debt

Will the Macron–Merkel Agreement Save the EU from a Debacle?

In the early hours of July 21, leaders of the European Union agreed to what the New York Times called a “landmark spending package to rescue their economies from the ravages of the pandemic.” This article is a thoroughgoing political economy analysis of the effort to save the European Union from the pandemic and the economic crisis that had already been forecast before the virus struck, originally published in French in May.

Cancel Argentina’s Debt

The current crisis in Argentina is a consequence of the austerity policies imposed on the semicolonial countries by the IMF and imperialism.

Puerto Rico: Debt, Crisis and Colonialism

On July 1, Obama passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) and the Puerto Rican government virtually defaulted on the nearly $2 billion in bond payments due the same day.

Understanding Argentina’s Surrender

On March 31, with the support of the Peronists, the Argentinean Senate voted in favor of passing the “Public Debt Normalization and Access to Public Credit” bill to authorize the government to pay the holdouts.

Kirchnerists Vote for Argentina’s Surrender to Vulture Funds

Macri’s conservative government won a crucial vote in the Senate to lock Argentina into paying billions to the “vulture funds” – predatory hedge funds that acquire public debt through defaulting nations for a fraction of the true value and engaging in legal action to enforce full payment.

Puerto Rico’s Catastrophic Fiscal Adjustments

Imperialism seeks to prevent another Greek scenario. In Congress, Obama requested legislative reforms to clear the way for Puerto Rico to undergo bankruptcy processes. The republicans, who currently have the majority, are staunchly opposed to the proposed package. However, both parties on Capitol Hill want the island’s people and workers to pay the costs of the crisis.