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Greece has a Spain, Italy, Ireland and Portugal are other countries that jeopardize confidence in the euro.

3rd World Debt Crisis

Although Greek Finance Minister denies that Greece will quit the euro zone, unemployment and euro devaluation will challenge these weak economies. Iceland has become a laboratory for Europe. Its economy has swung from significant growth to a hard fall and bankruptcies in the past eight years. Iceland's current debt level puts pressure on the government, banks and individuals.

Fresh minds such as Gudjon Mar Gukdjonsson ponder promising strategies to revive Iceland's economy. Economically fragile countries of the European Union are creating stress within the Euro zone.

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Portugal, Italy, Ireland, Greece and Spain may face further difficulties when the European Central Bank starts raising interest rates in response to economic improvements on Germany and France. The President of the EBRD, Thomas Mirow, believes that the bank has developed many skills since and "the world is in great need of those skills. This report ranges broadly -- from system-related causes of the crisis to the lack of political accountability in the global response.

The report proposes a structural change in the financial system in order to regulate the post-crisis global economy. Yaga Venugopal Reddy, former governor of the Reserve Bank of India, criticizes the unequal distribution of power within the G Reddy believes that national interests of the US and the UK dominate the G's agenda and drive solutions that are short-term and self-interested. The Center for Research on Multinational Corporations criticizes the EU financial reforms, arguing that they do not discuss the real causes of the crisis, but focus more on reforming institutions -- such as hedge funds -- that actually caused the crisis.

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According to the authors, the European Commission should restrict speculative activities that have negative effects, in order to fulfill the public interest in a sustainable way. However, donor countries have not yet met their financial commitments. The author of this article takes note of the missing funding but he doubts whether the stimulus package could have had a positive effect on developing countries.

The paper examines the Fund's lending policies, the potential of SDRs and the fiscal space for low income countries. The Bretton Woods Project.

The global financial downturn has greatly affected Jamaica, forcing it to return to the IMF for a loan. But the country has not forgotten the bitter memory of past relations with the fund. He argues that recent IMF reforms have not been substantial and that the fund remains dominated by the neoliberal "Washington Consensus". Jamaica Observer. Since the beginning of the economic crisis, countries worldwide have called for a reform of the financial system. They question the dollar as the international reserve currency. The author points out that reform debates have ignored some key problems of the global economic system, notably the large persistent unemployment and the enormous global trade and currency imbalances.

Since the economic downturn, many countries mistrust the dollar-based global reserve system. Each member receives SDRs in proportion to its quota. The SDRs can then be exchanged immediately for hard currency. However, the long-term outcome of the program for developing countries remains uncertain. The SDRs will mostly go to rich countries and worldwide interest may rise.

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Towards a Renewed Debt Crisis? June The poorest countries suffer most from the economic crisis. They face a decline in exports, commodity prices, and capital flows, as well as currency devaluations. A renewed debt crisis may result. This paper analyzes the situation of heavily indebted poor countries in the crisis, with a special focus on sovereign debt. Friedrich Ebert Stiftung. In recent decades, the United States has promoted a deregulated market economy, which finally resulted in the worldwide economic downturn.

Developing countries are the biggest losers, especially those which followed IMF and World Bank policies.

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Economist Joseph Stiglitz sharply criticizes the post-colonial economic order and notes the bitter legacy which the crisis has left. The United Nations Summit on the world economic crisis demonstrated the problematic distribution of power within the UN. Rich countries have blocked serious reforms, especially in the financial sector. The conference addressed key issues such as the international reserve system and policy space for developing countries.

It also agreed to a follow-up process. However, the summit underachieved by failing to adopt a clear aid program and significant governance changes within the Bretton Woods Institutions. Bretton Woods Project. Developing countries are calling for a greater voice within the negotiations about the UN's final conference declaration. The General Assembly, by postponing the summit, has avoided an outright failure, but the delay showed the alarming divergence between the richest and the poorest in the world.

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The document they produced summarizes the present situation and points out past failures. In addition, the document gives key recommendations on how to respond to the economic downturn. It especially calls for an international stimulus package for development and systemic reforms on the global financial and economic architecture. The recommendations argue for "non-debt funding," in order to give developing countries a chance to escape from a new debt crisis.

Civil Society Forum New York. All member states agreed on strengthening the role of the UN within global financial and economic architecture, as well as the creation of a panel of experts and a follow-up working group. Nevertheless, the summit failed to implement an additional financial rescue package for the developing countries and did not establish the proposed Global Economic Coordination Council. United Nations. The myth that low inflation would automatically lead to financial stability encouraged risky behavior and created the illusion that it was safe to borrow and invest more and more.

Excessive self-confidence in the international banking system transformed loans into "investments" and debts into the safest of "securities.

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Times Online. According to Simon Johnson, a former chief economist at the International Monetary Fund IMF , the main problem the US is facing when it comes to tackling the financial and economic crisis is well-known in the IMF: as in many emerging countries in the past, the financial elite have captured the government's actions. Johnson describes how decades of triumphant finance in the US managed to convince everyone, from ordinary voters to politicians, that what is good for Wall Street, is good for the US.

This a cult of finance supported by the Wall Street "Washington Corridor" not only laid the foundation for the crisis, but also hinders attempts to solve it. Johnson concludes that the government must force the banks to write down the true value of their assets or nationalize them. But solving the lending crisis is not enough. In order to break the oligarchy? The distinction between developing countries and developed countries is essential in the analysis of the global economic crisis.

Roberto Frenkel and Martin Rapetti identify differing key factors between developed and developing countries, as well as a crucial discrepancy in their policy responses. This briefing paper allows a more nuanced perspective on the economic slump with an explicit comparison between the global North and South. It also contains proposals on policy options for the developing countries to fight the crisis. FES Briefing Paper. The summit missed the opportunity to begin deep reforms in the global economy, which could have benefited the poor. This eye-catching trillion dollar figure conceals the truth that some of the number is double-counted and is an "intention", which requires approval.

Therefore, the actual amount of money to be disbursed is likely to be smaller. Furthermore, the headlines distract from the G20's failure to address and agree upon issues such as fiscal stimulus, regulation of cross-border financial flows and new approaches to developing country sovereign debt. Walden Bello explains that the "show" of the G20 Summit on the global economic crisis conceals the world leaders' deep lack of direction and uncertainty over economic recovery.

He describes the minimalist IMF reforms, praised by the G20, as a "non-starter", and outlines how the proposed changes to the voting system do little to balance the overrepresentation of wealthier countries in decision-making. Despite talks of reform and counter-cyclical spending, IMF conditionality still requires that low income countries' deficit spending must not exceed 1 percent of GDP.

Foreign Policy in Focus. Just one week before world leaders meet at the G20 to discuss reform of the global financial system, the governor of the People's Bank of China announced a bold proposal for a new international monetary system.