For more than sixty years, the International Monetary Fund and the World Bank together with their partner regional development banks and export credit agencies, have used international finance capital to exercise control and restructure the societies of the South to serve the interests of global private corporations and the economic and geo-political agenda of the few powerful nations that control these institutions. The resulting effects on people's lives, on communities, on the environment, and on the economic as well as political structures in the South have been profound and over the years have generated numerous resistance struggles against these institutions.
Despite well-documented evidence and countless testimonies to the destruction, displacement and dispossession their policies and operations have caused, these institutions persist in legitimizing their role. In recent years they have declared themselves to be champions of "poverty reduction" and "good governance."
This year, 2006, we pledge to intensify our struggles against these institutions and raise the level of international coordination and concerted action. In particular, we commit to organizing different forms of mobilization and direct action in many countries across the globe during the week of the IMF and WB Annual Meetings, September 14-20, 2006. This will include various activities and actions in the vicinity of their meetings in Singapore.
WE CALL on all people's organizations, social movements, labor movements, women's movements, farmers groups, first peoples, religious and cultural groups, community organizations, NGOs, political forces, and all concerned citizens around the world to join us in mounting vigorous actions that will focus the world's attention on the destruction and human rights violations caused by the IMF and World Bank, the regional development banks, export credit agencies, and the neoliberal global system they enforce.
Our actions will identify issues and articulate demands that reflect the particular impacts of these institutions on each of our countries but will also be united on the following global demands:
1. Immediate and 100% cancellation of multilateral debts as part of the total cancellation of debts claimed from the South, without externally imposed conditionalities.
The inhuman and destructive consequences of debt domination which the international financial institutions play a major part in perpetuating are evidence against the outrageously deceitful claim of these institutions that they are working for "poverty reduction" and "financing for development."
Debt relief initiatives of international financial institutions have to date covered only a very small part of the debt claimed from the South. Worse, these initiatives come with conditions that undermine the sovereignty of people to determine their own path of development, have proven harmful to livelihoods and the environment, and keep South economies tied to the interests of global private profit.
Cancellation of only a small part of the debt may release some funds that can be used for basic services but does not free the South from debt bondage. Debt cancellation must be 100%.
And for immediate action, we highlight the especially urgent cases - most of Africa, Haiti, Nepal, Tsunami-hit countries and others recently devastated by natural calamities, countries ravaged by war, societies overwhelmed by HIV/AIDS, and others experiencing severe social, financial and economic crisis.
We reject the international financial institutions' "debt sustainability" framework. There is no level of debt that is "sustainable" in a global economic system that is founded on domination and exploitation of the peoples, economies and resources of the South. This framework is a means by which these institutions justify maintaining the "indebtedness" of Southern countries.
The insistence on their "debt sustainability framework" is also a refusal to address the more fundamental question of the illegitimacy of the debt claimed from the South. Peoples of the South should not be made to pay for illegitimate debts -- debts they have not benefited from, debts that financed projects that have caused displacement of communities and damage to the environment, debts wasted on corruption or failed projects, debts contracted through undemocratic and fraudulent means, debts with grossly unfair terms and harmful conditions, odious debts incurred by dictatorships, debt contracted in the context of exploitative international economic relations, debts for which peoples of the South have paid many times over.
Though the financial debts claimed from the South are of staggering amounts, totaling more than US$2.3 trillion dollars, the North in fact owes the peoples of the South a far, far greater debt. It is the historical, economic, social, and ecological debt accumulated over centuries of plunder and exploitation by North with the collaboration of Southern elites.
The IMF and the World Bank should bear the costs of writing off debts owed to them by using the World Bank's loan loss provisions (valued at US$3 billion as of June 30, 2005) and retained earnings (valued at US$27 billion as of June 30, 2005) and IMF gold stocks. With the market price of gold surpassing US$600 an ounce, the IMF's 103.4 million ounces of gold are worth more than US$60 billion, rather than the US$9 billion recorded on the IMF's books.
2. Open, transparent and participatory External Audit of the lending operations and related policies of the International Financial Institutions, beginning with the World Bank and IMF.
