How tax havens helped to create a crisis
posted by fincrisis | Fri, 08/05/2009 - 10:28Banks employ large teams of highly paid people to devise transactions mainly for the purpose of avoiding tax. These activities seem to be far more profitable than the humdrum business of managing payments and channelling savings towards investment. Why?
Derivatives sector answers critics
posted by fincrisis | Wed, 08/04/2009 - 14:33The financial industry will on Wednesday overhaul how it writes contracts in the credit derivatives world – an effort to rebuff criticism that the vast sector could pose a systemic threat. More than 1,400 banks and asset managers will adopt a new “big bang” protocol, which will make it easier for investors to know what will happen to credit derivatives contracts if debt defaults occur.
G20 to agree trebling of IMF funding to $750bn
posted by fincrisis | Thu, 02/04/2009 - 14:06Around $750bn (£512bn) could be made available to help countries pull through the global recession as a result of a decision to treble IMF funding expected to be agreed at the G20 summit in London this afternoon.
Interview with Walden Bello: Impact of current crisis on the South
posted by fincrisis | Wed, 25/03/2009 - 18:03The current global crisis will definitely have a massive impact on the South. It is especially those economies that globalized most fully and followed strategies of export-oriented industrialization that tied their growth to foreign markets that will suffer most.
UN, not G20, must lead in solving crisis
posted by pchowla | Mon, 16/03/2009 - 12:39The United Nations, and not the G20, should lead in trying to come up with a new financial architecture that would rise out of the current economic crisis, Prof. Walden Bello of the Freedom from Debt Coalition said Friday.
G20 summit is no launch pad for an election
posted by fincrisis | Thu, 12/03/2009 - 19:07Fantasists who occasionally suggest that Gordon Brown may launch a May general election off the back of the G20 summit in London on 2 April are wrong for at least two reasons...