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October 4, 2015
Truthdig: Drilling Beneath the Headlines
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By Daniel Domscheit-Berg

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Tag: Imf

How Bernie Sanders Won Over Iowa and Overtook Hillary Clinton in the Polls

Presidential candidate Bernie Sanders has shocked many with his recent success in Iowa, but maybe we shouldn’t be so surprised; media coverage of the U.K.’s Jeremy Corbyn has revealed The Guardian’s true colors; meanwhile, the IMF is telling Israel to stop spending so much money on defense. These discoveries and more after the jump.

Posted on Sep 22, 2015 READ MORE

The Greek Coup: Liquidity as a Weapon of Coercion

In the modern global banking system, all banks need a credit line with the central bank in order to be part of the payments system. Choking off that credit line was a form of blackmail the Greek government couldn’t refuse.

Posted on Aug 2, 2015 READ MORE

IMF Refuses to Join Greek Bailout Until Debt Relief Demands Are Met

The International Monetary Fund has said it will not participate in a new bailout for Greece until an “explicit and concrete agreement” on debt relief is reached by the country’s eurozone creditors.

Posted on Jul 31, 2015 READ MORE

Investors and Their Bankers Want Everything From Puerto Rico

Billionaire hedge fund managers have demanded that Puerto Rico lay off teachers, close schools, raise taxes, sell billions of dollars worth of public buildings and drastically cut public spending in order to repay loans and avoid financial default.

Posted on Jul 29, 2015 READ MORE

International Monetary Fund Warns of Bad Outlook for the Eurozone

The international financial organization has warned of economic trouble ahead for the eurozone as worry over Greece lingers, unemployment remains high and the banking sector struggles to shake off the residue of the financial crisis.

Posted on Jul 27, 2015 READ MORE

Greek Reforms ‘Will Fail,’ Former Finance Minister Varoufakis Says

Yanis Varoufakis, who resigned recently, predicted that the measures will “go down in history as the greatest disaster of macroeconomic management ever.”

Posted on Jul 18, 2015 READ MORE

How Goldman Sachs Helped Create the Greek Debt Crisis

The investment bank turned a huge profit by helping to hide the real extent of Greece’s debt, and in the process almost doubled it.

Posted on Jul 17, 2015 READ MORE

Greek Burden

Posted on Jul 16, 2015 READ MORE

The IMF Gets Behind Greece With Debt Relief Demand

In a move that looks at once like a boost for Greece’s economic cause and grounds for further complication among eurozone member countries, the International Monetary Fund on Tuesday warned that it might pull its support for the proposed bailout plan unless other nations agree to whittle down some of Greece’s debt.

Posted on Jul 14, 2015 READ MORE


Posted on Jul 8, 2015 READ MORE

Tsipras, OXI, Vampires

Posted on Jul 7, 2015 READ MORE

VIDEO: A Distressing Look at the Effects the Greek Debt Crisis Is Having on Street Food Markets

The Guardian’s Phoebe Greenwood visits Athens’ street markets and cafes to discover nearly empty establishments as Greeks cut down on everything from meat to fruit and dairy while their country’s fate remains unresolved.

Posted on Jul 7, 2015 READ MORE

Is Greece’s ‘No’ on the Debt Referendum Another Youth Revolution?

In the past five years, the old political categories—left, right, center or capitalist and socialist—have been challenged by a new category: youth.

Posted on Jul 6, 2015 READ MORE

VIDEO: Chomsky on Greece: A ‘Savage Response’ for Standing Up to Austerity ‘Class War’

In an interview for “Democracy Now!” Noam Chomsky comments on the challenges faced by Greece’s leading party, Syriza.

Posted on Jul 1, 2015 READ MORE

VIDEO: Michael Hudson and Bill Black: A Greek Bailout Is Really a Bailout of Western Banks

The esteemed U.S. political economists say Western financial institutions are keen to bail out Greece because if they don’t, the country’s existing creditors—other Western financial institutions—will fail to recover money they previously lent to Greece.

Posted on Jul 1, 2015 READ MORE

Economists Krugman and Stiglitz on Why Greeks Should Vote ‘No’ on the Referendum

Nobel Prize-winning economists Joseph Stiglitz and Paul Krugman maintain that Greece must keep going it alone and vote “no” on the upcoming referendum on the bailout.

Posted on Jun 30, 2015 READ MORE

Thousands Donate to Crowdfunding Site for Greek Bailout

Here’s a novel approach to the Greek financial crisis: A “Greek Bailout Fund” launched by an Englishman has received almost 30,000 donations.