Debt campaigns, movements, people's organizations, and NGOs are now involved in preparing for and conducting country-level independent Citizens' Audits of Debts claimed from South countries as well as calling on South governments to conduct transparent, open and participatory Government Audits (e.g. Parliamentary) of these debts. These audits are aimed at examining the origins and causes of the debt problem, taking stock of effects and impacts, bringing to light the dubious and illegitimate character of the debts, identifying responsibility and accountability, and establishing and strengthening the basis for urgent changes in national policies on the debt and related issues.
We challenge the international financial institutions to subject themselves to similar independent audits of the loans they have released, their lending policies, processes and operations, and the terms and conditionalities that have accompanied these loans, and take stock of the effects and impacts. Such audits should look into the culpability and accountability of these international financial institutions, and asses what restitution and reparations must be made.
The international financial institutions have recently been stepping up efforts to portray themselves as champions of good governance, including the announcement of renewed efforts and strategies to fight corruption. We challenge these institutions to begin with themselves and examine how they have been involved in creating and exacerbating the problem of corruption. External, independent audits of their loans, lending operations and conditionalities should include this question. Further, corruption must be seen as a systemic problem that also involves the private sector, especially transnational corporations.
3. Stop the imposition of conditions and the promotion of neoliberal policies and projects.
Through the conditions attached to their loans and programs, the IMF and World Bank have succeeded in restructuring the global economy. The widespread use of "structural adjustment programs" from the early 1980s in countries with significant debt, poverty, and financial problems has forced most of the South countries' economic policies to ape those of the industrialized countries, regardless of how inappropriate those policies may have been for the countries' development needs. Because of the imposition of neo-liberal policies on countries desperate for access to credit, peoples across the South now confront economies oriented to export production rather than providing for local markets, devastated manufacturing sectors, a large percentage of economic actors in foreign hands, valuable public assets privatized, health and other social sectors crippled by decades of de-funding, environmental resources devastated by over-exploitation, small farms and businesses wiped out by denial of credit and subsidies, and massive unemployment.
Our struggle against debt domination is waged in large part to win freedom from the conditions that indebted governments are blackmailed into accepting. For the September 2006 actions we demand:
a. In this 50th anniversary year of the International Finance Corporation (IFC), the IFIs end the promotion of privatization of public services and the use of public resources to support private profits.
The IMF and especially the World Bank have been the main drivers in the global push for the privatization of basic services. They are joined by other financial institutions like regional development banks and export credit agencies.
The international financial institutions promote privatization of public services through policy conditions and policy advice, financing of projects that pave the way for privatization, providing technical assistance in the preparation of feasibility studies as well as the process of implementation, and even direct support for private companies taking over public utilities. The International Finance Corporation plays a major role in providing risk guarantees as well as equity assistance for these private companies, and facilitating government bail-outs of privatized utilities in distress.
The continued emphasis on privatizing basic services such as water provision - or, when no company is interested in purchasing the utility, arranging leases and service contracts - and the "commercialization" of even life-saving agencies such as those managing food reserves reflects a fixation on markets as the only organizing principle for economies even in the face of overwhelming contradictory evidence. Failure after failure of water privatizations in the South has not deterred the IFIs from their mission to wrest assets from public ownership.
Our message to the IFC and its multilateral partners is clear: no more public resources for support of private profit.
b. Stop IFI funding and involvement in environmentally destructive projects beginning with big dams, oil, gas and mining and implement the major recommendations of the Extractive Industries Review.
The international financial institutions are also presenting themselves as leading in the fight against climate change and environmental destruction. However, no amount of clever rhetoric about stronger commitments and new strategies can hide the fact that many projects designed, driven and supported by international financial institutions violate the already watered-down standards and safeguards avowed by these same institutions and cause massive environmental as well as social problems.
The World Bank is itself a major ecological debtor, having funded major projects such as hydro-electric dams, mines, pipelines and petroleum exploration and development projects which have displaced populations and wrought major environmental damage. The World Bank has refused to implement major recommendations of its own Extractive Industries Review including 1) the principle that communities faced with resource extraction projects must give free, prior and informed consent, 2) and the phase out of investment in hydrocarbon extraction projects.
The World Bank's attempt to claim leadership on the issue of climate change with the application of its development of carbon credit trading is another tragic example of market fundamentalism. Entrusting the precarious future of the world's climate to the World Bank's clever market solutions distracts the major actors from focusing on the over-consumption that threaten to doom the planet and all who live on it. Meanwhile, the World Bank Group, which claims leadership in developing alternative energy, devotes much greater resources to developing conventional energy sources. Indeed, the World Bank is the world's leading financer of projects producing greenhouse gases.
c. Immediately stop imposing conditions that exacerbate health crises like the AIDS pandemic and make restitution for past practices such as requiring user fees for public education and health care services.
