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Results for Bodo Ellmers

blog
The unexpected Mozambican debt crisis: illegitimate debt back on the international agenda

Bodo Ellmers

18 Jul 2017 10:52:24

Mozambique’s default on commercial loans worth US$2bn has triggered the latest - and arguably most shocking - African debt crisis in recent times. While nearly all African countries suffer from low commodity prices and rising credit costs, the Mozambican case is unusual in that it reveals how easily the new development finance paradigm, centred on private capital, can go wrong. The successful attraction of commercial loans did not boost Mozambique’s development. They caused a development disaster. The case also underlines that the current global governance regime has no effective mechanism in place to prevent irresponsible lending and borrowing - or to deal with their consequences - and the need to get rid of a pile of illegitimate debts which will ...
With its Compact with Africa, the German G20 presidency is actively promoting private loans and investment as solutions to infrastructure deficiencies on the African continent. The Compact aims at using public resources in order to improve the investment ...

blog
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 ...
Addressing the Financing for Development (FfD) Forum at the UN in New York, Eurodad’s Bodo Ellmers made this statement on behalf of the Addis Ababa CSO Coordination Group concerning the failure to address debt crises: “One unfortunate development ...

blog
Countdown to the 2017 UN Financing for Development Forum

Bodo Ellmers

04 May 2017 10:12:45

In less than three weeks, governments, CSOs and international organizations gather at the UN in New York for the Financing for Development Forum. The forum takes place in crucial times as the implementation of the Sustainable Development Goals faces severe financial constraints. Governments’ self-inflicted inability to raise sufficient taxes paired with rich countries’ unwillingness to provide sufficient aid means that development is all too often financed by borrowed money, a dilemma that is aggravated by new donor initiatives that even turn the limited grants into new debt, through blending facilities. In the meantime, developing countries’ shouts for debt relief are getting ever louder. This Financing for Development Forum promises to be very interesting.   What’s at stake?  ...

blog
IMF and World Bank Spring Meetings: drifting off course as multilateralism faces headwinds.

Bodo Ellmers, Maria Romero

25 Apr 2017 09:05:58

The 2017 spring meetings of the IMF and World Bank, which also included the second edition of the Global Infrastructure Forum, took place against the uncertainty generated by geopolitical changes such as the election of President Trump in the US and the formalisation of the UK’s exit from the European Union. A draft budget proposal by President Trump, released in the run-up to the Spring Meetings, overshadowed last week's discussions as it suggests that instead of getting a capital increase, the World Bank will experience a substantial cut in its funding from its main shareholder. Meanwhile, civil society organisations (CSOs) voiced their concerns about how far the Bretton Woods Institutions are from serving development objectives. Systematic and concerned focus on private finance. ...
This year’s Annual Meetings of the IMF and World Bank took place against the backdrop of continued sluggish growth in developed and developing countries alike. The impact of the commodity price crash weighs heavily on many developing countries and has ...

press
Eurogroup outcome on Greek debt crisis is a missed opportunity

Wednesday May 25 2016 This morning’s (May 25) decision by the Eurogroup to postpone any major debt relief measures until 2018 – and refuse to include any actual debt cancellation measures in the agreed package - is a missed opportunity. Bodo Ellmers, Debt Justice Coordinator at the European Network on Debt and Development (Eurodad), said: "Today, the Eurogroup has both delayed an actual solution to the crisis and condemned the Greek people to more years of misery because of the harsh austerity ...

press
Campaigners call for cancellation of Greek debt ahead of landmark Eurogroup meeting

Monday May 23 Debt justice campaigners across Europe are calling on the Eurogroup to cancel Greece’s unmanageable debt and prevent more human suffering. Almost 20 organisations have written to President Jeroen Dijsselbloem and his fellow ministers ahead of a key meeting on Tuesday May 24 , where they will decide how to tackle the crisis as the next debt repayment deadline approaches. The letter responds to proposals laid out in a Eurogroup meeting earlier this month, and warns that their list ...
In late April, the ‘battle of the century’ between the government of Argentina and a group of vulture funds reached an inglorious end. The government of Argentina finally surrendered and paid the vulture funds in full, at a price tag of more than ...