Word: imf
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Dates: during 2000-2009
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...week-long mutiny over army reform. Thousands of soldiers and students held demonstrations in the capital, Port Moresby, after Prime Minister Mekere Morautu initially refused to meet with the rebels. They were protesting plans to halve the size of the army as part of economic reforms backed by the imf and the World Bank. After a meeting between their leaders and Morautu, the soldiers agreed to hand back weapons they had seized but demanded that the government expel Australian and other foreign advisers and recall parliament...
...Turkey-which had been getting on with an $11.4 billion IMF-backed program-economic reform means not just taking unpopular austerity measures but also transforming the entire state sector, removing it as a place of plunder and patronage by the political establishment. Turkey's state-owned banks serve the political machine, writing off debts as political favors. As a result, accumulated losses are staggering. For the two largest banks, the figure comes to $20 billion...
...Well, Turkey was on a short leash already. The IMF has already provided a $11.4 billion bailout package, with the condition that Turkey reform its banking system. This was a sign that reform - and the political stability that's needed to pull it off - could be in serious trouble...
...country faces immense challenges. Even before charges were filed against Estrada, sending the peso into a death spiral, economic growth had stalled while debt had soared to record levels, throwing new IMF relief into doubt. Graft and corruption remain endemic in the Philippines, and they were focal points in Estrada's trial. Century-old demands by Muslim secessionists for an independent Mindanao had quieted at the end of the previous presidency, Fidel Ramos', but flared anew under the erratic management of the Estrada administration. But that...
...globalization: the enrichment of multinational corporations at the expense of the environment and the poor. An affiliation of activist organizations coalescing as the Mobilization for Global Justice, the group showed up again later in the year to disrupt a monetary conference in Melbourne, Australia. Just as graphic as the IMF protests, and hitting closer to home, was the violence associated with the Firestone tire problem. On Aug. 9 the U.S. subsidiary of Japan's Bridgestone Corp. said it was voluntarily recalling 6.5 million Firestone tires owing to safety concerns. If you owned a Ford Explorer, the country's best-selling...