Debt Crisis

In this paper, the causes that led to the credit crunch, which played a key role in conveying the crisis to sovereign debt crisis are to be examined and reported. With simple and illustrative way, it will be made an attempt to analyze and understand the reasons, which brought the financial system to the brink of destruction. By the fall of 2008 everyone thought that the crisis started from the Wall Street and affected all financial markets globally would be limited to the financial sector. After the collapse of Lehman Brothers in September 2008 the credit crunch took dimensions of global phenomenon. The role of the savior played several countries. The price of the rescue was several countries to have increased their debts. But the crisis itself has highlighted cases and countries facing debt problems prior to this, which were inflated during this period. The factors that compose the multiple forms of crisis are divided into two phases: The credit crisis, the sovereign debt crisis.

This Thesis Paper asks the crucial question of whether the European Financial Integration is possible or not during the Economic Crisis. In order for the current situation of the economic and the political dispute across Europe to be understood, one shall closely examine the history and evolution of the Union, as well as the progress of the establishment of institutions concerning the financial policies. Thus, a close and detailed analysis of the evolution of the EU throughout history is considered notable for our question to be answered.

The article deals with Cuban foreign policy during the 1980s, and in particular with Fidel Castro's campaign against Latin American foreign debts. It shows how that campaing allowed Cuba to pull out of isolation even when Latin America seemed closest to the "Washington consensus".

Rosa Luxemburg Stiftung (RLS) Brussels, European Network on Debt and Development (Eurodad) International Conference. Alternative Solutions to Debt Crisis. 6-8 March 2014 in Brussels. Speaker on Debt and Arab Uprisings Panel.

http://www.eurodad.org/Entries/view/1546207/2014/05/15/Alternative-Solutions-to-the-Debt-Crisis-Conference-Report

In this paper, the causes that led to the credit crunch, which played a key role in conveying the crisis to sovereign debt crisis are to be examined and reported. With simple and illustrative way, it will be made an attempt to analyze and understand the reasons, which brought the financial system to the brink of destruction. By the fall of 2008 everyone thought that the crisis started from the Wall Street and affected all financial markets globally would be limited to the financial sector. After the collapse of Lehman Brothers in September 2008 the credit crunch took dimensions of global phenomenon. The role of the savior played several countries. The price of the rescue was several countries to have increased their debts. But the crisis itself has highlighted cases and countries facing debt problems prior to this, which were inflated during this period. The factors that compose the multiple forms of crisis are divided into two phases: The credit crisis, the sovereign debt crisis.

The year 2022 marks the fortieth anniversary of the 1982 Mexican debt crisis, the first of a long series of financial turbulences that would soon spread to most of the developing world and beyond. Ever since, international historiography has produced a wide arrange of analyses that, despite their diversity, came to see the 1980s international debt crisis as a momentous event through which the United States and Western Europe reimposed their financial hegemony over the decolonised world and socialist camp. The contributions to this special issue of Middle Eastern Studies primarily aim at reassessing the process that brought economic neoliberalism throughout the Middle East and North Africa (MENA) in the context of debt crises. In particular, they challenge ‘teleological’ views that see the opening to market economy as a result of the creditors’ agenda, thus depriving actors in debtor countries of their agency. The essays published herein explore the levers, instruments and policy-making process to which debtor states resorted to shape their own integration process in the global neoliberal economy.

Çalışma, üç bölümden oluşmaktadır. Giriş bölümünün ardından ilk bölümde dünyada yaşanan borç krizlerine ve Türkiye’nin 1900’lü yıllarda yaşadığı borç krizlerine değinilmiştir. İkinci bölümde literatürde yer alan borç krizi tanımlarına yer verilmiştir. Üçüncü bölümde ise, ikinci bölümde belirlenen tanımlamalardan elde edilen borç dinamiklerine ait çeşitli gösterge ve eşik değerler göz önüne alınarak Türkiye’nin borç krizinde olup olmadığı belirlenmeye çalışılmış ve ardından sonuca gidilmiştir.

