International Viewpoint - online socialist magazine

Too little, too late: an appraisal of the latest Greek deal

Daniel Munevar — 2016-05-31T07:28:31Z

A new agreement has been reached between Greece and its creditors regarding the bailout program for the country. Jeroen Dijsselbloem, president of the Eurogroup, described the new deal as “ambitious” and a “major breakthrough”. However, a look at the details shows that it's anything but. This agreement follows the time-honored tradition of the Eurogroup of kicking the can down the road as political considerations have trumped once again economic logic. This explains why it's too little, too late: Greece has to continue its commitment to unrealistic fiscal targets while debt relief is expected to take place somewhere and somehow down the line, all the while the future of the country continues to be decided by the political calculations of the Eurogroup. Like its predecessors, this new version of the Brussels fudge will buy some time, but ultimately fail in its stated goal of ensuring growth and stability for Greece.

- IV496 - May 2016 / Greece, Economy, European Union, Debt

Debt Crisis with Caribbean Taste

Daniel Munevar — 2014-02-12T06:10:32Z

When we mention the debt crisis the first images that come to mind are the marches and protests in the streets of Madrid or Athens. But the negative impact of the debt system on the lives of the people is felt all over the world. Not even the sunny and placid lands of the Caribbean are immune to the destabilizing power of that system. In this case the victim is the island of Puerto Rico, where the uncontrolled increase of the debt has placed it on the edge of bankruptcy.
The history of (…)

- IV469 - February 2014 / Puerto Rico, Debt

The Post 2015 Development Agenda

Daniel Munevar, Éric Toussaint — 2013-09-09T06:43:24Z

The history of economic development is littered with attempts to correct the “mistakes” of development policy. The preferred method was to add new elements to the agenda. This approach led an ever increasing scope of issues included in policy discussions, ranging from environmental concerns to focalization of social policies.

- IV464 - September 2013 / Economy, Debt

Barack Obama: The change that didn't happen

Daniel Munevar, Éric Toussaint — 2011-08-04T10:04:37Z

With the announcement of the candidacy of Barack Obama for President of the United States in 2012, the campaign trail has officially started. Contrary to what one might have expected two years ago, Obama faces a tough re-election challenge. Furthermore, a victory does not seem guaranteed. Despite the stabilization of the financial system, achieved through a massive handout of public resources without any type of restrictions to the same people responsible for generating the crisis, the real economy is still awaiting the arrival of a true economic recovery.

- IV439 - August 2011 / United States (USA), Economy