Upcoming Events

International | Miscellaneous

no events match your query!

New Events


no events posted in last week

User Preferences

  • Language - en | ga
  • text size >>
  • make this your indymedia front page make this your indymedia front page

Blog Feeds

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link Hell at the Gates: A propaganda exercise

offsite link Breaking: New minister for investigative judges to be appointed Anthony

offsite link Michael O’Regan: A ‘surface’ journalist Anthony

offsite link Brendan Howlin: A political leprechaun Anthony

offsite link Irish media should be fighting gagging law Anthony

Public Inquiry >>

The Saker
A bird's eye view of the vineyard

offsite link «America Has Lost» in the Philippines Tue Oct 25, 2016 14:07 | The Saker
by Pepe Escobar for Strategic Culture «Your honors, in this venue I announce my separation from the United States? both in military and economics also». Thus Philippines President Rodrigo «The

offsite link Making sense of the Russian naval task force off the coast of Syria Tue Oct 25, 2016 11:52 | The Saker
This article was written for the Unz Review: http://www.unz.com/tsaker/making-sens... The AngloZionst Empire’s propaganda machine, otherwise known as the corporate media, has had great difficulties deciding what it should say about

offsite link Moveable Feast Cafe 2016/10/24 ? Open Thread Mon Oct 24, 2016 17:00 | Herb Swanson
2016/10/24 16:00:01Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of

offsite link Bullhorns: On Offense (CrossTalk) Mon Oct 24, 2016 16:52 | The Saker

offsite link Syrian War Report ? October 24, 2016: Only Options Are Assad in Damascus or Al-Nusra in Damascus Mon Oct 24, 2016 16:50 | The Saker

The Saker >>

Human Rights in Ireland

offsite link Benefit Sanctions and Coercion Within the Irish Welfare System Thu Sep 22, 2016 13:38 | Cliodhna Murphy

offsite link The rights of the unborn: a troubling decision from the High Court? Wed Aug 10, 2016 12:42 | Máiréad Enright

offsite link Progress Report on the Northern/Irish Feminist Judgments Project. Mon Jul 11, 2016 13:40 | admin

offsite link The UN and the Eighth Amendment Thu Jun 23, 2016 09:46 | admin

offsite link Call for Papers: State Accountability for Vulnerability Mon Jun 20, 2016 12:29 | admin

Human Rights in Ireland >>

Cedar Lounge
For lefties too stubborn to quit

offsite link Free trade at any cost 12:45 Tue Oct 25, 2016 | WorldbyStorm

offsite link CLR Book Club ? Week 9 10:16 Tue Oct 25, 2016 | WorldbyStorm

offsite link Another day, another tale of national institutions. The Seanad and the National Museum. 08:22 Tue Oct 25, 2016 | WorldbyStorm

offsite link Federalists 21:24 Mon Oct 24, 2016 | WorldbyStorm

offsite link Gift to the nation? 12:38 Mon Oct 24, 2016 | WorldbyStorm

Cedar Lounge >>

IMF Annual Meetings Focus on High Debt Burdens and Global Inequality

category international | miscellaneous | news report author Friday April 11, 2014 20:54author by Arielle Retrosi Report this post to the editors

G24 Concerned with IMF Quotas and SCOTUS Argentina Case

The annual International Monetary Fund (IMF) and World Bank meetings are focusing on the role of high debt burdens in both global economic recovery and increasing inequality. At the onset of the meetings, the G24 released an IMF statement noting that the IMF's failure to implement quota reform and the outcome of the US Supreme Court Argentina/NML Capital case impacts global inequality.

"The G24 knows that emerging markets have a lot to lose if the Supreme Court decides in favor of the hedge funds and against Argentina," stated Eric LeCompte, Executive Director of Jubilee USA Network, a religious development coalition.

The G24's broader disappointments stem from the failure in implementing the 2010 IMF Quota Reform agreement. The reforms sought to offer fairer representation in the governance and efforts of the IMF. The reforms have stalled because the US Congress has not approved them. Since the United States government has the dominant vote in the IMF, the reforms can not move forward until they are approved by the US Congress.

"The Obama Administration believes in the reforms and urgently wants Congress to pass them," noted LeCompte. "At this time, Congress is actively questioning what is the appropriate role for the fund."

Ahead of the meetings, IMF Managing Director Christine LaGarde and World Bank President Jim Kim spoke publicly about inequality and focused on the IMF's April World Economic Outlook Report. The report forecasts cautious improvement for several advanced and emerging economies, including the United States, but notes that the recovery is uneven and vast inequality persists. One of the principle issues the report reviews is how sustainable the debt loads are for both G20 and developing countries. 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 continues to actively explore more stable debt restructuring processes.

"The IMF is right to focus the conversation on high debt burdens that promote inequality and limit recovery," shared Eric LeCompte. "Everyone agrees there is a problem and hopefully everyone is moving to agreement that more orderly and predictable debt restructuring processes are the answer."

Jubilee USA Network is an alliance of more than 75 US organizations, 400 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

© 2001-2016 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy