Economic Justice

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.

IMF Releases Paper on Ending Predatory Behavior: Paper Propels IMF Board Financial Stability Decisions

The International Monetary Fund (IMF) officially released a major paper focused on increasing stability in the financial system and preventin

Argentina Responds to Supreme Court with Debt Swap Plan: Global Consequences of Court Ruling Remain Intact

 

Supreme Court Refuses Argentina Debt Case

The US Supreme Court denied Argentina's appeal for a hearing today, leaving intact a lower court ruling that validates predatory behavior targeted towards countries in financial distress. The high court also denied a related appeal on behalf of the more than 92% of bond holders who had accepted Argentina's restructuring deal. In a final blow, the court also decided that hedge funds can access information on where Argentina holds financial assets around the world.

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