The IMF said a “wave of debt crises” may be coming in the Global South, and “the global economy is headed for stormy waters.”
It pointed to war, “geopolitical realignment,” rising US Fed interest rates, and many currencies depreciating against the dollar multipolarista.com
It pointed to war, “geopolitical realignment,” rising US Fed interest rates, and many currencies depreciating against the dollar multipolarista.com
.@RadDesai: "The world needs a more secure financial system," which "would really promote development," but it has "been prevented" from creating one "because the United States has wanted to impose its will and its own currency on the rest of the world"
multipolarista.com
multipolarista.com
This is part of what will likely be a wave of debt crises across the Global South:
Ghana suspended payments on most of its external debt, as it struggles to reverse its balance of payments deficit.
It is in talks for a 17th loan with the US-dominated IMF
reuters.com
Ghana suspended payments on most of its external debt, as it struggles to reverse its balance of payments deficit.
It is in talks for a 17th loan with the US-dominated IMF
reuters.com
🚨 Ghana is paying 70% to 100% OF GOVERNMENT REVENUE to service its debt! And it can't pay it off!
It's impossible to pay. The only solution is debt forgiveness and foreign corporate bondholders taking a haircut
But instead the IMF is going to impose austerity for the 17th time
It's impossible to pay. The only solution is debt forgiveness and foreign corporate bondholders taking a haircut
But instead the IMF is going to impose austerity for the 17th time
Nearly half ($13.1B) of Ghana's $28.4 billion in external debt is owed to international bondholders.
And who is representing these bondholders in negotiations? Western vulture funds:
-BlackRock (US)
-Abrdn (UK)
-Amundi (France)
-Greylock (US)
-Ninety One (South Africa / UK)
And who is representing these bondholders in negotiations? Western vulture funds:
-BlackRock (US)
-Abrdn (UK)
-Amundi (France)
-Greylock (US)
-Ninety One (South Africa / UK)
This incredible graph shows the percentage of government revenue Global South countries are paying just as interest on their external debt:
Sri Lanka (106%)
Ghana (70-100%)
Pakistan (41%)
Egypt (41%)
Zambia (35%)
Nigeria (34%)
This makes it impossible for countries to develop
Sri Lanka (106%)
Ghana (70-100%)
Pakistan (41%)
Egypt (41%)
Zambia (35%)
Nigeria (34%)
This makes it impossible for countries to develop
Western governments absurdly accuse China of "debt-trap diplomacy" in Africa
In reality, China only owns 6% ($1.7B) of Ghana's $28.4B in external debt
Paris Club countries (West) own more
Nearly half (46%) is owed to foreign bondholders, which are largely Western vulture funds
In reality, China only owns 6% ($1.7B) of Ghana's $28.4B in external debt
Paris Club countries (West) own more
Nearly half (46%) is owed to foreign bondholders, which are largely Western vulture funds
c. 60% of lower-income countries (victims of Western colonialism) have debts that are unsustainable or in danger of becoming so, say IMF & World Bank
And the IMF has no intention to solve it. It'll just give a 17th loan to Ghana or Sri Lanka and demand more neoliberal austerity
And the IMF has no intention to solve it. It'll just give a 17th loan to Ghana or Sri Lanka and demand more neoliberal austerity
Let's get an idea of who owns Ghana's unpayable external debt
Ministry of Finance shows vast majority owed to commercial bondholders (largely Western vulture funds) and "multilateral" institutions (World Bank and IMF)
71.4% owed in US dollars
17.7% in euros
3.3% in Chinese yuan
Ministry of Finance shows vast majority owed to commercial bondholders (largely Western vulture funds) and "multilateral" institutions (World Bank and IMF)
71.4% owed in US dollars
17.7% in euros
3.3% in Chinese yuan
You know what they say:
Fool me once, shame on you.
Fool me twice, shame on me.
Use the IMF to impose neoliberal structural adjustment for the 17TH TIME, shame on Western neocolonialists and their vulture funds that profit by trapping Global South countries in unpayable debt
Fool me once, shame on you.
Fool me twice, shame on me.
Use the IMF to impose neoliberal structural adjustment for the 17TH TIME, shame on Western neocolonialists and their vulture funds that profit by trapping Global South countries in unpayable debt
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