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.
The investor-state dispute settlement (ISDS) system has come under increasing criticism in recent years.
With the U.N. Climate Change conference later this year in Paris fast approaching, Zimbabwe's climate change commitments face the slow progress on an issue that continues to stalk other developing countries – climate finance.
"A serious political and social crisis will sweep through the euro countries if they do not decide to strengthen the integration of their economies. The euro zone crisis did not begin with the Greek crisis, but was manifested much earlier, when a monetary union was created without economic and fiscal union in the context of a financial sector drugged on debt and speculation.”
The formal opening of the BRICS Bank in Shanghai on Jul. 21 following the seventh summit of the world’s five leading emerging economies held recently in the Russian city of Ufa, demonstrates the speed with which an alternative global financial architecture is emerging.
Today Jul. 18 is Mandela Day, the annual international day in honour of the late Nelson Mandela, the first democratically-elected President of the Republic of South Africa.
In the advent of unpredictable weather, smallholder rain-dependent agriculture is increasingly becoming a risky business and the situation could worsen if, as seems likely, the world experiences levels of global warming that could lead to an increase in droughts, floods and diseases, both in frequency and intensity.
In his memoirs, Glimpses of a Global Life
, Sir Shridath Ramphal, then-Foreign Minister of the Republic of Guyana, who played a leading role in the evolution of the Lomé
negotiations that lead to the birth of the African, Caribbean and Pacific (ACP) Group of States, pointed to the significant lessons of that engagement of developed and developing countries some 40 years ago and had this to say:
G7-based companies and investors cheated Africa out of an estimated six billion dollars in a year through just one form of tax dodging, according to a new Oxfam report ‘Money talks: Africa at the G7’
, released Jun. 2.
It is astonishing that every week we see action being taken in various part of the world against the financial sector, without any noticeable reaction of public opinion.
The victory of the Conservative Party and the debacle of the Labour Party in the recent British general elections is yet another sign of the crisis facing left-wing forces today, leaving aside the question of how, under the British electoral system, the Labour Party actually increased the number of votes it won but saw a reduction in the number of seats it now holds in Parliament (24 seats less than the previous 256).
In the run-up to the international Conference on Financing for Development from Jul. 13 to 16 in Addis Ababa, Ethiopia, the European Union has called for a “true paradigm shift” in global development cooperation.
Up to 80 percent of global trade is supported by some form of financing or credit insurance. Yet in many countries there is a lack of capacity in the financial sector to support trade, and also a lack of access to the international financial system. Therefore the ability of these countries to use simple instruments such as letters of credit is limited.
The world is clearly splitting into two parallel worlds, with each going their own way, in what we could call the ‘Acapulco paradox’.
At last, on Tuesday Feb. 24, the Eurogroup (of eurozone finance ministers) approved the Greek government’s commitment to a programme of reforms in return for extending the country’s bailout deal.