Tag Archives: debt

Global debt crisis ahead?

Argentina is seeking International Monetary Fund aid after a series of drastic interest rate rises failed to stop the slide in the peso, pushing the country towards a financial crisis. Mauricio Macri, Argentina’s right-wing, pro-big business president, announced the approach to the IMF in a nationally televised address, saying international assistance would enable the government to “avoid a crisis like the ones we have faced before in our history”. Asking the IMF for funds will mean more fiscal austerity and a hit to living standards. One foreign investor said “The most effective way would be to restrict wage hikes.”

Japan | As Japan’s workers are facing increasing economic difficulties, Student Debt is still a major concern in the country

by Tsutomu Teramoto

In Japan, the student loan issue is so serious that at last the government now started a programme of scholarships and grants since this April. Despite its limits, the implementation of this programme was only made possible thanks to the pressure of social movements, making voices heard for improving the student loan system. This year, about 25,000 students can get these scholarships and grants. Of course, the problems are not solved at all.

Mozambique forced to restructure after debt default

by Abayomi Azikiwe

Economic growth proves unsustainable for the Southern African state of Mozambique in present world situation due to financial implications that have been going on for some time now.

Tunisia: January, the month of logical revolts

by Fausto Giudice

It was predictable, it was foreseen and it happened: Tunisia exploded from below on Monday, the 8th of January.

In all parts of the country, marginalised youths attacked police stations, supermarkets, authorities – tax centres, municipalities, governorates – and blocked trains, and clashed with police and the military, who made generous use of tear gas. A 43-year-old man, Khomsi Yafreni, was killed in Tebourba on Monday night and his funeral on Tuesday gave rise to further clashes. The Interior Ministry has denied that he was killed by the police. 800 “rioters” were arrested. The reaction of the government and the official media was lamentably unanimous: they did not speak of protests, but of riots instigated by thugs and bandits. “There are no protests at night”, was the sentence issued by Prime Minister Youssef Chahedh, who promised that “2018 will be the last difficult year for Tunisia”. We would like to believe it.

USA | Student Debt Slavery: Bankrolling Financiers On The Backs Of The Young

Higher education has been financialized, transformed from a public service into a lucrative cash cow for private investors.

by Ellen Brown

 

The advantages of slavery by debt over “chattel” slavery – ownership of humans as a property right – were set out in an infamous document called the Hazard Circular, reportedly circulated by British banking interests among their American banking counterparts during the American Civil War. It read in part: