Multilateral Banks

Pittsburgh -- In a speech today to the Ninth World Steel Conference in Prague, Czech Republic, United Steelworkers of America (USWA) international president Leo W. Gerard assailed the U.S. Treasury for supporting International Monetary Fund (IMF) financing plans for developing countries that exploit workers, drive up the U.S. trade deficit, and wipe out millions of American manufacturing jobs.
But these jujitsu tactics may be running out of steam. Political momentum against the IMF ratcheted up in recent weeks, when the Meltzer Commission, a bipartisan advisory commission to the U.S. Congress, released its report.
Every year the World Bank and its regional counterparts such as the Asian Development Bank, the Inter-American Development Bank, the African Development Bank, and the European Bank for Reconstruction and Development, collectively known as Multilateral Development Banks (MDBs), lend $45 billion to the so-called ''developing'' world.
Activists, businessmen and government leaders met on Tuesday in the shadow of the U.N. Millennium Summit, agonizing over the future of economic globalization following the disruption of the WTO in Seattle and how to narrow the widening gap between rich and poor.
April's big business-led coup in Venezuela failed, where international finance's coup in Argentina in recent months has succeeded. Greg Palast gives us the inside track on two very different power-grabs.
Police arrested 32 protesters who sat down and linked arms to obstruct the 1900 block of L Street NW during rush hour this morning. The demonstrators were part of a group of 200 who marched and chanted for "global justice" and for the rights of local parking attendants to join a union.
Police used unconstitutional tactics and abused their authority when they arrested hundreds during the weekend anti-globalization protests, activists charged. Police arrested more than 650 people in three days of protests coinciding with the annual World Bank and IMF meetings.
An Oxford economist has a new and potentially powerful idea: setting up an voluntary international charter to guide transparency efforts in resource-rich developing countries, in order to stave of corruption.
The director of the International Monetary Fund said Monday he is confident that authorities in Prague are ready to handle possible riots during the IMF and World Bank meeting that will be held in the Czech capital in September.
Hospital admissions arising from unsafe abortions in Argentina rose 50 percent in five years, and multiplied by a factor of 2.5 in some provinces -- a lethal consequence of the economic crisis and soaring poverty.