by Alexander Kentikelenis, Daniela Gabor, Isabel Ortiz, Thomas Stubbs, Martin McKee and David Stuckler
The Lancet | April 09, 2020
Countercurrents Collective | April 10, 2020\
The coronavirus pandemic sweeping the world will turn global economic growth “sharply negative” in 2020, triggering the worst fallout since the 1930s Great Depression, with only a partial recovery seen in 2021, the International Monetary Fund (IMF) Managing Director Kristalina Georgieva said.
Georgieva painted a far bleaker picture of the social and economic impact of the new coronavirus than even a few weeks ago, noting governments had already undertaken fiscal stimulus measures of $8 trillion, but more would likely be needed.
There is “tremendous uncertainty around the outlook” and the duration of the pandemic, Georgieva said.Read More »
by Alan Macleod
MintPress News | March 30, 2020
Earlier this month, the International Monetary Fund (IMF) blocked a request from Venezuela for an emergency loan to deal with the COVID–19 pandemic on the grounds that President Nicolas Maduro “lacked recognition.” “IMF engagement with member countries is predicated on official government recognition by the international community, as reflected in the IMF’s membership. There is no clarity on recognition at this time,” a spokesperson for the international banking organization said. In fact, around 150 countries recognize Maduro, including the vast majority of UN member states. Indeed, the UN itself has endorsed him, even placing Venezuela on the Human Rights Council. Crucially, however, the United States government has not.Read More »
by Bill Willers
Dissident Voice | February 22, 2020
The genius of the World Bank was to recognize that it’s not necessary to occupy a country in order to impose tribute, or to take over its industry, agriculture and land. Instead of bullets, it uses financial maneuvering.
— Michael Hudson, 2019
In 1944, as WWII was coming to an end, representatives from 44 countries met in Bretton Woods, New Hampshire to form an international exchange system. In order to foster global stability, foreign currencies were pegged to the U.S. Dollar, itself based on gold. The Bretton Woods System ended in the early 1970s when President Nixon detached the dollar from the price of gold.Read More »
teleSUR | February 09, 2020
“If there is a recession no-one will pay even half a cent and the way you exit recession is through a lot of state investment.”
Argentina’s Vice President Cristina Fernandez de Kirchner said on Saturday that the government will not pay “even half a cent” of its debt back to the International Monetary Fund before the country has exited recession.
Countercurrents | November 27, 2019
Argentina’s leftist president-elect Alberto Fernandez said Tuesday that he would renounce the remaining $11 billion tranche of the country’s International Monetary Fund (IMF) loan as soon as he takes office next month.
Outgoing center-right President Mauricio Macri agreed a massive $57 billion loan package last year, but the austerity measures he imposed failed to right the economy.
“What I want is to stop asking (for money), and that they let me pay,” said Fernandez, who takes office on December 10 after ousting Macri in last month’s elections.Read More »
by Marco Teruggi
The graffiti says it all: “Out with Moreno!” Let us hope that this temporary concession does not quell the desire—the need—to get rid of Moreno, a traitor thru and thru.
Sunday night all of Ecuador turned into a celebration when authorities announced that Decree 883 that eliminated public oil subsidies would be revoked after eleven days of popular unrest. The information was released after tense talks between the Lenin Moreno Administration and the indigenous movement mainly represented by the Confederation of Indigenous Nationalities of Ecuador (CONAIE).
“As a result of talks, a new decree has been issued invalidating Decree 883,” informed Arnaud Peral, the representative of the United Nations in Ecuador.Read More »