Joined up thinking for the Irish Left
New Books Worth Reading Mon Sep 19, 2016 23:25 | Seán Sheehan
13 Billion ? Lucky for some? Mon Sep 05, 2016 13:04 | Tony Phillips
Rebuilding Ireland: Long on Promise, Short on Detail Mon Aug 29, 2016 22:20 | Eoin O'Mahony
Brexit and Other Issues: Comments on the Current Situation Mon Aug 29, 2016 21:52 | Brendan Young
Bin Charges: From Private Circus to Public Service Tue Jun 21, 2016 12:38 | Michael Taft
Irish Left Review >>
Electoralism vs Abstentionism (Or: Why You Should Run For Office) Fri Aug 26, 2016 17:07 | Slyvia Smith
Centrism extremism: how horseshoe-politics silences brutality Sat Jul 02, 2016 18:25 | yeksmesh
Of Tankies, Trots and Social Democrats Thu May 12, 2016 23:41 | Gavin Mendel-Gleason
Avatars of the Advanced-Capitalist Psyche â€“ Capitain America: Civil War Mon May 09, 2016 00:07 | Gavin Mendel-Gleason
Wailings about Left Unity Sat Feb 13, 2016 01:13 | James O'Brien
Spirit of Contradiction >>
Interested in maladministration. Estd. 2005
Formal complaint against RTE for bias
Water protester convicted on trumped up charge Anthony
The people now know what you are Mr. Ross Anthony
Independents must decide: The people or the corrupt political system Anthony
Independent Alliance TDs must decide: The people or the corrupt regime Anthony
Public Inquiry >>
A bird's eye view of the vineyard
Nasrallah: Saudi Arabia, Qatar, US support Takfiris in Syria Wed Sep 28, 2016 03:07 | The Saker
Mother Superior vs. ranting schoolboy Tue Sep 27, 2016 18:13 | The Saker
by Pepe Escobar for Sputnik International The temptation is irresistible to conceptualize the Clinton Machine?s strategy going into the first US presidential debate; let Donald Trump metastasize into a pretzel.
The US, Russia and SYRIA SitRep by Cat Motya, September 27, 2016 Tue Sep 27, 2016 05:19 | Scott
So… A few boring pieces about the future, because a few important moments came to realization. Considering these important moments, we will post some forecasts foretelling the future, but only
Trump ? Clinton debate: réaction à chaud (Saker rant) Tue Sep 27, 2016 04:19 | The Saker
Since I might be asked about that, I might as well share my opinion about the debate tonight. Frankly? I was absolutely horrified. I had expected Trump to completely slaughter
Syrian War Report ? September 26, 2016: Russia Deploys More Warplanes in Syria Tue Sep 27, 2016 00:39 | The Saker
The Saker >>
IMF Annual Meetings Focus on High Debt Burdens and Global Inequality
Friday April 11, 2014 20:54 by Arielle Retrosi
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