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Debt sustainability under scrutiny: the blind spots in the new IMF programme for Ukraine
While Washington debates global financial stability next week during the IMF and World Bank Spring meetings, the failure of the previous Ukraine debt strategy is becoming apparent in the shadow of the new IMF Ukraine program. The IMF's Resignation: One Billion Dollars a Year for Pre-War Investors In February 2026,…
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Rights instead of Deals! Speech at the climate strike on World Day of Social Justice
On February 20, to mark the World Day of Social Justice, erlassjahr.de/Jubilee Germany joined the climate strike in DĂŒsseldorf mobilized by Fridays for Future. Our colleague Malina Stutz gave a speech about debt and climate justice, and the need for a rights-based international financial order. Here is the translated version…
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RESET WITH SIDE EFFECTS: THE FAILURE OF VOLUNTARY DEBT RESTRUCTURING IN THE CASE OF UKRAINE
On December 18, 2025, it was announced that Ukraine had agreed - after lengthy negotiations with a group of pre-war investors - to restructure USD 2.6 billion in debt known as âGDP warrantsâ (see Box 1). The debt restructuring came after Ukraine had already reached an agreement with other pre-war…
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Sovereign Debt Crises as a Threat to Workersâ Rights: Speakerâs Tour with Akhator Joel Odigie (ITUC Africa)
Workers in the Global South are particularly affected by sovereign debt crises. Addressing these crises is therefore also a key issue for trade unions in the Global South. At the end of October 2025, Akhator Joel Odigie, General Secretary of the International Trade Union Confederation in Africa (ITUC-Africa), visited Germany.…
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Global Sovereign Debt Monitor 2025: Global external debt on a dramatically high level
The Global Sovereign Debt Monitor 2025 shows: More than half of public budgets in low- and middle-income countries are heavily or very heavily burdened by the debt service they have to pay to foreign creditors. The 4th International Conference on Financing for Development (FfD4) 2025 in Seville offers an opportunity…
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Ukraine: Western aid money could vanish into hedge fund accounts
In the midst of Russiaâs war of aggression, Ukraine faces the risk of having to pay out billions to holders of pre-war private claims. The claims relate to bonds whose payout is linked to the growth of Ukraine's economic output (GDP warrants). After the sharp decline of the Ukrainian economy at the…
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Ukraine: Debt and bizarre ideas
The re-elected U.S. President Donald Trump views the war in Ukraine differently from his predecessor. He does not care about the support of a country that has been unlawfully invaded, just as he is does not care about the defense of a parliamentary democracy against an autocrat. Whether it is…
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Sri Lanka: Hamilton Bank blocks debt restructuring
In the context of multiple crises, Sri Lanka had to suspend its repayments to foreign creditors in spring 2022. Since then, the Southeast Asian Island state has conducted various debt restructuring negotiations. In June 2024, Sri Lanka reached an agreement with the majority of its public creditors, including the German…
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CAPITAL WINS â DEMOCRACY AT RISK PART II: INTERWOVEN POWER STRUCTURES IN INTERNATIONAL DEBT RESTRUCTURINGS
Sri Lanka has voted â but the new left-wing president, Anura Kumara Dissanayake, has limited room for political maneuver. He took office promising to renegotiate the loan program with the IMF and the ongoing debt restructuring negotiations. However, just two weeks after taking office, he backed down and accepted a…
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CAPITAL WINS â DEMOCRACY AT RISK PART I: SRI LANKA’S NEWLY ELECTED LEFT-WING PRESIDENT BACKS AWAY FROM HIS DEBT AGENDA
Sri Lanka has voted. However, high debt service payments and strict IMF conditions severely restrict the newly elected president's scope for political action â with serious social consequences and the risk of undermining the population's trust in democracy. Elections After Two Years Of Interim Government More than two years after…
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