IFI policies have aggravated health crises like the AIDS pandemic in a number of ways. Austerity measures have constrained health budgets, prevented the hiring of critically needed teachers and health care workers due to limits on spending for public sector employees, and kept people out of clinics and children away from schools by insisting on user fees. The macroeconomic policies the International Financial Institutions have imposed over the last 25 years - including fiscal austerity, high interest rates, unilateral trade liberalization and privatization of essential services - have led to lower growth rates and fewer improvements in social indicators than had occurred over the two decades between 1960 and 1980.
The IFIs owe an enormous social debt to countries whose public services have been damaged by their policies. Their creditors are the women of South countries, who have had to step in to provide the health care, the food, the teaching, the water, and the other basic goods and services put out of reach by IFI policies. The World Bank and the IMF should pay for free primary education and primary health care as a form of reparations or restitution for the damage their policies have caused.
Personal Debt is at the root of the recent financial crisis worldwide. It’s important for citizens in the South to use available online tools such as the PaymentBot to understand personal debt.
All Americans love and appreciate the role played by credit facilities in their lives. These credit facilities can be used to acquire all sorts of products, items, tangible stuff as well as services. They come in different kinds and with varying rates of interest. To understand the cost of borrowing, the repayment calculator amounts and the total cost of the cash, it is important to ensure that there are important opportunities to check and workout the figures involved. There are simple interest loans, compound interest loans and so on. The calculators provided at the online resource PaymentBot will be able to guide the consumer so they make the right choices.
It is very important to ensure that there are great opportunities for all and sundry to borrow loans. However, such consumers need to have the kind of information necessary to enlighten them. This information can be found at PaymentBot. The information contained at this website can be very useful to readers but especially to clients intent on making use of credit facilities. Facilities such as loans can be very useful but only if they are manageable and if the borrower can meet their obligations regarding the repayments without too much problem.
Sometimes consumers take out loans and credit cards and then get shocked later when they learn of the levels of interest charged or the amount of interest they have to pay. Instead of getting shocked when it is too late, it is much better to be initially reformed. This basically means that it is easier to acquire information regarding the credit before actually signing up. This all gets down to the fact that the calculators will provide useful information that will enable consumers make the right decisions regarding their credit facilities. This is why PaymentBot is so important and exciting for all consumers.
Apple is one of the most successful companies in the US and in the Smartphone industry at large. The company worth billions of dollars has been able to make great profits especially with their latest iPhone 5 release which came just after its founder’s death Steve Jobs. Nevertheless, the company isn’t as strong as it’s perceived and sometimes it’s also hit by crisis. In January 2013, the company was reported that nearly $50 billion was wiped off the companies value after it’s stocks dropped with a 3.2% margin which is one of the biggest ever witnessed in a day.
Though the company had made a whooping $55 billion in quarterly profits after the release of iPhone 5, it seems that the company is having problems and may end up being a victim of its own success according to some specialists. Earlier in January 2013, the company’s shares had also fallen in other parts of the world such as Asia. The company was unable to increase its profits margins as it’s used to each year. According to apple’s spokesperson, the company had made the best part of their profits between October and December 2012 but insists that this wasn’t heir target.
The Free iPhone 6 is expected to be rereleased anywhere before June in order to counter attack Nokia’s release of its new product the Nokia Lumia. Apple is experiencing lots of competition from other companies that are producing Smartphones such as Samsung and Nokia. The main reason as to why apple is experiencing these problems is because their main aim is to sell to the high end market leaving out the lower class where Samsung and Nokia are greatly playing part. Though apple is seen as undergoing a few crisis, some specialists insist that apple is still a successful company and there isn’t any significant threat, only that the investors were overambitious.
The IMF has caused great hardships around the world. It’s important that we encourage our students to focus on excelling in their academics so that we can reverse this trend. Students should be using tools such as the GPA Bot (a GPA Calculator) to monitor their academic performance.
Your GPA is an important part of college admission so learning to use a gpa calculator can be useful. There’s not much you can do to change your academic records which is why admission officers will use your transcripts from high school. The classes you took in high school and the grades you made will determine your place when you start college.
