Has the IMF Annexed Ukraine?

[marmar]

via truthdig:



Michael Hudson, an economist at the University of Missouri-Kansas City and author of the upcoming book “Killing the Host: Financial Parasites and Wall Street’s War on Capitalism,” says the terms attached to the loans made by the IMF to Ukraine are likely to turn its people into penniless debtors of international banks.

In the video above, Sharmini Peries at The Real News Network asks Hudson, “In a recent interview [by former State Department official James Carden] published in The National Interest magazine you said that most media covers Russia as if it is the greatest threat to Ukraine. History suggests that the IMF may be far more dangerous. What did you mean by that?”

Hudson responds, “Well, the terms on which the IMF make loans, first of all, are based on austerity. The terms require more austerity and a withdrawal of all public subsidies. Now, you have the Ukrainian population absolutely devastated. The only result of the IMF’s austerity program, the conditions that it’s laying down for making loans to Ukraine, is you have to repay the debts, but you don’t have the ability to repay the debts. So there’s only one way to do it, and that’s the way that we’ve told Greece and other countries to do. You have to begin selling off whatever you have left of your public domain. Or you have to have your leading oligarchs take on partnerships with American or European investors so that they can buy out into the monopolies in the Ukraine.

“So essentially, the IMF has a two stage, one-two punch. Punch number one is: ‘Here’s the money, now you have to repay us after cutting back public spending and causing a depression.’ The two punch is: ‘Oh, you can’t pay us? I’m sorry that all of our projections are wrong.’ ...................(more)

The complete piece is at: http://www.truthdig.com/avbooth/item/has_the_imf_annexed_ukraine_20150214

[djean111]

1. Exactly. Exactly. Gosh, what country wouldn't want this to happen?

Something I hated to hear from Obama - public/private partnerships to rebuild infrastructure.
This will be nothing more than privatizing profits and socializing losses. And high tolls and tariffs. IMO.

[sabrina 1]

2. Yes they have and Ukraine can now look forward to having its sovereinnty and national

assets stolen by Oligarchs, see Greece, Portugal, Spain, Ireland, and all of its Social Programs slashed.