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Cedar Lounge
For lefties too stubborn to quit

offsite link This Week At Irish Election Literature 04:12 Fri Oct 24, 2014 | irishelectionliterature

offsite link Ah? that?s tax relief? 19:33 Thu Oct 23, 2014 | WorldbyStorm

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Cedar Lounge >>

Irish Left Review
Joined up thinking for the Irish Left

offsite link That Day has Come Thu Oct 23, 2014 10:45 | Anne Irwin

offsite link The Changing Pattern of Foreign Investment in China Wed Oct 22, 2014 13:36 | John Ross

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offsite link Austerity is Over? Now Back to the Real World Wed Oct 15, 2014 17:21 | Michael Taft

Irish Left Review >>

Human Rights in Ireland
www.humanrights.ie

offsite link The Extraordinary Synod in Rome. Will it bring extraordinary times? Wed Oct 22, 2014 07:09 | GuestPost

offsite link A new Constitutional Settlement for Northern Ireland: Queries from International Law Mon Oct 20, 2014 10:27 | Aoife O'Donoghue

offsite link Why Budget 2015 must be that last of its kind Fri Oct 17, 2014 08:36 | Liam Thornton

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offsite link Legal pathways to reproductive justice and abortion rights #repealthe8th Mon Oct 13, 2014 15:00 | GuestPost

Human Rights in Ireland >>

NAMA Wine Lake

offsite link Farewell from NWL Sun May 19, 2013 14:00 | namawinelake

offsite link Happy 70th Birthday, Michael Sun May 19, 2013 14:00 | namawinelake

offsite link Of the Week? Sat May 18, 2013 00:02 | namawinelake

offsite link Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of E... Fri May 17, 2013 14:23 | namawinelake

offsite link Gayle Killilea Dunne asks to be added as notice party in Sean Dunne?s bankruptcy Fri May 17, 2013 12:30 | namawinelake

NAMA Wine Lake >>

IMF World Economic Outlook: Economy Improves for Some as Inequality Persists

category international | anti-capitalism | press release author Thursday April 10, 2014 16:45author by Arielle Retrosi Report this post to the editors

Debt Restructuring Process Discussed by IMF and G20

The IMF released the World Economic Outlook Report ahead of the annual IMF meetings. The report forecasts improvement for several advanced and emerging economies, including the United States, but notes that the recovery is uneven and vast inequality still continues. One of the principle issues the report reviews is how sustainable the debt loads are for both G20 and developing countries.

"The IMF acknowledges that investors are still concerned with unsustainable debt loads in developing economies," noted Eric LeCompte, Executive Director of Jubilee USA Network, a religious coalition focused on the impacts of the financial crisis on poor people. "It doesn't take a rocket scientist to know what the IMF reports. In a post financial crisis world, the rich have gotten richer and more people have been pushed into extreme poverty."

Over the last year the G20 has vigorously debated how to deal with unsustainable country debts and speculative investments, root causes of the global financial crisis. One year ago in Washington, G20 Financial Ministers discussed the possibility of an international sovereign bankruptcy process in order to provide stability in the international financial system. The IMF staff also released a paper ahead of last year's meetings which explored aspects of the process. Last fall during the St. Petersburg Summit, G20 heads of state discussed the process and invited the IMF to continue to review debt sustainability and debt issues. IMF staff continue to explore the process.

"The G20 and the IMF are asking will we be prepared twelve years from now when the next regional or global financial crisis hits," shared LeCompte. "It's tremendously exciting that global decision makers are reviewing these possibilities. An international bankruptcy process for countries provides international stability and predictability."

Sustainable debts is a theme of this year's annual IMF meetings. Jubilee USA, Jubilee Germany and Friedrich-Ebert-Stiftung New York Office have organized a high level panel during the meetings to focus on how debt sustainability impacts people living in extreme poverty. Policymakers, Finance Ministers and Sovereign Debt Lawyers will discuss debt sustainability and an international bankruptcy process for countries.

"One out of five people are living in extreme poverty. We can't solve inequality without solving unsustainable country debts," said LeCompte

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