Posted on Jun 30, 2015 READ MORE

Greek Crisis

Posted on Jun 30, 2015 READ MORE

Greece Nearing Financial Collapse Against Looming IMF Deadline

The future of Greece and the European project as a whole hangs in the balance as the country confirms nonpayment to the International Monetary Fund.

Posted on Jun 30, 2015 READ MORE

VIDEO: Ukraine Is in Crisis. Here’s Why the West Can’t Save It.

A video roundtable hosted by Truthdig Assistant Editor Alexander Reed Kelly explains why the IMF, Europe and Western corporations don’t have the country’s best interests at heart.

Posted on Jun 13, 2015 READ MORE

VIDEO: The IMF Walks Out of Greece Bailout Talks

The U.S.-led global debt brokerage pulled out of negotiations with Greece on Thursday after it accused Athens of refusing to compromise over labor market and pension reforms.

Posted on Jun 11, 2015 READ MORE

Iceland Jailed Bankers and Rejected Austerity—and It’s Been a Success

Iceland’s insistence on following a different drummer after the global economic collapse is evidence that a more ethical approach can work.

Posted on Jun 11, 2015 READ MORE

VIDEO: The West Isn’t Out to Save Ukraine; It’s Out to Profit From a Growing Crisis

In a series of interviews for The Nation, Truthdig Assistant Editor Alexander Reed Kelly shows why, at a time when “Ukraine needs rescuing,”  the IMF, Europe and Western corporations have no interest in actually saving the country from disaster.

Posted on Jun 11, 2015 READ MORE

Greek Finance Minister Says Austerity Is Bad Medicine

Greece’s new left-wing, anti-austerity Syriza Party raises concerns over international creditors’ demands to restructure the country’s labor market and curtail its pension system in exchange for a new package of bailout funds scheduled for release Friday. Greek Finance Minister Yanis Varoufakis speaks with “Democracy Now!”

Posted on Apr 22, 2015 READ MORE

Ukrainian President: Enormous IMF Loan Won’t Help Ordinary Ukrainians

Petro Poroshenko admits that a $17.5 billion International Monetary Fund loan and its associated austerity measures won’t improve the lives of ordinary Ukrainians—but will help pay foreign creditors and fund the country’s ongoing civil war.

Posted on Mar 15, 2015 READ MORE

IMF Approves $17.5 Billion Loan to Ukraine

A week after lawmakers approved a raft of amendments to Ukraine’s 2015 budget that the IMF had demanded, the fund signed off on a $17.5 billion loan that will prevent the country from going bankrupt.

Posted on Mar 12, 2015 READ MORE

Ukraine Denouement: The IMF’s One-Two Punch (Audio)

After a tenuous ceasefire was brokered in Minsk last week, the fate of Ukraine is now shifting from the military battlefield back to the arena that counts most: international finance.

Posted on Feb 20, 2015 READ MORE

With Greece and Eurozone Creditors Far Apart, Bailout Talks Collapse

Eurozone finance ministers have designated Friday as the deadline for the country to accept yet another austerity-filled deal, but Greek Finance Minister Yanis Varoufakis has made it clear he will not rest until an “honorable agreement” is negotiated. 

Posted on Feb 17, 2015 READ MORE

Has the IMF Annexed Ukraine?

Michael Hudson, an economist at the University of Missouri-Kansas City, says the terms attached to the loans made by the IMF to Ukraine are likely to turn its people into penniless serfs of international banks.

Posted on Feb 14, 2015 READ MORE

Ukraine to Receive More Bailout Money From the IMF

The International Monetary Fund agreed Thursday to lend Ukraine $17.5 billion to help prop up its deeply unstable economy.

Posted on Feb 13, 2015 READ MORE

Why Ireland’s Political Elite Are Terrified of Syriza

Irish leaders—eager to maintain that compliance with the demands of international creditors after the 2008 crisis was the best choice for Ireland—are concerned that the defiant tactics of Greece’s newly elected Syriza party may expose their program as flawed if Syriza wins concessions from the troika of lenders.

Posted on Feb 2, 2015 READ MORE

Trojan Hearse: Greek Elections and the Euro Leper Colony

Alexis Tsipras, the leader of Syriza, would like to pretend that austerity and the euro are two different things. Apparently, he’s blissfully ignorant of the history of the euro. The horror of austerity is not the consequence of Greek profligacy: It was designed into the euro’s plan from the beginning.