Bazı Avro bölgesi ülkelerinde son üç yılda hızla derinleşmiş olan kamusal borç krizi, 2006’dan bu yana yaşanan küresel ekonomik krizin temel bileşenlerinden biridir. Güncel küresel krizi yaratan söz konusu bileşenler Kibritçioğlu (2011)’de kısaca açıklanmış ve birbirleriyle ilişkilendirilmişti. Yazarın önceki çalışmasının bir devamı niteliğindeki bu makalede ise, başta İrlanda, Yunanistan ve Portekiz olmak üzere bazı AB ülkelerinde ortaya çıkan borç krizinin tarihî ve politik kökenleri, özellikle Avrupa Para Birliği’nin 1990’ların sonlarındaki nihai oluşum ve “tek para”ya (Avro’ya) geçiliş sürecindeki akademik tartışmalar da dikkate alınarak irdelenmiştir. Çalışmada, ayrıca, hâlâ sürmekte olan borç krizinin çözümüne yönelik olarak AB’nin elindeki olası (veya “geriye kalan”) politika seçenekleri de tartışılmıştır. Sonuç olarak, zamanında Avro’nun yürürlüğe sokulmasının vaktinden önce alınmış politik bir karar gibi gözükmesinde olduğu gibi, bugün borç krizinden çıkılması ve/veya krizin diğer Avro Bölgesi ülkelerine yayılmasının önlenmesinin de, ancak (geç de olsa) AB’nin (özellikle Almanya ve Fransa yöneticilerinin) alacağı bazı kısa ve uzun vadeli kapsamlı politik kararlarla mümkün olabileceği ileri sürülmektedir.

This books reframes the relation between economy and religion along an original genealogy spanning from the early Christian theology to the contemporary studies on debt. Contra Weber and Freud, the current governance of debt is not explained with the traditional schema of repression but as the exploitation of the positive capacity of ascesis. This book in fact criticises the typical conservatorism of political theology (including Agamben) and aims to liberate ascesis against capitalism. Such a philosophical program of agnostic asceticism follows closely the pagan ‘care of the self’ addressed also by the late works of Foucault.

One certainty about power is that it always comes to an end. No matter what kind of power it is or how long it lasts, it will come a time when it is over. The International Monetary Fund (IMF) had an impressive power over Latin American countries during a crucial time of its history, the early 1980s, just when the region started to resume the constitutional path after a period of authoritarian rulers.

This article offers a first person account of women’s mobilization against banking and microfinance sectors in Kyrgyzstan. It
focuses on the key factors for the evolution of the anti-debt movement, and women’s political strategies to problematize
interest and to denaturalize the discourse of financial inclusion. For many years, the financial industry has operated
a gendered process of neoliberal capital accumulation under the guise of empowerment that has produced tensions
between transnational capital and marginalized women. Building upon Bourdieusian ideas on social movements, the study
shows the significance of strain and situational definition in the formation of the anti-debt mobilization. The article uses
in-depth interviews with the leaders and activists of the anti-debt movement and borrowers to explore how gender,
class and capital were intertwined. It contributes to the literature on post-Soviet politics by challenging the dominant
elite-centered frameworks, which are inadequate to explain local movements and gendered activism.

The global financial crisis of 2008 resulted in a foreign-currency (forex) loan crisis in Hungary,
leaving several hundred thousand people in the risk of losing their home. Following the crisis
a small group of borrowers started to mobilize, and soon founded diverse organizations to
address their situation. Drawing on extensive ethnographic fieldwork this thesis is about these
debtors’ struggles for housing. It is about their claims and their critiques. However, these
struggles are also about much more than housing: they are struggles for citizenship, for the right
to be decommodified, and for being recognized as legitimate political subjects. This thesis
mostly draws on two concepts, that of citizenship and that of civil society. I consider debtors’
struggles as acts of citizenship – as struggles for the right to be decommodified and for the right
to have political voice. Nevertheless, my intention is to think about these acts of citizenship as
being embedded within a historically bound and relational space: civil society. Through this
conceptualization, this thesis aims to go beyond the narratives which describe debtors’ struggles
as ‘neonationalist’, and to show how citizenship is also characterized by more than a mere
relation to the state. My empirical data demonstrate that apart from contesting the elite-state
projects and the emerging welfare regimes, debtors’ struggles are also positioned by and
devoted to challenging the hegemonies within civil society and the country’s global capitalist
integration.

