Brics Break Through

Brics nations threaten IMF funding

Leaders of the world's most powerful emerging economies have threatened to withhold additional financing requested by the International Monetary Fund to fight the European sovereign debt crisis unless they gain greater voting power at the Fund.
Meeting in India on Thursday, the heads of state from Brazil, Russia, India, China and South Africa expressed frustration at the slow pace of reform at the Washington-based multilateral lender, historically dominated by Europe and the US.
In a joint statement, the so-called Brics nations said there was an urgent need to "better reflect economic weights" .

“We stress that the ongoing effort to increase the lending capacity of the IMF will only be successful if there is confidence that the entire membership of the institution is truly committed to implement the 2010 reform faithfully,” the said. The Fund’s shareholders agreed in 2010 to shift more of its voting weight towards emerging markets nations, but the US has not passed enabling legislation.
The leaders also criticised western countries for their poor handling of the global economy in the aftermath of the financial crisis.  http://www.ft.com/cms/s/0/a3b88472-7982-11e1-8fad-00144feab49a.html#ixzz1riJjB4uv

Human Rights Day for all South Africans

 The Sharpeville massacre picture

South Africa's Human Rights Day, 21 March – declared International Day for the Elimination of Racial Discrimination by the UN – is synonymous with an innocuous but historic township, Sharpeville, situated between the industrial cities of Vanderbijlpark and Vereeniging about 50 kilometres south of Johannesburg.  On this day this day the police killed 69 people at Sharpeville who were participating in a protest against the pass laws. Many were shot in the back and180 people were injured who refused to carry the hated dompas identity document that was meant only for indigenous Africans.  The carnage made world headlines. Four days later the government banned black political organisations, many leaders were arrested or went into exile.  For many South Africans, the day will always remain Sharpeville Day, a commemoration of the 21 March 1960 Sharpeville massacre The day, sometimes also referred to as Heroes' Day, was a watershed in the country's liberation struggle, hence its inclusion in South Africa's post-apartheid holiday calendar.

 http://www.southafrica.info/about/history/sharpeville.htm#ixzz1pyMLa03b

South Africa Human Rights Day is of critical importance in the lives of all South African citizens. Since South Africa has a long history of Apartheid, where thousands of African and other people of ethnic origins were tortured by the white ruling class, this day has come to be a symbol of human rights guaranteed to all.  During the Apartheid era there were human rights abuses by all sides; Human Rights Day is one step to ensure that the people of South Africa are aware of their human rights and to ensure that such abuses never again occur.  Its might be a a sad and painful memories to those who have lost their family and friends on that day, but we are free and have equal rights today because of their lives.   Although they are some South African citizens who still do not understand the reason we celebrate Human Rights Day, majority of this people is youth.  My question   today is how do we make them understand the reason why we celebrate this day, since they are the future of the country?  If we truly understand the principle of human rights, we cannot exclude anyone from today's celebration. Indeed, I challenge us to invite those whom we seldom see at national events to join us in celebrating Human Rights Day. 

But are we matured enough after 18 years of democracy to acknowledge the human rights of others, even those who live in our hearts, as equally worthy of protecting, respecting and celebrating? 

Greece Straves Off Bankruptcy

  

Greece

 Greece starves off bankruptcy with biggest debt deal in history

Over the last decade, Greece went on a debt binge that came crashing to an end in late 2009, provoking an economic crisis that has decimated the country’s economy, brought down a government, unleashed increasing social unrest and threatened both Europe’s recovery and the future of the euro. The debt crisis, sparked by years of overspending and waste, has left Greece relying on funds from international rescue loans since May 2010.  Austerity measures including repeated salary and pension cuts and tax hikes have led to record unemployment with more than 1 million people out of work, a fifth of the labour force.
The International Monetary Fund on Thursday approved a second rescue loan for debt-riddled Greece, joining the European Union again in an attempt to save the country from bankruptcy. The IMF executive board authorised a four-year, 28 billion euro ($36.7 billion) loan for Greece "in support of the authorities' economic adjustment program," the global lender announced. "Greece has made tremendous efforts to implement wide-ranging painful measures over the past two years, in the midst of a deep economic recession and a difficult social environment," IMF managing director Christine Lagarde said in a statement.

