Financial Crisis

The Hypocrisy of the West and Fiscal Paradise

The publication of the Panama Papers has now been digested, like any scandal, after just a few days. We are now getting so accustomed to scandals, that it is confusing, and the general public reaction often is: all are corrupt and politics is all about corruption.

Will the IMF Facility Be a Turning Point in the Economy?

The IMF Extended Fund Facility (EFF) of US$ 1.5 billion with an agreement on an economic program supported by the IMF is now imminent. This could be a turning point in the economic fortunes of the country. The IMF facility would replenish the reserves, add confidence in the economy and have a salutary effect on capital inflows.

Who Guards the Guardhouse?

In a surreal digital theft that befits a high octane movie thriller, we were recently informed of the daring heist at Bangladesh Bank in which nearly a billion dollars were siphoned off last month. As if this was not enough, the theft took place over several days early February through a series of about three dozen electronic fund transfers from the Bank to New York Federal Reserve for a total amount anywhere between eight hundred fifty to eight hundred seventy million dollars. All of the looted amount made through dozens of transfers would have been cashed had it not been due to the now famous spelling error in a twenty million check made to a Sri Lankan NGO. The error prompted the routing bank, Deutsche Bank, to seek clarification from the Bangladesh central bank, which stopped the transaction. But the mystery hackers still managed to swipe $80 million, one of the largest recorded bank thefts in history.

Big Question for the UK on the European Union

The British have a problem. A referendum on continuing membership of the European Union scheduled for June may lead to Brexit- Britain heading for the exit. Anybody with any knowledge of Europe’s war-like history knows this would be totally self-defeating.

Brazil 2015: The Year When Everything Went Wrong

As 2015 approaches its end, Brazilians live a period of extraordinary uncertainty. The recession seems to get worse by the day. Inflation is high and shows unexpected resistance to tight monetary policies applied by the Central Bank. The sluggish international economy has largely neutralized incentive and the strong devaluation of the domestic currency could represent a reality to exporters and to producers who compete with now more expensive imports. After an initial resistance, employment levels began to fall.

2016: The Forthcoming Adjustment Shock

Analysis of the latest International Monetary Fund (IMF) expenditure projections for 187 countries between 2005 and 2020 reveals that there have been two distinct phases of government spending patterns since the onset of the global economic crisis.

Blackmail Politics Is the Name of the Game in Brazil

The aim to impeach President Dilma Rousseff is no longer merely a threat that was poisoning politics in Brazil. Now it may be a traumatic battle, but in the light of day.

Did Argentina’s Elections Mark Start of Shift to the Right in South America?

Different degrees of economic problems are a common denominator in South American countries where governments that identify as leftist may start to fall, in a shift that began in Argentina and could continue among its neighbours to the north.

Not Yet Curtains for BRICs

With Goldman Sachs folding up its haemorrhaging BRIC fund, is it curtains for the acronym that defined the investment bankers’ fancy for emerging markets? It certainly appears so after China’s stock market crash and a fast slowing economy triggered fears that the dragon will set off the next global recession.

Decent Work Crucial To Eliminating Poverty and Hunger

Over the eight years since the onset of the global financial crisis in 2008, the ranks of the unemployed have swollen to over 200 million worldwide. That number captures only a fraction of those who remain vulnerable and insecure, since more than four-fifths of the global workforce is outside the formal sector, with poor access to unemployment or other traditional social security benefits.

OPINION: Time to Reform the Global Casino

The year 2015 highlights the global shift from traditional money-based, gross domestic product (GDP)-measured economic growth to the new models of sustainable, inclusive human development embodied in the United Nations Sustainable Development Goals (SDGs) ratified by its 193 member nations.

Opinion: Misinformation Hides Real Dimension of Greek “Bailout”

The long saga on Greece is apparently over – European institutions have given Athens a third bailout of 86 billion euros which, combined with the previous two, makes a grand total of 240 billion euros.

Time to Work Out a Plan C for Greece

Just over a month ago, Greek citizens were asked to go to the polls for a referendum that posed the country with an unprecedented existential dilemma and challenged the EU with the possibility of its collapse.

Opinion: Crisis, Emergency Measures and Failure of the ISDS System: The Case of Argentina

The investor-state dispute settlement (ISDS) system has come under increasing criticism in recent years.

Opinion: The Sad Historical Consequences of the Greek Bailout

In recommendations to German Chancellor Angela Merkel at the end of July, the German Council of Economic Experts outlined how a weak member country could leave the Eurozone and called for strengthening the European monetary union.

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