Paper presented at 'Practicing Theory - ASCA International Workshop and Conference 2011', Amsterdam School for Cultural Analysis, University of Amsterdam, 2nd-4th March 2011 https://asca.uva.nl/programme/archive-conferences/asca-international-workshop-2011-practicing-theory/asca-international-workshop-2011-practicing-theory.html?1583659550967

Son beş yılda dünya ekonomisinde yaşanan “kriz”, sadece Amerika Birleşik Devletleri’ndeki konut finansman piyasasında 2006-07’de hızla gelişip patlak veren ve özellikle 2008 sonbaharından itibaren küreselleşen “Büyük Durgunluk”tan oluşmuyor. Onun yanı sıra, 2006-2011 yıllarında dünya, daha önce eşine pek rastlanılmamış karmaşıklıkta bir finans, ticaret, dış borç, küresel ısınma, enerji, gıda ve yoksulluk/açlık krizi ile karşı karşıya. Bu bağlamda, bu yazının amacı, söz konusu küresel ekonomik kriz(ler)in temel uluslararası bileşenlerinin neler olduğunu kısaca sergilemek ve bu kriz(ler)i besleyen ve karmaşıklaştıran kaynakların birbirleriyle olası etkileşim kanallarını kabaca (ve şematik olarak) özetlemek.

Analytical Liberalism (AL) predicates that preferences emerge from domestic actors and that domestic politics must addressed before any obstacles facing a state can be understood. NCR, rather, is more persuasive in its explanation of foreign policy outcomes during Obama’s presidency because it accepts that the international system is constrained, influenced and shaped by state behavior, and also maintains that domestic-level variables and elite perceptions act as intervening variables thus influencing state foreign policy. The NCR perspective also predicted that a state would pursue a more restricted, cautious foreign policy if it has experienced a decline in relative power. This reflected the Obama administration’s filtration of systemic-level imperatives through the lens of elite perceptions and domestic politics. While the DSG sought to respond to the systemic-level threats posed by China and Iran, it was constrained and shaped by the domestic politics of the fiscal crisis and the Budget Control Act, as well as the worldview of the president and his advisors. By examining systemic, domestic, and elite influences affecting the U.S. in 2012, this paper demonstrates that the DSG illustrates the core principles of NCR.

Chapter 6, of the staff report “THE DEBT CHALLENGE: WESTERN HEMISPHERE'S RELATIONS UNDER PRESSURE, by Eduardo Dutra Aydos - Legislative Fellow of the National  Democratic Institute for International Affairs’, assigned to the Senator John Kerry´s Office. U.S. Senate, Washington D.C., December 30, 1985. (The full text and related staff reports by this author, to the consideration of Senator John Kerry, are shared at the site of the academia.edu, through the link: https://www.academia.edu/36886405/STAFF_REPORTS_FOR_SENATOR_JOHN_KERRY_A_CHRONOLOGICAL_INDEX_ON_THE_PROSPECTS_OF_THE_INTERNATIONAL_DEBT_CRISIS_SOLUTION.)

In the present essay we review a set of enquiries and reports that were realized and published as a result of the major financial crises of the past and of the contemporary era. These documents generally address the issue of the causes of collapse of bank and capital markets but also shed light on regulations proposed at different points in time to improve financial stability. We begin with reference to extensive hearings published by the British Parliament following what may be termed the first global financial crisis in 1873 and, then, proceed to a discussion of official reports on the crises of 1907, 1929 and above all that of 2008, which has produced the greatest outpouring of these types of publications. It is our hypothesis that one important avenue for a historical understanding of the great financial debacles of the past consists in a careful evaluation of official literature and documents that can complement the theoretical approaches of economists in search of explanations for these events.

During the 1980s, virtually all major Latin American countries were involved in a vicious cycle of indebtedness, hyperinflation, austerity, stagnation and new indebtedness. The immediate causes, and the size of the debt itself, varied from country to country, but the analogies prevailed to the point that the 1980s entered Latin America’s collective memory as ‘the lost decade’. This article uses the Latin American debt crisis as a sort of local prism to interpret the global significance of the very different attitudes taken on the occasion by the United States and the Soviet Union. In general, the story of the Latin American debt crisis highlights that a US-centred unipolar order had already emerged in a vast area of the Third World, almost one decade before the ‘official’ end of the US-Soviet bipolar confrontation.

Between 1982 and 1989, the International Monetary Fund (IMF) acted as a third-party in a total of 109 debt restructurings between 41 debtor states and their creditor banks. At its core was the old Stand-By Arrangement, i.e. the standard IMF instrument for conditional lending to member-countries. The SBA was thus transformed into a three-way, voluntary arrangement that de facto rested on a rule of mutual veto. This self-sustained, though largely ad hoc procedure asked however that all hard-law or contract-based rules that could have shaped restructurings were systematically ignored. This article analyzes: i) how this regime emerged during the 1970s, by way of trial and error; ii) how it worked after the 1982  Mexican crisis and how it was accounted for and justified.