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Economic Justice

OECD Takes Strong Stance on Corporate Tax Avoidance

 

UN Votes for Process to Enact Bankruptcy Treaty and Stop Vulture Funds

 The UN General Assembly passed a historic resolution to begin treaty negotiations to enact a global bankruptcy process and stop predatory hedge funds. The resolution passed by a super-majority vote of 124-11 with 41 abstentions. The US voted no along with 10 other countries.

UN Vote Tuesday Could Create Global Bankruptcy Process, Deter Predatory Funds

 

United Nations Small Islands Conference Fails to Address Major Debt and Tax Crisis

Banks and Investors Call for New Debt Rules In Wake of Argentina Hedge Fund Case

The International Capital Market Association (ICMA), a group of banks and investors, will call Friday for reforms aimed at preventing repeats of the Argentina/NML Capital debt dispute.

Shocks The Conscience, Offends Sensibilities

See my reports that suggest that atrocities are not limited to those committed by USA's enemies, but are committed globally (even against our own veterans) by our very own government.

 

Our Land, Our Business

 

 

Right now, millions of people are being thrown off their land because large corporations are being given special rights. The World Bank is driving this trend with its Doing Business rankings.

Argentina Braces For Default

Argentina is likely to default barring a last-minute breakthrough in negotiations with hold-outs or a court order. Argentina's grace period to pay bonds restructured after its 2001 default expires July 30th. United States District Judge Thomas Griesa ruled Argentina cannot pay the 92% of restructured bond holders unless Argentina also pays hold-out predatory hedge funds in full.

"Argentina is hours from default," said Eric LeCompte, Executive Director of the religious financial reform organization, Jubilee USA Network. "At this point, a deal seems unlikely. Argentina may decide that the cost of default is less than the cost of compliance."

Argentina Debt Payments Blocked by US Court

 

The Argentine government announced Thursday that it transferred funds to the Bank of New York Mellon to pay the 92% of bond holders who restructured after Argentina's 2001 default. Reuters reports that Judge Thomas Griesa blocked the restructured debt payments until a settlement is reached on $1.65 billion that Griesa ordered be paid to hold-out creditors. 

IMF Paper: Corporate Tax Avoidance Hurts Global Economy and Poor Countries

The International Monetary Fund (IMF) released a staff paper noting that corporate tax avoidance negatively impacts all economies, but hurts developing countries the most. The IMF's release comes as the G20, the Organization for Economic Cooperation and Development and United Nations bodies seek vehicles to diminish corporate tax avoidance.

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