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First as tragedy, now as farce: lessons from 12 August 1982

Mark Perera

12 Aug 2017 08:47:36

As the saying goes, history repeats itself because no one was listening the first time. This month marks the 35th anniversary of an event that sparked a debt crisis across the developing world. It was a crisis triggered by low interest rates in the Global North, a reckless boom in lending and borrowing to Southern countries over-reliant on commodity exports, and a fall in the price of those same commodities. Sound familiar? The parallels with today’s developing world debt crisis are stark, and looking back at how the 1980s crisis arose and how it was dealt with, there are worrying signs that very little has been learned despite repeated calls by Eurodad and other civil society organisations for a comprehensive, UN-backed debt workout mechanism. A crisis begins On 12 August 1982, Mexican ...

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UN Financing for Development Forum: private sector eats cake while developing countries fight for crumbs.

Bodo Ellmers

31 May 2017 10:21:08

Last week’s United Nations’ Financing for Development Forum in New York was notable for being the first major event to admit in a formal outcome document that at the current pace, the Sustainable Development Goals will not be reached. The Forum - which deals with all aspects of finance and the financial architecture that regulates finance - planned to push reforms that would make finance work for development. Progress was meagre however, as political blockages still need to be overcome.   The outcome document of the 2017 Financing for Development (FfD) Forum paints an alarming picture: “The current global trajectory will not deliver the goal of eradicating poverty in all its forms and dimensions by 2030”. A key reason is the lack of adequate funding for the SDGs. While there ...
By Bodo Ellmers and Tove Ryding As far as financial issues are concerned, the Third International Conference on Financing for Development (FfD) is shaping up to become 2015’s most important summit. If an ambitious global financing framework is not ...
A long weekend to reflect on an inspiring and energizing policy forum we held in Brussels last week, with colleagues from around the world, on the topic of the UN’s upcoming Financing for Development (FfD) summit. Some great kick off presentations on ...