Economic Justice

IMF World Economic Outlook: Economy Improves for Some as Inequality Persists

 Debt Restructuring Process Discussed by IMF and G20

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The IMF released the World Economic Outlook Report ahead of the annual IMF meetings. The report forecasts improvement for several advanced and emerging economies, including the United States, but notes that the recovery is uneven and vast inequality still continues. One of the principle issues the report reviews is how sustainable the debt loads are for both G20 and developing countries.  

 

"The IMF acknowledges that investors are still concerned with unsustainable debt loads in developing economies," noted Eric LeCompte, Executive Director of Jubilee USA Network, a religious coalition focused on the impacts of the financial crisis on poor people. "It doesn't take a rocket scientist to know what the IMF reports. In a post financial crisis world, the rich have gotten richer and more people have been pushed into extreme poverty."

 

Over the last year the G20 has vigorously debated how to deal with unsustainable country debts and speculative investments, root causes of the global financial crisis. One year ago in Washington, G20 Financial Ministers discussed the possibility of an international sovereign bankruptcy process in order to provide stability in the international financial system. The IMF staff also released a paper ahead of last year's meetings which explored aspects of the process. Last fall during the St. Petersburg Summit, G20 heads of state discussed the process and invited the IMF to continue to review debt sustainability and debt issues. IMF staff continue to explore the process.

  

"The G20 and the IMF are asking will we be prepared twelve years from now when the next regional or global financial crisis hits," shared LeCompte. "It's tremendously exciting that global decision makers are reviewing these possibilities. An international bankruptcy process for countries provides international stability and predictability."

  

Sustainable debts is a theme of this year's annual IMF meetings. Jubilee USA, Jubilee Germany and Friedrich-Ebert-Stiftung New York Office have organized a high level panel during the meetings to focus on how debt sustainability impacts people living in extreme poverty. Policymakers, Finance Ministers and Sovereign Debt Lawyers will discuss debt sustainability and an international bankruptcy process for countries.

  

"One out of five people are living in extreme poverty. We can't solve inequality without solving unsustainable country debts," said LeCompte

 

Argentina Requests Supreme Court Reverse Federal Court Rulings that favor Predatory Hedge Funds

 

Argentina Files Final Supreme Court Appeal in Global Hedge Fund Debt Case

 Religious Community Joins IMF, Legitimate Investors and Governments in Opposing Exploitative Hedge Fund Behavior

Jubilee USA Urges Business and Political Leaders at World Economic Forum to End Corporate Tax Avoidance and Support Responsible

 

Supreme Court Decides to Hear Argentine Objection to Predatory Hedge Funds Targeting Argentine Assets Outside of United States

 

Jubilee USA Applauds FATCA Agreements between United States and Isles of Man, Jersey and Guernsey

 

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On December 13th, the Isles of Man, Jersey and Guernsey signed an intergovernmental agreement with the United States to improve international tax compliance and implement the Foreign Account Tax Compliance Act (FATCA), a US federal law designed to combat offshore tax evasion. The Isles signed a similar agreement with the United Kingdom in October. 

 

  

“Jubilee USA sees the signing of these agreements as critical first steps in promoting transparency,” said Eric LeCompte, Executive Director of Jubilee USA Network. 

  

Under the agreement, financial institutions on the Isles will report information about individual accounts owned by American citizens, in compliance with FATCA. FATCA was enacted in 2010 in an attempt to recover an estimated $100 billion a year in unpaid taxes on funds held in overseas accounts.

  

“These agreements are building blocks to create a more transparent and accountable economy,” added LeCompte. 

  

   

Jubilee USA Network is an alliance of more than 75 US organizations, 300 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people.  www.jubileeusa.org

  

Philippines’ Foreign Debt Payments Dwarf Relief Aid After Typhoon Haiyan

 

Predatory Hedge Funds and Argentina Face Supreme Court Showdown in Landmark Global Poverty Case

 Argentina is expected to appeal to the US Supreme Court by mid-February in response to a US 2nd Circuit Court ruling order

Representatives Doggett and DeLauro Introduce Legislation to End Sequestration and Corporate Offshore Tax Havens

 

EU Fines Financial Institutions $2.3bn Over Manipulation of LIBOR, One of Largest Banking Scandals of Our Time

 

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