Argentina is experiencing another recession, this time under right-wing president Mauricio Macri, who has once again turned to the International Monetary Fund (IMF) for help. Will this time be different?
While it is still early in the process, it appears that Grenada is embarking on a hopeful quest to restructure its debt without undertaking the traditional demands of significant cuts to public sector budgets and widespread privatization programs. What makes Grenada’s position important is that the government has not been negotiating with the IMF in the traditional antidemocratic manner. Instead, the people are playing a crucial role in this consulation.
Belize, like much of the Caribbean, is trapped between high debt and a foreign economic environment hostile to the implementation of progressive economic reforms. On September 21, Belize won a 60 day reprieve after a partial debt payment of $11.7 million, which avoided their descent into a full blown default.