 However, the challenges confronting Greece remain significant, with a large competitiveness gap, a high level of public debt, and an undercapitalized banking system. The new Fund-supported program "will enable Greece to address these challenges while remaining in the euro zone," Lagarde said.  The IMF loan approval came days after euro zone ministers signed off on their part of a huge 237 billion euro rescue plan for Greece, that combines 130 billion euros in new financing and 107 billion euros of debt reduction by the private sector. 

The Greek economy was expected to exit recession only in 2014, not 2013 as forecast in December.  But with gross domestic product growth in the low digits beginning in 2014, Greece's public debt would be on track to meet the loan program's debt-to-GDP benchmark of below 120 percent by 2020.  The IMF projected debt would fall from 163 percent this year to 117 percent in 2020.

But with the support of the IMF, the EU and private creditors, Greece can overcome its debt problems and get its economy on the recovery track.  The the challenge here is that Greece would it manage to run the billions that they loan or the history of 2010 will repeat itself.  The Greek politicians are hoping to arrive at a solution by Sunday night, so the country can attend a meeting of euro zone finance ministers in Brussels Monday with a semblance of stability.  So let us wait for the feedback and stay posted.  http://thechronicleherald.ca/business/71863-greece-staves-bankruptcy-biggest-debt-deal-history

Cosatu Abolish Labour Brokers


 

COSATU Strike and Protest March

 Cosatu Abolish labour brokers

 Striking members of the Congress of South African Trade Unions (COSATU) march through the Durban city centre March 7, 2012. Tens of thousands of South Africans staged a one-day national strike on Wednesday, hitting mining production, as the biggest labour group in the continent's largest economy flexed its muscles to remind the ruling African National Congress (ANC) of its political clout. The immediate targets of the strike are new road tolls around Johannesburg, and short-term contract labour agencies that COSATU says exploit workers and perpetuate the inequalities of the white-minority apartheid rule that ended in 1994. 

Considering the nature of the protest march one would expect some angry faces and rebellious behaviour, but the crowd was actually very friendly and well behaved. At the protest even a number of white people were supporting the strike and wearing the cosatu t-shirts.  Although  Labour brokers will remain a contentious issue between Cosatu and the government until they are abolished, Cosatu president S'dumo Dlamini said on Wednesday. “We will never understand the regulation of labour brokers, we want a total ban,” he said at the Congress of SA Trade Unions' protest in Durban against labour brokers and e-tolling.  He said Cosatu had discussed the issue of labour brokers with the government. If its demand they be banned was not met, another march would be held in August.

 Dlamini said the state and Cosatu were still in agreement on a number of issues and that the ANC-led government retained Cosatu's backing.  Once the marchers had gathered at the Durban City hall, Dlamini said Cosatu had decided not to comment on the African National Congress disciplinary processes involving the ANC Youth League. “We are not commenting because we respect the ANC’s internal disciplinary processes. We will not want the ANC to disrespect our own internal disciplinary processes.” 

 If we can try to dig more about this strike, The protest action by the Congress of South African Trade Unions (Cosatu) on Wednesday was beyond the narrow issues of labour brokering and the e-tolling system -- it was more about class struggle, its general secretary Zwelinzima Vavi told thousands of marchers in Johannesburg

COSATU Protesters from above looked like a Sea of red

This strike caused a lot of chaos in the country in such a way that learners and workers could not go to their preferred fields.  It is painful to see citizens of the country stucked all the time because of the strike. if the government could give workers what they need all the time such things would not happen in the country.  The strike will also take place in August if the government does not deliver its promises. Do you think the government will deliver before the August strike?

http://www.timeslive.co.za/ilive/2012/03/08/the-politics-of-a-cosatu-led-strike-ilive