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Abayomi Azikiwe – The Re-emerging African Debt Crisis. Renewed IMF “Economic Medicine”

During the 1970s-1990s much attention was focused on the rising debt crisis in post-colonial Africa. Continental states after gaining national independence realized that there could be no genuine development while financial obligations to western-based lending institutions were rapidly escalating. With the balkanization of the continent during colonialism, the national independence movements without political integration and economic unification faced formidable challenges in …

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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 …