Posted on Jan 29, 2015 READ MORE

King Abdullah: Royal Pain

Posted on Jan 29, 2015 READ MORE

Study: IMF Austerity Helped Ebola Kill Nearly 8,000 People

Professors at three leading British universities say International Monetary Fund policies favoring the repayment of international debts over social welfare spending contributed to the Ebola crisis by inhibiting an effective response by health care professionals in the three worst-hit African countries.

Posted on Jan 1, 2015 READ MORE

Russia-Ukraine Gas Deal Comes at a Price (Updated)

Aid from the International Monetary Fund will enable Ukraine to pay billions in debt to Russia’s primary gas company and free up enough of Ukraine’s budget to allow the country to buy fuel through the winter. But the IMF deal entails major reforms to the country’s energy industry.

Posted on Nov 1, 2014 READ MORE


China Replaces U.S. as World’s Largest Economy, IMF Reports

Has the era of American economic hegemony finally come to an end?

Posted on Oct 8, 2014 READ MORE

Germany Prepares for Third Greek Financial Rescue

More austerity cuts are coming to Greece as Germany signals a plan to deliver a third rescue package for the debt-stricken country.

Posted on Feb 3, 2014 READ MORE

Financial Help or Bombardment ?

Posted on Jan 5, 2014 READ MORE

Pink Sherbert Photography (CC BY 2.0)

The Insider’s Economic Dictionary: I Is for Ideology

Ideology: A set of assumptions so appealing that one looks at their abstract logic rather than how the world actually works. (See Insanity.)

Posted on Nov 29, 2013 READ MORE


Discredited Economic Theory Holds Europe in Deflationary Thrall

Why there is such iron fidelity to neoliberal austerity in the contemporary community of official, semiofficial and even academic economists? It can’t be that it works. It doesn’t work.

Posted on Nov 5, 2013 READ MORE

Teknecolor (CC BY-NC-ND 2.0)

Greece’s Birthrate Decreases as Austerity Measures Increase

The number of live births has fallen by a whopping 10 percent in Greece in the last four years as the country suffers the worst economic conditions in the entire European Union, and continues to exercise austerity in order to receive loans from the likes of the European Bank and the IMF.

Posted on Sep 18, 2013 READ MORE

David Blackwell. (CC BY 2.0)

Austerity Inflicts Brain Drain on Greece

More than 100,000 unemployed professionals have left Greece amid a shrinking economy and a lack of jobs to seek better opportunities abroad in a trend that will dramatically impact the country for generations.

Posted on Apr 11, 2013 READ MORE

mahalie (CC BY-SA 2.0)

Winner Takes All: The Super Priority Status of Derivatives

With taxpayer bailouts no longer an option, a major derivatives crisis could transfer money currently held by state and local governments and citizens—secured and unsecured, insured and uninsured—into the hands of derivative claimants.

Posted on Apr 10, 2013 READ MORE

L'Orso Sul Monociclo (CC BY 2.0)

The Confirmed Insanity of Austerity

Austerity threw the 17 countries that use the euro back into recession in the third quarter of 2012. As a result, unemployment is expected to rise 12.2 percent, leaving half of young people in Spain and Greece without jobs, and public debts—the expressed target of the reductions—are growing as well.

Posted on Mar 19, 2013 READ MORE

Eric Vernier (CC BY-SA 2.0)

Greek Unions Hold Strike Against Austerity Policies

Greeks are resisting a combination of government spending cuts and tax hikes—which some believe will result in an unemployment rate of 30 percent—imposed by international bailout creditors.

Posted on Feb 20, 2013 READ MORE

Atli Harðarson (CC BY-ND 2.0)

A Reality Check on Iceland

Expat Icelander Baldur Bjarnason has had it with people depicting his native land as a post-crash “progressive paradise” when it’s really a “Thatcherite’s wet dream.”

Posted on Jan 1, 2013 READ MORE

Eurozone Bank Supervision

Posted on Oct 22, 2012 READ MORE

IMF Help

Posted on Sep 5, 2012 READ MORE

Flickr / bixintx

DSK in Double Trouble

The combination of sex, hotels and criminal charges seems to be a common theme in Dominique Strauss-Kahn’s world, and it has landed him in another legal mess—this time in the former IMF chief’s homeland of France, where he’s caught up in a case known there as the “Carlton affair.”

Posted on Mar 27, 2012 READ MORE

Gamma Man (CC-BY)

Public-Sector Banks: From Black Sheep to Global Leaders

Conventional wisdom holds that government bureaucrats are bad businesspeople. But around the world, the many countries with strong public banking sectors generally have strong, stable economies.

Posted on Mar 8, 2012 READ MORE

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