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Finance and debt

While the world's richest have seen a dip in their stock holdings, those on the bottom of the wealth scale will bear the heaviest burden of the crisis, writes Max Lawson for Inequality.org At first glance, the coronavirus seems to be a great leveler, with everyone — rich and poor — seeming to be equally at risk. ...
Rapid action is needed to head off the risk of a new debt crisis in the world’s poorest countries amid evidence that the Covid-19 pandemic is raising borrowing costs and hitting commodity exports, according to a leading campaign group. A Jubilee Debt Campaign report said some of the world’s most vulnerable nations...
Public services play a critical role in advancing human rights and fighting inequality. However, growing levels of external public debt, especially in the global south, threaten the very services on which citizens depend in order to have even a basic standard of living.  External debt levels are once again increasing...
A new study has found that as much as a sixth of foreign aid intended for the world's poorest countries has flowed into bank accounts in tax havens owned by elites. The report from the World Bank, opens with the simple question: "Do elites capture foreign aid?".  The overriding conclusion of the 46-page report says...
Poorer countries are cutting public spending in response to a “growing debt crisis”, campaigners have warned. Debt in some countries has trebled according to new figures that calculate debt reimbursements, and their impact on government expenditure, in 60 countries. The research, based on 60 countries for which the ...
Less than 10% of EU aid money reaches the countries where it is most needed, according to a study that found levels of assistance had dropped for the second year running. The EU and its member states remain the biggest development donor group in the world – investing €71.9bn (£61bn) in 2018, more than half of global...
In einer zunehmend ungleichen und nicht nachhaltigen Welt müssen die Regierungen dringend die restriktiven politischen und wirtschaftlichen Ideologien der Vergangenheit überwinden und Lösungen finden, die den gemeinsamen Bedürfnissen der Menschen in allen Ländern gerecht werden. Dieser Leitfaden skizziert das Ausmaß...
It's time to reclaim the policy space lost to footloose capital by creating a new public realm at the global level, writes Richard Kozul-Wright for openDemocracy's Oureconomy. This week in Washington, the international community will be recalling the achievement of their forebears who, seventy five years ago, with...
Austerity and budget cuts do not need to be “the new normal”. Governments can find additional fiscal space to fund public services and development policies through at least eight options, all of which are endorsed by the United Nations. By Isabel Ortiz and Matthew Cummins for IPS news. While this week Ministers of...
The fund’s loan agreement with Ecuador will worsen unemployment and poverty, providing more reasons for serious reform at the IMF, writes Mark Weisbrot. When people think of the damage that wealthy countries – typically led by the US and its allies – cause to people in the rest of the world, they probably think of...
If we recouped the annual global revenue losses due to multinational tax avoidance, we could literally eliminate extreme income poverty around the world by giving $2 a day to the 650 million people currently living under the international poverty line of $1.90 a day. By Alex Cobham for Truthout. International tax...
A decade after the financial crisis shook the foundations of the global financial system, the Bretton Woods Institutions face an uncertain future. The following overview is written for a series on the 'crisis of multilateralism' by openDemocracy with The Bretton Woods Project.  This year marks the 75th anniversary...
We need a radically different and rebalanced financial system which ensures that the very poorest are included and actively supported to thrive, and in which developing countries have an equal say in making the rules governing the global economy. Toby Quantrill introduces a new briefing on the Sustainable Development...
Debt repayments by the world’s poorest countries have doubled since 2010 to reach their highest level since just before the internationally organised write-off in 2005, campaigners have warned. The Jubilee Debt Campaign (JDC) said a borrowing spree when global interest rates were low had left many developing nations...
We need a politics of finance for the 99 percent in which public and democratically accountable finance is used to invest in water, health care and education as well as ecologically sound industries, writes Lavinia Steinfort for the Transnational Institute. It may not be a new idea, but the speed with which the Green...