America’s wars and the US debt crisis
May 24,2023 – JORDAN TIMES / Jeffrey D. Sachs In the year 2000, the US government debt was $3.5 trillion, equal to 35 per cent of the Gross Domestic Product […]
Pakistan IMF: Crucial bailout deal eludes negotiators
bbc.com By Caroline Davies BBC News, Islamabad Eleventh-hour negotiations between Pakistan and the International Monetary Fund (IMF) have failed to unlock $1.1bn in crucial funds aimed at preventing the country […]
How to beat developing-market debt crises
Jul 25,2022 – JORDAN TIMES / Hippolyte Fofack CAIRO — Since the Latin American debt crisis of the 1980s, sovereign-debt crises have become a regular occurrence for emerging and developing […]
How debt cancellation could help poor countries prepare for climate change
A new report calls on rich countries to provide immediate relief. Joseph WintersNewsletter ReporterPublishedMay 13, 2022TopicClimate + EquityShare/RepublishTwitterFacebookRepublish As the planet warms, compounding crises are pushing poor countries toward a […]
Desperately seeking a mechanism for sovereign debt restructuring
Apr 25,2022 – JORDAN TIMES / Anne O. Krueger WASHINGTON, DC — When the economy is going well, the poor benefit more than others. But when things are going badly, it is the poor who are hurt the most. This is especially true in the case of the COVID-19 pandemic, […]
A perfect storm for developing countries
NGAIRE WOODS April 22, 2022 Short Url https://arab.news/9zaa6 Through no fault of their own, developing countries face a perfect storm of famine, political upheaval and debt crises. Russia’s invasion of […]
Lebanon’s political elite is responsible for the failure to reform
JORDAN TIMES – MICHAEL JANSEN 11th March 2020 Lebanon’s decision to default on the repayment of a $1.2 billion Eurobond was inevitable. Prime Minister Hassan Diab was absolutely right to […]
Greece debt crisis: What happened to democracy when it’s a case of ‘Vote Yes or else’?
Source: The Independent By Robert Fisk If this ‘democracy’ doesn’t work in Europe, how is it supposed to work in India? Or the Middle East? So the Greeks are going to vote Yes on Sunday. Fear. Humiliation. Patriotism (pro-European or pro-euro, we shall see). Or pragmatism, that great industrial powerhouse […]
Worst of the euro crisis ‘behind us’
Source: The Local. German Finance Minister Wolfgang Schäuble said he believes the embattled eurozone is already past the peak of its three-year-long debt crisis, citing positive developments in Greece and France. More:
Poverty drives central Europe’s great exodus
By Ioana Patran and Sam Cage: (Reuters) – Maria Ene’s traditional white house on a muddy, unnamed Romanian street doesn’t have running water, but it does have two satellite dishes sprouting […]
In Poland, embracing Europe but not the euro
Washington Post: By Michael Birnbaum: WARSAW — Here in Poland, where dreary communist-style apartment blocks still dominate the landscape, the euro was once hailed as a fast-track ticket to the economic […]
Political Extremists Boost Clout Amid Europe’s Downturn
CNBC.com: Support for extreme political movements is building across Europe as the economy starts worsening again – and analysts and anti-extremist organizations are increasingly worried that parties on the left- […]
Spain growing barter economy: Pay your house rent with printers
(Reuters) – It’s 10.30 on a chilly winter’s morning in central Madrid and retailer Emanuela Scena is opening up for business. Her shop is one of several offering second-hand goods […]
Violence offers glimpse of Greece’s reform challenge
(Reuters) – Greeks swept rocks and broken glass from the streets of Athens on Monday after a night of violence that gave lawmakers a taste of the challenge they face […]
Hungary faces ruin as EU loses patience
Courtesy The Daily Telegraph: The European Commission has launched legal action against Hungary’s Fidesz government for violations of European Union treaty law and erosion of democracy, marking a dramatic escalation […]
Eurozone’s ‘big bazooka’ bail-out fund is left in tatters by S&P downgrade
Courtesy The Daily Telegraph: The EFSF, which is tasked with supporting indebted countries, was itself hobbled as S&P gave it a AA+ rating, reflecting the downgrade of France and eight […]
Why Banks Shun 30 Million Americans?: The Unbanked and the Debanked
CNBC: They are 30 million consumers, representing a quarter of U.S. households, who earn a collective $1.3 trillion a year. But banks don’t want to serve them, because they lose money. And the nonfinancial institutions who do serve them may not be offering them much value in the long term. […]
Hungary faces crisis as traders fear bond debt default
The Daily Telegraph UK: The Budapest government saw borrowing costs soar and the currency plunge as traders bet that international authorities may abandon Hungary, letting it become the first European Union country to default on its debts. The florint fell more than 1pc to a record low against the euro […]