29 February 2016
Human Rights Council
Agenda item 3
Promotion and protection of all human rights, civil, political, economic, social and cultural rights, including the right to development.
First, Iceland jailed its crooked bankers for their direct involvement in the financial crisis of 2008. Now, every Icelander will receive a payout for the sale of one of its three largest banks, Íslandsbanki.
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It was just four months ago, though it already seems like a lifetime away, when Greece’s celebrity finance minister Yanis Varoufakis publicly stated that “creative ambiguity” won the country a “loan lifeline” from the institutions formerly known as the troika: the European Central Bank, the European Commission, and the International Monetary Fund. Despite the never-ending soap opera that is Greek crisis politics though, few would have imagined that the SYRIZA-led coalition government would succeed in outdoing itself in terms of its “creative ambiguity,” by calling a referendum which, just days before the polls open, remains remarkably unclear as to its actual meaning and potential consequences. (more…)
As economists, we note that the historical evidence demonstrates the futility and dangers of imposing unsustainable debt and repayment conditions on debtor countries; the negative impact of austerity policies on weakening economies; and the particularly severe effects that flow on to the poorest households.
We therefore urge the troika (EU, European Centra Bank and IMF) to negotiate in good faith with the Greek government so that there is a cancellation of a large part of the debt and new terms of payment which support the rebuilding of a sustainable economy. This settlement should mark the beginning of a new EU-wide policy framework favouring pro-growth rather than deflationary policies (Report, 14 January).
If Argentina were in a high-stakes chess match, the country’s actions this week would be the equivalent of flipping over all the pieces on the board.
August 27, 2014 “ICH” – Argentina is playing hardball with the vulture funds, which have been trying to force it into an involuntary bankruptcy. The vultures are demanding what amounts to a 600% return on bonds bought for pennies on the dollar, defeating a 2005 settlement in which 92% of creditors agreed to accept a 70% haircut on their bonds. A US court has backed the vulture funds; but last week, Argentina sidestepped its jurisdiction by transferring the trustee for payment from Bank of New York Mellon to its own central bank. That play, if approved by the Argentine Congress, will allow the country to continue making payments under its 2005 settlement, avoiding default on the majority of its bonds.