Tag Archives: IMF

Greece | EU Not Ending Greek Crisis, They End Greece

by William Engdahl

With great fanfare at the end of June, the 19 EU Eurozone finance ministers announced the end to the eight-year-long Greek debt crisis that brought the entire Euro structure into its deepest crisis to date. The exercise is a deep deception. The EU ministers refused to write off any Greek state debt. Instead they did a destructive interest capitalization of the existing debt, similar to what Washington did to Latin America in the 1980’s. What in fact is going on we might justifiably ask.

IMF conditionality: still undermining healthcare & social protection?

by Jesse Griffiths , Gino Brunswijck

The IMF tried last year to counter long-running accusations that its lending and advice programmes damage health outcomes in developing countries, but the independent evidence points in the opposite direction. The question is whether the IMF will use this year’s reviews of its conditionality and of lending facilities for low-income countries (LICs) to switch approach and start helping Sustainable Development Goal (SDG) three to “ensure healthy lives and promote well-being for all at all ages.”

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.”

Ukraine | Ukraine: frustration for the Euromaidan coalition as Poroshenko regime endures another year

by Peter Mikhailenko

The situation in Ukraine four years after the Euromaidan overthrow of the Yanukovitch government could not be worse from the point of view of the masses. Brutal, IMF-inspired cuts in social spending, curtailment of freedom of expression and widespread corruption dominate the scene. So bad is the situation that even Western imperialists have started to openly voice criticism of the Poroshenko regime, which they backed and helped to install.

IMF Ukraine programme’s impact on women’s rights criticised at Human Rights Council

In May the Geneva-based Women’s International League for Peace and Freedom (WILPF) submitted a written statement to the UN Human Rights Council addressing the impacts of IMF macro-economic reform programmes on women’s rights in Ukraine. The statement outlined various ways in which the recent IMF-demanded Ukrainian economic reforms (see Observer Spring 2015 and Winter 2016), have “violated women’s economic and social rights and contributed to the feminisation of poverty and deepening of gender inequalities”. WILPF pin-pointed three specific IMF policy conditions, fuel subsidy cuts, cuts to the public sector and tax policies, as having significant gendered impacts.