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offsite link The Russian-Ukrainian War Postponed for ... Fri Apr 23, 2021 14:36 | Anatoly Karlin

offsite link Just How Significant Are Empire’s New ... Fri Apr 23, 2021 13:36 | Ben Aris

offsite link If Every Aspect of the Wild Czech Ammuni... Fri Apr 23, 2021 12:36 | Insomniac Resurrected

offsite link Joe Biden Threatens to ‘Cancel’ July... Fri Apr 23, 2021 11:36 | Eric Lendrum

offsite link Hilarious: Pentagon Told Congressmen Tha... Fri Apr 23, 2021 10:36 | Betsy Woodruff Swan

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The Saker
A bird's eye view of the vineyard

offsite link What about the deescalation in the Donbass? (OPEN THREAD #17) Fri Apr 23, 2021 17:55 | The Saker
There is, amongst some, a strong sense of relief: Defense Minister Shoigu has declared that the formations deployed by Russia to western Russia will now return to their regular bases. 

offsite link Putin rewrites the law of the geopolitical jungle Fri Apr 23, 2021 15:34 | amarynth
By Pepe Escobar and first posted at The Saker Blog Putin?s address to the Russian Federal Assembly – a de facto State of the Nation ? was a judo move

offsite link American plans something but ends up differently Fri Apr 23, 2021 12:20 | amarynth
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offsite link Exit Terra: Did You Know We Have Been Contacted By Aliens? Thu Apr 22, 2021 18:41 | amarynth
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offsite link What was Putin referring to? (OPEN TREAD #16) Thu Apr 22, 2021 17:44 | The Saker
This is an excerpt of the (relatively short) part of Putin’s speech dealing with foreign issues: “We really want to maintain good relations with all those engaged in international communication,

The Saker >>

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link Declining standards in Irish journalism

offsite link Mainstream media: Failing to speak truth to power Anthony

offsite link David Quinn’s selective tolerance Anthony

offsite link A Woulfe in judges clothing Anthony

offsite link Sarah McInerney and political impartiality Anthony

Public Inquiry >>

Voltaire Network

COVID Crisis: G20 Defers Action on Aid, Tax and Debt Cancellation

category international | economics and finance | press release author Wednesday October 14, 2020 22:00author by Zach Conti - Jubilee USA Report this post to the editors

G20 finance ministers agreed to extend debt payment relief for the 73 poorest countries and, in principle, to have a common framework to cancel debts. The G20 Finance Ministers and Central Bank Governors met on global COVID-19 response plans ahead of the Annual IMF and World Bank Meetings.

G20 finance ministers agreed to extend debt payment relief for the 73 poorest countries and, in principle, to have a common framework to cancel debts. The G20 Finance Ministers and Central Bank Governors met on global COVID-19 response plans ahead of the Annual IMF and World Bank Meetings. "Debt payment relief for the poorest countries is good news, but it's a short term solution,” said Eric LeCompte the Executive Director of Jubilee USA Network and a United Nations finance expert. "We're disappointed not to have a stronger agreement on a permanent debt reduction process, yet, but it's hopeful that the G20 is holding a special meeting on this process in the coming weeks.” G20 finance ministers will hold a special meeting before G20 presidents and prime ministers meet in November, on a country debt reduction plan or the “Common Framework for Debt Treatments beyond DSSI.” The announcement came as the International Monetary Fund forecast a contraction of 4.4 % for this year in the global economy and a recovery that will be long, uneven and prone to setbacks. "The only way for some developing countries to have the resources they need to recover from the coronavirus crisis is to have a process that permanently reduces their debts,” stated LeCompte. “Given that some of the greatest increases in poverty and job loss are in these developing countries, the G20 can't afford to wait any longer on moving forward a plan.” The G20 expressed disappointment at the absence of private creditor participation in the debt suspension initiative. "The G20 should be doing more to press the private sector on debt relief. It seems since April, the position of the G20 has weakened on private sector participation in debt relief,” noted LeCompte.  International tax cooperation was also a focus of the G20. The countries had vowed to agree this year to a global plan for taxing digital revenues and ensuring multinationals pay tax, but they now pushed back that timeline to mid-2021. “Part of the reason we are in this mess, is because countries aren't raising enough revenues. Now revenues are plummeting in many countries because of the pandemic and the G20 must make more progress on global tax solutions,” explained LeCompte. "An immediate way to combat the coronavirus and support developing countries in crisis is to access trillions of dollars in global reserve funds or the Special Drawing Rights. Unfortunately the G20 made little progress on authorizing what could be a lifesaving measure for countries in crisis." Read the G20 communique here. Read Jubilee USA's press release on the IMF's World Economic Outlook and Global Financial Stability reports here.  https://www.jubileeusa.org/imf_econ_reports_inequality_poverty_covid?utm_campaign=ps_g20_finmin_cbg_meeting_2020&utm_campaign=ps_g20_finmin_cbg_meeting_2020&utm_medium=email&utm_m...eeusa

Related Link: https://www.jubileeusa.org/pr_covid_g20_defer_action
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