Just half of major global banks have in place a public policy to respect human rights, according to new research, despite this being a foundational mandate of an international convention on multinational business practice.
The Group of 77, the largest single coalition of developing countries, is hitting back at New York City banks that arbitrarily cancelled the accounts of more than 70 overseas diplomatic missions, leaving ambassadors, senior and junior diplomats and non-diplomatic staff without banking facilities.
The 132-member Group of 77, the largest single coalition of developing nations, has urged Secretary-General Ban Ki-moon to provide, "as soon as possible...alternative options for banking services" in New York City following the mass cancellation of bank accounts of U.N. missions and foreign diplomats.
Addressing a closed-door meeting of the Group of 77 (G77) developing countries last week, a visibly angry Latin American delegate recounted the growing new hostility towards foreign diplomats in New York city.
For anyone who might not have realised it yet, the current crisis is demonstrating beyond a shadow of a doubt that the financial markets are the lead players in the current economic situation in Europe. Power has passed from the politicians to speculators and crooked bankers. This is a fundamental change.