Group items tagged

"sovereign debt crisis"

"It was particularly relevant then that this morning's sessions, which focussed on lessons for Europe from the global South, looked in some detail as to how the 'Third World debt' crisis had been created and prolonged by all manner of 'bail-out' and restructuring packages. We heard from representatives from Peru, the Philippines, Brazil, Morocco, Argentina, and Zimbabwe (virtually), who showed how their debt crises were used to force detrimental policies on their countries by institutions like the International Monetary Fund, which set back their economies for decades. "

Power point presentation for CADTM debt training in Liege 12-13 Dec 2011.

Economic Crisis in Egypt: Enter the IMF Mohsin S. Khan discusses why Egypt has reluctantly turned to the International Monetary Fund for help and the outlook for negotiations to rescue its economy. Transcript of interview recorded February 1, 2012. © Peterson Institute for International Economics.

"86 percent was used to pay for previously accumulated debt"

"the Bank tends to threaten rather than improve food security " Breaking Up? A Route Out of the Eurozone Crisis 13 January In late June, the Egyptian Ministry of Finance turned down a $3 billion loan package from the IMF, citing the rejection as a response to "public debate".

Egypt has a budget deficit of nearly 10 percent of GDP and the finance minister recently said that the country is on the brink of a liquidity crisis. Meanwhile, economic growth has slowed since the uprising, decreasing government revenues, while public sector workers around the country are striking to raise wages that have been stagnant for decades.