International Monetary Fund (IMF)

There is a tense stand-off right now between Greece's government and the so-called troika — the European Commission, the European Central Bank (ECB), and the International Monetary Fund (IMF). ECB President Mario Draghi recently went so far as to deny that his institution was trying to blackmail Greece's left-wing anti-austerity government. But blackmail is actually an understatement. It has become increasingly clear that the troika is trying to harm the Greek economy in order to raise pressure on the new Greek government to agree to its demands.

What does the victory of radical left party SYRIZA in Greece's January 25 elections mean for politics in Europe, at Europe-wide and national levels? Both levels are closely intertwined, and since SYRIZA’s win have been having rapid feedback effects on each another. Across Europe, the reverberations of SYRIZA’s win are being felt with rising force, both in “peripheral” Europe, but also in the German-led European Union “core”.

Although the International Monetary Fund (IMF) claims it is part of the solution, the IMF is really part of the problem of underdevelopment and it has been for decades. The latest proof is that the conditions imposed on countries in need have had serious impacts on the development of these countries’ public health services. In some countries, this means letting epidemics destroy the lives of thousands of people. The latest example involves the Ebola epidemic.

The United Nations General Assembly met after World War II in 1948 and committed to 30 articles on human rights. The Universal Declaration of Human Rights (UDHR) has been signed by most nations and serves in many cases as a legally binding document on human rights. Article 25 in the UDHR says: “Everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing, and medical care.”

A visiting International Monetary Fund official urged ministers in the Romanian capital of Bucharest to rebuff union demands for an increase to the minimum wage, the Morning Star said on October 20. The monthly minimum wage in Romania is just 600 lei (less than $200). But IMF mission chief Jeffrey Franks, in Romania to review the right-wing government’s progress in implementing an austerity program in return for a major IMF loan, warned any increase in the minimum wage would discourage bosses from hiring new staff.

For five centuries, Africa has suffered at the hands of the West. Starting with the slave trade, through the colonial era, to today’s neoliberal global economy, the development of industrial capitalism in the West has come at a terrible price paid by Africans. Food riots in Mozambique early this month and looming mass starvation in Niger after floods that were preceded by years of drought both reflect the ongoing economic exploitation. However, they also reflect another creation of the industrialised West adversely affecting Africa: climate change.

The proposed “bail-out” of the Greek economy by the International Monetary Fund (IMF) and European Union (EU) has set off a huge struggle with worldwide implications. On May 5, as Greek parliament debated the IMF-EU package, half a million people took over the streets of Athens as part of a nation-wide general strike. It was Greece’s largest demonstration in 30 years.