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The group also launched a virtual reality and photo exhibition of how the crisis is impacting the lives of compatriots living in conflict-stricken areas, which is being held at Jabi Lake Mall in the capital of Abuja until 15 August. Over the last decade, the conflict has claimed the lives of some 27, civilians and devastated entire communities, villages and towns across the three most-affected states.
Today, the ongoing humanitarian crisis remains among one of the most severe in the world with 7. The humanitarian community has significantly scaled up collective efforts in recent years and reached nearly six million people with life-saving assistance in Skip to main content.
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Things do not look better in the private sector. The quantitative easing policies that central banks in the global north have implemented to relieve private banks from pressure has unleashed a tsunami of speculative capital flows to the global south. It has triggered a lending boom that has pushed poor countries into a new debt trap.
The IMF reports that only one in five low-income countries LICs can now be considered to be at low risk of debt distress. The positive impact of the Heavily Indebted Poor Countries initiatives since the s has been undone.
10 years after the financial crisis, have we learned anything?
The creditor landscape has become ever more complex, and even low-income countries have started to use innovative financial instruments such as Eurobonds or collateralised loans — mortgaging their future export revenue. These loans are extremely difficult to restructure. Innovations in financial regulation have been insufficient. While the European Commission is proud to report, for example, that it has put forward more than 50 major files for financial regulation in response to the crisis, these have largely been missing the point. No debt resolution mechanism has been introduced to reduce debt when needed, to deleverage the economy and to address debt crises in a sustainable manner.
Attempts at United Nations level to create such a mechanism have not been fruitful either. Instead, irresponsible banks can still rely on being bailed out if they get into trouble.
Indeed, the fact that the banks were bailed out has allowed for business as usual and can be seen as one of the main reasons why a more substantial change or transformation in the financial system has not taken place. While the consequences of a non-bailout certainly would have been severe, it is perhaps what the world needed to wake up and take action. Urgent action is needed in particular to protect vulnerable developing countries. Just as the 10th anniversary of the crisis looms, the currencies of Argentina and Turkey have crashed, indicating the arrival of a new emerging market crisis.
The financial crisis – 10 years on | Bank of England
Private corporations and banks in these countries have borrowed heavily in foreign currency and now foreign investors are pulling out their money. If no international solution is found to prevent debt crises, developing countries should at least start with unilateral measures , such as effective capital controls against speculative flows, or by introducing caps on foreign currency lending. Ten years after the collapse of Lehman Brothers, the financial industry continues to hold citizens and whole nations hostage.
On 15 September, join activists across the world by standing up in protest. Eurodad: Rue d'Edimbourg, 18 - 26, Mundo B building 3rd floor. Development Finance Institutions.
Debt resolution. Stop Tax Dodging Campaign. Aid Quantity. United Nations Processes. International Financial Institutions. Financial Crisis 10 years on — How the response to the last crisis laid the foundations for the next.
Bodo Ellmers. Tweets by eurodad. This website was created and maintained with co-funding from the European Union.