Another reason to use gpa calculators is though admission officers consider grades essential, they also consider how well you perform in relation to your peers. How you relate to classmates in terms of performance will be the deciding factor in class rank. The class ranking will help the college decide if the C you made in history occurred because you didn’t try your best or because of a strict grading system. If your school doesn’t use a ranking system. Colleges can apply other ways to determine your class ranking like your profile or academic trends related to your school report.
College placement relies on your academic goals like what kind of school you wish to attend. If you are considering a selective college, should to take AP courses to boost your GPA. Ivy League schools may require you to take AP courses before they give you a chance at being accepted. They are very competitive so a B won’t likely work in your favor. A gpa calculator would be more important at large universities since they depend on test scores to screen potential students.
Your GPA isn’t something to be taken lightly. The best time to start improving it is in high school. You are wise to take courses not offered in your school. The gpa calculator can be useful in keeping up with with your grades. You can then work to improve your grades in your weak subjects and get into the college of your dreams.
It’s very tough to live in Cyprus at the moment, virtually all sectors are suffering from the austerity measures. You might think it’s fairer that people with money are also being affected by the financial problems, but many of the people with high balances in Cyprus banks are people who have put their lifetime savings there. The deal that is being put towards the stricken Cypriot government is bailout cash in exchange for austerity and a tax on peoples deposits.
Cyprus might not be the biggest country in Europe, and of course the sums are much smaller than Spain, Italy, Greece and Portugal. However what happens in this smal island is important for Europe and the future of the Eurozone. Their latest vote on accepting a new deal was won by only two votes in the Cyprus Parliament. A loss would have probably involved an exit from the Euro and the establishment of the Cyprus pound as a currency again.
No-one denies that this would have been very painful to the economy, even the opposition parties. However the idea of exiting the Euro is becoming more and more realistic for many countries. Just think of the situation on a human level. You go to live in a country with a reputation as a strong financial centre, you place your hard earned life savings in a Cyprus bank. Suddenly it all goes wrong and a huge portion of your savings are eradicated overnight – basically just removed without your consent from the bank. The banking sector in that country is suddenly completely without value – would you put any money in a Cyprus bank?
Confidence is shattered in the banking sector, the financial community and in essence the whole economy overnight. Which business can operate without a bank account? Two votes have saved the Government from Euro exit, but it’s critics say that the effects will be far, far worse. Small members like Cyprus will often suffer because they are forced to trade on the same terms as bigger and more efficient economies like Germany. Different currencies gave countries some flexibility but the Euro means that a Cyprus factory has to compete with one from Hamburg directly.
There are many of us who believe that countries like Cyprus would be better out of at least the Eurozone. Being able to control their own currency would mean at least Cypriots could compete by modifying their exchange rate. If I sound emotional it’s because I spend a lot of my time in Cyprus, and worse I’ve found out about this decision via the BBC website – although I had to fiddle with an Ipad and a UK VPN to view it!
Debt issues have been a big problem these days. All people have their own debts and they should handle it well. Through seeking for the best solution from this issue would help you have a clear mind. Who wants to have a deep debt? No one wants this and since debt is a big problem which is encountered by many people, it must be settled earlier before it gets worst. Halloween Kostumer is one of the best solutions to deal with this debt issue. Since our world is encountering debt crisis, it is a big mistake that we always make debt. To settle the problem of your debt, you have to seek for the best solution to this. If you find out that you are having a deep debt, you need to seek immediately for the best solution to deal with this problem.
Halloween Kostumer is one of the most used by many people who have a deep debt. It becomes popular these days as this is the best or ideal way to deal with having debt problem. Since there are many kinds of solutions to deal with this debt problem, you have to check first on the debt settlement that you are going to avail. This is to make sure that you are aware on the terms and conditions that you are acquiring. This is to make sure that you are seeking for a solution and not on making a way to add your debt and more getting worst. There are people who have a burden on how to solve their problem because they are in a huge debt and they don’t know how to settle the problem. The only way they think is to lend more money to pay their debt. But they don’t realize that they are adding their burden. It is important that you have to be aware on the things that you decide. Don’t decide on getting or lending money because you want to pay your debt immediately, this might give a problem in the end.
