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The Saker
A bird's eye view of the vineyard

offsite link Putin sends ?Chechen? special operation forces to Syria Fri Dec 09, 2016 05:26 | The Saker
This SITREP was written for the Unz Review: http://www.unz.com/tsaker/putin-sends... Very interesting news today: according to the journal Izvestia, Russia will be sending operators from the so-called “Chechen” special forces battalions

offsite link Moveable Feast Cafe 2016/12/08 ? Open Thread Thu Dec 08, 2016 21:30 | Herb Swanson
2016/12/08 21:30:02Welcome 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 Syrian War Report ? December 8, 2016: Russia Deploys Military Police To Syria Thu Dec 08, 2016 15:20 | The Saker
https://southfront.org/syrian-war-rep...

offsite link The 2016 ?Saker man of the year?: the American ?basket of deplorables? Thu Dec 08, 2016 14:42 | The Saker
Yeah, once again, I am going to engage in that silly business when I pretend that my blog is a “respectable media outlet” and, as such, to give myself the

offsite link His own man ? or someone?s puppet? Wed Dec 07, 2016 18:05 | mod editor
This comment was chosen by Mod KL from the post “Is Donald Trump really only a showman who will prepare the USA for war?”. The moderator feels this comment is

The Saker >>

Human Rights in Ireland
www.humanrights.ie

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Cedar Lounge
For lefties too stubborn to quit

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offsite link Take The Quiz??. 23:00 Thu Dec 08, 2016 | irishelectionliterature

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offsite link Neutrality 10:06 Thu Dec 08, 2016 | guestposter

offsite link Yet another poll 07:51 Thu Dec 08, 2016 | WorldbyStorm

Cedar Lounge >>

Dublin Opinion
Life should be full of strangeness, like a rich painting

offsite link Notes for a Book on Money and the Irish State - The Marshall Aid Program 15:10 Sat Apr 02, 2016

offsite link The Financial Crisis:What Have We Learnt? 19:58 Sat Aug 29, 2015

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Dublin Opinion >>

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

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