Governments of the most industrialised countries have dramatically increased their public debt to bail out the private banks after the most disastrous economic and financial meltdown in capitalist history since the 1930s. Paying debts and reducing fiscal deficits have become the perfect pretexts to enforce austerity measures everywhere. The Troika (European Commission, ECB and IMF)…
A necessary tool to understand the current global crisis, the data collected here by Damien Millet and Eric Toussaint (CADTM) should enable us to make sense of one of the basic reasons for the international situation, as seen from the viewpoint of the global South. From the 1960s to today’s global crisis, the international network…
Jacques de Groote, the former Executive Director at the IMF (1973- 1994) and World Bank (1975-1991) for Belgium, was condemned in October 2013 by Swiss courts in an affair concerning the fraudulent privatization of the principal coal mine in the Czech Republic. His codefendants, five Czech executives, were given fines and prison sentences ranging from…
Indebtedness in developing countries presents a specific feature which has to be set at the heart of public debate: it results from an ongoing policy of deprivation and subordination of these countries by more industrialised countries, transnational corporations (TNCs) and international financial institutions, with the elites of the South aiding and abetting. Like other indebted countries…
