...) -
Rodrigo Rato condemned. The IMF bad streak continues.
17 October 2018 - by CADTM
In reaction to Rodrigo Rato’s recent condemnations for fraudulent practices as director of the Spanish banks Caja Madrid and then Bankia, the Committee for the Abolition of Illegitimate Debt (CADTM) considers that, in consideration of the (...) -
Ukraine: Between a rock and IMF conditionality
16 October 2018 - by Bretton Woods Project
Alarm bells ring about Ukraine’s ability to meet IMF conditionality UN expert criticises IMF anti-corruption privatisation push In September, IMF staff visited Ukraine to discuss the next tranche of its $17.5 billion loan programme, first (...) -
World Bank – IMF Guilty of Promoting Land Grabs, Increasing Inequality
8 October 2018 - by La Via Campesina
“Annual meeting in Bali this week is just a sham to cover up their criminal negligence of people’s interests,” say peasants. 07 OCTOBER, BALI: At a meeting of La Via Campesina facilitated by Serikat Petani Indonesia (SPI) in Bali, peasant (...) -
The Troika’s Policy in Greece: Rob the Greek people and give the money to private banks, the ECB, the IMF and the dominant States of the Eurozone
28 August 2018 - by Eric Toussaint
On 20 August 2018, the Greek government of Alexis Tsipras, the IMF and the European leaders celebrated the end of the Third Memorandum. On this occasion, the major media and those in power spread the following message: [1] Greece has regained (...) -
Kenya Should Ignore IMF Reform Package and Stop Repaying Debts
19 August 2018 - by David Calleb Otieno
The Kenyan Peasants League (KPL), a member of the La Via Campesina (LVC) is concerned about the reform package being pushed down the throat of Kenyan government by the International Monetary Fund (IMF) that is already having adverse impacts on (...) -
The political cost of IMF programmes
17 August 2018 - by Bretton Woods Project
Summary - Political ramifications of IMF programme in Jordan trigger protests - Jordanian prime minister resigns - Developments raise broader questions around IMF conditionality In June, King Abdullah II of Jordan accepted the resignation of (...) -
A Brief History of the Relations between the World Bank, the IMF, the US Government and Nicaragua
14 August 2018 - by Eric Toussaint
Central America is considered by the US government as part of its own exclusive sphere of influence. The policies adopted by the World Bank in terms of granting loans to the countries of the region are directly influenced by the political (...) -
The Haitian people revolt, demonstrators control almost all the country
26 July 2018 - by Régine Vinon
Three people were killed on Friday 13 July 2018 during demonstrations against the Haitian government’s decision to increase fuel prices. Journalists saw the bodies of two protesters who were shot in the Delmas area of Port-au-Prince during (...)
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