Tag Archives: loans

IMF has made €2.5 billion profit out of Greece loans

By Jubilee Debt Campaign

Ahead of the payment of €462 million by Greece to the IMF on Thursday 9 April, figures released by the Jubilee Debt Campaign show that the IMF has made €2.5 billion of profit out of its loans to Greece since 2010. If Greece does repay the IMF in full this will rise to €4.3 billion by 2024.

Read more » Jubilee Debt
See more » http://jubileedebt.org.uk/news/imf-made-e2-5-billion-profit-greece-loans

Desis stay away from Occupy Wall Street

by Dr. Qaisar Abbas

Excerpt;

While the American silent majority has spoken lodging its protest throughout America, the so-called model minority of Desis seems to be in a state of perpetual silence. The affluent are part of a capitalist system which they cannot afford to oppose anyway. On the other hand, the disadvantaged communities of the diaspora are so isolated from the American society; they do not feel to be part of a grassroots movement …

…. The grassroots agitation against the exploitative capitalist system is challenging the powerful businessmen, financial institutions and politicians in the United States. The recent issue of the progressive journal “The Nation” reports the deplorable economic conditions in the United States in these figures:

  • Twenty five million Americans are unemployed who are desperately looking for jobs
  • While corporate CEOs are paid handsomely, wages of 70% Americans without college education are declining
  • One in 6 American lives below the poverty line
  • One in four homes, considered to be the largest asset for most Americans, is at the verge of foreclosure and eviction by banks for nonpayment of mortgage loans
  • Fifty million people are unable to afford health insurance as healthcare costs are soaring
  • The economy works well for the rich 1% who control 40% of the wealth
  • Multinationals have conveniently transferred domestic jobs in other countries to reduce production costs
  • The rising cost of education is becoming unbearable for youth and they are burdened with a record high education loans ….

Read more » ViewPoint

Occupy Wall Street (OWS) movement

The Guys in the 1% Brought This On

By Barbara Ehrenreich

Excerpt;

…. So the “99% versus the 1%” theme is beginning to look like an acute class analysis after all, and it’s the guys in the 1% who made it so. Over the years, they have systematically hollowed out the space around them: destroying the industrial working class with the outsourcings and plant closures of the ’80s, turning on white collar managers in the downsizing wave of the ’90s, clearing large swathes of the middle class with the credit schemes of the ’00’s—the trick mortgages and till-death-do-we-part student loans.

In the ’60s we dreamed of uniting people of all races and collar colors into “one big working class.” But it took the billionaires to make it happen.

Read more » The Progressive

First time in the democratic history of Pakistan – Public Accounts Committee calls for report against three retired generals

PAC calls for report against three retired generals

By Kalbe Ali

ISLAMABAD: For the first time in the country’s democratic history, the Public Accounts Committee of the National Assembly has directed the defence ministry and the GHQ to submit a report on corruption charges against three retired generals.

The generals were allegedly involved in misadventures in the stock exchange which caused a loss of about Rs2 billion to the National Logistics Cell (NLC).

A meeting of the PAC held here on Saturday also took notice of the killing by Rangers personnel of an unarmed youth in Karachi and officials of the interior ministry informed the committee that activities of Rangers were being monitored.

The meeting, presided over by Chaudhry Nisar Ali Khan of the PML-N, asked the defence ministry to submit the report on NLC scam to the PAC Secretariat by June 30.

Saeed Zafar, a member of the PAC, said the committee had been waiting for the past seven months, but the GHQ was to submit its report on the scam to the committee.

The defence ministry officials said the GHQ had already completed its inquiry into the scam and would soon forward a report to the ministry.

“The three retired army general and a bureaucrat need to be brought to justice,” Chaudhry Nisar said, adding: “I have also told the army chief that the inquiry has to be in light of three audit reports already conducted into the NLC affairs.”

The NLC is a subsidiary of the Planning Commission but has traditionally been dominated by the army. It is being headed by a serving major general and various army officers are working as his subordinates.

According to an audit report, the NLC management had obtained illegal and unauthorised loans of Rs4.3 billion between 2004 and 2008 for investment in the volatile stock market and suffered a loss of Rs1.84.

The PAC chairman told the defence ministry officials that obtaining the report from the GHQ would not be a problem. “Gen Ashfaq Kayani has already assured me,” he said.

At an earlier meeting of the committee, NLC Director General Maj-Gen Junaid Rehmat had said the NLC was paying Rs2.7 million per day as mark-up on the loans illegally obtained for investment in the stock market.

SC BUDGET AUDIT: The PAC was informed by its secretariat that it had written to the Supreme Court chief justice a letter complaining that despite repeated requests the court registrar was not appearing before the committee to inform it about the audit of SC budget.

The PAC has been asking the Supreme Court to get its audit done as per regulations. ….

Read more: → DAWN.COM

PAKISTAN IN CRISIS

Ahmed Rashid, Author and Journalist

With the recent assassination of Salman Taseer, governor of the province of Punjab, one of the strongest voices for democracy and secularism in the Pakistan People’s Party has been silenced. The government is in crisis, and the economy has been in freefall since the International Monetary Fund halted its loans to the country last year. Ahmed Rashid warns that the situation in Pakistan is potentially worse than in neighboring Afghanistan. This unrest comes at a crucial time when the United States is seeking increased cooperation with Islamabad on the war in Afghanistan and combating terrorism. What is the future of Pakistan’s partnership with the United States, and what will be Pakistan’s role in defining regional order before NATO pulls out of Afghanistan in 2014? …

Read more : The Chicago Council