Ecuador will announce a decision on December 15, 2008 regarding debt payment on approximately $3.8 billion in foreign debt. This comes after a 30-day grace period in which debt payments were suspended based on serious irregularities in the country’s debt history detailed in a 172-page final report by an independent Public Credit Audit Commission. If Ecuador defaults, it will be the first Latin America country to do so since Argentina in 2002.
Financial Turmoil and the "Solutions" -- Will it Help or Worsen the Effects on Developing Countries?
World leaders of the G-20 gathered in Washington to discuss solutions to the global financial crisis. Although the crisis originated in the deregulated financial markets of the developed countries, the impacts of the crisis - both in the financial sector and in the real economy - are spreading globally, including to many countries of the global South. Will the "solutions" discussed at the G-20 meeting help or hurt developing countries?
Panelists Martin Khor, Director of the Third World Network and Mark Weisbrot, Co-Director of CEPR, discussed appropriate regulatory mechanisms that are needed to prevent another similar crisis, and steps governments can take to reduce the impacts in the real economy of the US recession on countries globally.
Media Briefing: Economists Question IMF's 'Firefighting' Abilities in Current Economic Crisis
As world leaders gather in Washington November 15, 2008, for a summit to address the global economic crisis, the International Monetary Fund is being touted as a "financial firefighter." However, the IMF's track record of the last 30 years casts serious doubts on that institution's ability to contain the financial meltdown. Rather than dousing flames, the IMF's prescriptions have often poured gasoline on economic fires in emerging nations, crippling long-term development. Should the IMF be designated as the lender of last resort, it must overhaul the structural adjustment policies that prevent many nations from providing basic services for their people.
Argentina's Economic Recovery: Four Years After the Meltdown
National Press Club, November 30, 2005
Featuring: Mark Weisbrot, co-director of the Center for Economic and Policy Research and Michael Mussa, former Research Director for the International Monetary Fund and current Senior Fellow at the Institute for International Economics
The Financial Crisis: How it Happened and What Needs to be Done
Dean Baker of CEPR and Martin Silver of USAction presented on the financial crisis at this year's Green Festival
November 6, 2008
US Economic Meltdown Made Simple
In early September 2008, U.S. financial leaders were saying "everything is fine." Weeks later, we were being told that unless Congress voted for a $700 billion bailout of Wall Street, the economic system was going to collapse. What really happened? It is important to realize that this was not some sort of unavoidable "natural disaster", but a human-created failure of public policy. Chuck Collins, director of IPS' program on Inequality and the Common Good, and Dean Baker, co-director of the Center for Economic and Policy Research, explained the basics and background of the financial crisis and gave a break down of the economic meltdown and its causes -- and what lies ahead in 2009.
October 31, 2008
The Very Scary Economy
Dean Baker was a guest on Meet the Bloggers, discussing the state of the economy. There was a live blog discussion with other bloggers during the show.
It has been almost three years since Evo Morales was elected president of Bolivia with a historically unprecedented mandate and began to implement political and economic changes long demanded by a majority of Bolivians. This event examined Bolivia’s economic and political changes, as well as the conflicts resulting from opposition to these changes.