Halloween Kostumer has been picked by many people as their solution to deal on the deep problem. It is essential that you are looking for a way to eliminate your debt and not to add more debt. Lots of people are now on their deep debt level, and this must be settled before it gets worst. Debt is one of the most problem happened in a man’s life. This is because they encounter money problem and thus, they are forced to lend money. Having a debt is actually not a simple problem; it is actually one of the serious problems being faced by many people. So, it is advised that we must get rid of this problem and find a solution to this before it gets worst. Halloween Kostumer turns to be the best solution to debt and eliminate those big debts you have. Debt is actually one main reason why people are getting insane on this problem and this must not be happened. Solve your debt and eliminate it right away.
After the financial crash of 2008 and the end of Lehman Brothers, as well as the rescue of other huge banks and investment companies notably Bank of America it made a lot of people nervous about investing in real estate.
Now, we’re seeing real estate values begin to rise rapidly as well. Of course, part of that rise is simply because there is not much available inventory, but one thing I saw recently was that there is over 1 Trillion Dollars in bad student loans out there. Does that seem possible or even remotely normal to anyone else?
I mean, for people coming of age today, how can you really go about buying a home, saving for retirement and saving for the college funds of your own kids if you are student paying hundreds of dollars per month in student loan debt? Does anyone else see how that adds up?
Many big and even smaller companies work with a few vendors or outside contractors. These vendors/contractors are expected to perform a certain task a certain rate that was agreed upon. However, in my business fields some of these vendors/contractors will agree on an expected price and then charge something different. In the construction field this is a very common practice in bidding. A lot of construction contractors will bid low to get a job and then charge extra on materials or labor to make up the money they underbid. Most businesses are prone to these shady business dealings but have no way to solve the problem. However, today you can hire a recovery audit contractor who can help with this problem. In this article we will talk about what a recovery auditor is and how he can help discover money you never thought you had.
To begin a recovery auditor is an accountant or person who is able to analyze all your bills and understand if there are any over charges. They look for some common billing mistakes and overages people charge in order to find the hidden gems. If the auditor find an area where a contractor/vendor has over billed you they then go to work to collect any unnecessary payments. The auditor will use the law and negotiation to work with the contractor/vendor to ensure they pay you back partially or in full for any overages they have billed. The goal for the auditor is to ensure you stop getting ripped off and work with companies who won’t try and steal your money.
So the major question you might be asking is how does the auditor make any money? Well most recovery audit firms actually work on a percentage recovered fee. That means that you as a business will pay absolutely nothing to have them analyze your books and discover any businesses that might be ripping you off. With recovery auditing you can help alleviate the debt crisis you might be facing at your own company.
I’m not German so I can only imagine what they feel like, as one after another Eurozone countries are falling into huge pits of debt. Of course then comes the bail outs where the coutnry in question comes cap in hand for money to bail out the mess that their economy has got into. We are seeing it in real time now with the Cyprus Government where of course the remedy is even tougher than normal by forcing Cypriots to bail out their banks.
It’s the next bit that always annoys me, the Anti German banners, placards with pictures of Angela Merkel sporting a Hitler style moustache. You’ll hear talk of bullying, of Germany imposing strict controls and trying to dominate smaller countries. Of course Germany invaded Greece many years ago but the German taxpayer would much rather not be involved with Greece’s problems at the moment.
The problem is that Germany has to help, but it shouldn’t be forgotten that these bailouts are partly funded by taxpayers in Germany. One by one the basket cases of Europe announce that they are about to go under, and expect loads of cash to solve their problems with no strings attached. It’s simply not going to happen, at least not until there is a central European taxation system.
The reality is that the reason the German economy is able to help is that it has practised for years the sort of austerity that is suddenly forced on these countries. Germans did not retire in their mids 40s on fat Government pensions like many Greek citizens did, and thus they are able to finance rescue plans using surpluses. The woes of the Eurozone were not inflicted on anyone by the Germans, although it has to be said they have benefited from a currency which is much more competitive than the German Mark would ever be in todays world.
If you look at German media and especially check in with some of the German TV stations that broadcast online you can see the growing resentment. Check out some of the main German TV station and you’ll see for yourself – you can look at them online, you just need to invest in a German proxy to access some of this content. This shields your real IP address to enable you to watch geo restricted content. You can see that patience is running thin with some of the abuse that Germany is getting whilst trying to help these economies survive.