Tag Archives: austerity

South Africa in the age of austerity

While the battle against austerity in Europe has entered a decisive phase — with the election of the radical-left Syriza in Greece — the term is seldom heard with reference to South Africa. Despite this, and the global discrediting of austerity, Finance Minister Nhlanhla Nene’s recent budget can only be described as austere. Austerity refers…

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Latvia and the politics of permanent austerity

In 2008 Latvia was hit by the economic crisis that saw its economy shrink substantially. In the fourth quarter of 2008 alone, Latvia’s GDP slumped by 10.5% compared to the same period in 2007. Prior to the financial crisis, the Latvian economy had been growing rapidly for a number of years. In response to its…

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Greece, an African tragedy

When the troika (the IMF, European Central Bank and European Commission) rode into town, the Greeks didn’t have to look far too to see what impact the troika’s policies would have on them. Just across the Mediterranean lay an entire continent littered with examples of failed IMF policies. Greece has, in essence, become another African…

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The World Bank’s ‘development’ delusion

When Jim Yong Kim took the helm of the World Bank in July, progressives in the development community hailed it as a turning point in the fight against poverty: for once the bank is headed not by a US military boss or a Wall Street executive, but by an actual expert in the field of…

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Eurozone crisis: Where things stand

On Tuesday, President Jacob Zuma’s office announced that South Africa will contribute $2-billion (R16.3-billion) to an international fund created to bail out Europe’s debt-stricken nations. The government’s pledge is part of a $75-billion commitment from the Brics nations – Brazil, Russia, India, China and South Africa – to help bolster a $456-billion rescue fund administered…

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Rebuilding the Eurozone brick by Bric(s)

Europe is in crisis. After a reasonably calm last few months, massaged by a trillion-euro stimulus from the European Central Bank, it seems as if the dark clouds are once again forming over the continent. This comes after the news that Spain’s bond yields have skyrocketed based on concern that the country (which is the…

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