Category Archives: Europe

Michael Hudson: Europe Tilts East Towards China

The sudden rush of countries joining China’s infrastructure bank, including supposed US allies like the UK, Germany, and France, demonstrates the desire of not just emerging but also advanced economies to have access to international institutions that are not dominated by the US. Whether the infrastructure bank actually winds up being better, as opposed to simply different than existing institutions remains to be seen. But as Hudson describes, the World Bank sets a low bar.

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John Helmer: IMF Loan to Ukraine Props Up Failing Banks, Enriches Oligarchs

One reason for our continued coverage of the IMF generosity to Ukraine isn’t simply to demonstrate how the institution is bending its rules to support US adventurism. It’s also to highlight the striking contrast with the treatment of Greece. While Greece has a class of oligarchs that specialize in tax-evasion, Ukraine is widely recognized as a spectacularly corrupt country, to the degree that it makes Greece look like a paragon of virtue.

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John Helmer: IMF Makes Ukraine War-Fighting Loan, Allows US to Fund Military Operations Against Russia, May Repay Gazprom Bill

For the first time, an IMF loan is funding a country at war, and one that is an impossible basket case economically. It’s hard not to conclude that the IMF largesse served to solve the wee problem of getting Congress to approve funding for US adventurism in Ukraine.

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