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Valentin KATASONOV – Ukraine’s Default, Kiev’s Desperate Maneuvers, and IMF’s Backroom Deals

Ukraine is headed straight toward a full-scale default on its public debt, which currently totals $70 billion, of which $40 billion is owed to foreign creditors, about half of whom are private lenders, while the others are official state or public entities (such as foreign governments and international financial institutions). Strictly speaking, Ukraine has already defaulted, because on September 23 …

Pillage and Class Polarization: The Rise of “Criminal Capitalism” By Prof. James Petras

About 75% of US employees work 40 hours or longer, the second longest among all OECD countries, exceeded only by Poland and tied with South Korea.  In contrast, only 10% of Danish workers, 15% of Norwegian, 30% of French, 43% of UK and 50% of German workers work 40 or more hours.  With the longest work day, US workers score …

Russia, China and the Battle Against Dollar Hegemony by MICHAEL HUDSON and THE SAKER

The Saker: We hear that the Ukraine will have to declare a default, but that it will probably be a “technical” default as opposed to an official one. Some say that the decision of the Rada to allow Iatseniuk to chose whom to pay is already such a “technical default”. Is there such thing as a “technical default” and, if …