ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Articles by T Sabri ÖncüSubscribe to T Sabri Öncü

People's Quantitative Easing

The Labour Party of the United Kingdom (UK) was defeated in the 2015 general elections on 7 May. The next day, the leader of the party, Ed Miliband, resigned from his post and triggered the 2015 Labour Party leadership election. The election concluded on 10 September and the result was announced on...

Banks, Not Tanks

An explanation of the crisis in Greece, its antecedents and causes and how it is being used to take over Greek sovereignty in a coup by the imperialist powers. What now for the project of a unifi ed Europe?

OXI (NO) to the Attempted Coup in Greece

An explanation of the crisis in Greece, its antecedents and causes and what implications it has for the project of a unified Europe.

When Will the Next Financial Crisis Start?

The question is not "if" but "when" the next financial crisis will hit. The 2007 crisis has still not ended. The quantitative easing initiatives of many countries have not had the desired effect of inducing liquidity. Instead, quantitative easing has financed the mopping up of the safest financial assets--including sovereign bonds--by central banks and several banks, effectively leading to another market liquidity crisis.

Greece, Its International Creditors and the Euro

Can the Syriza government in Greece maintain an impossible triangle: (1) stay in power, (2) reverse austerity, and (3) stay in the euro? It will all depend on whether the European Union sees itself as a progressive ethical project of civilisation based on liberal market principles or as an anti-democratic imperialist project of international finance capital.

Did Argentina 'Default'?

A US court ruling has warped the otherwise precise meanings of three key words - "republic", "sovereign", and "default" - leading to absurdities like a New York district court holding the Republic of Argentina in "contempt of court"! The entire understanding of sovereign debt and its restructuring is being read through private "contract law" that cannot address the complex questions that are inherently public in nature, à la questions around restructuring Argentina's debt. It appeared that a misreading of key words could benefi t some vulture funds, but so far no one has seen as much as a penny! Maybe they never will.

Cry for Me Argentina

After a district court in New York interpreted "pari passu" in a debt restructuring contract to mean all those who own Argentine defaulted debt, irrespective of whether they were the original creditors or vulture capital firms, the rules of the sovereign debt market have been substantially altered. A host of issues about jurisdiction of courts in international disputes has also cropped up in the ongoing saga of Argentine debt restructuring.

A Sovereign Debt Story

A series of events since the early 1980s have pushed developing countries to restructure their economies and integrate themselves with global markets. These policy shifts have made them highly vulnerable to external changes. One such story is that of Argentina which from the mid-1970s has gone from crisis to crisis and is now facing legal pressure from US holders of old Argentine debt.

A Critical Look at the Expansion of Banking Services through the Business Correspondent Model

Examining the role of business correspondents in the expansion of banking services in Chittoor, Kurnool and Mahabubnagar districts of Andhra Pradesh, this paper attempts to shed light on what has been accomplished through the business correspondent model. Based on observations in the field, the findings are not readily extendable to all of India, though they make it possible to point to some policy suggestions. A major proposition is that individual business correspondents can be more effective than the other types of business correspondents in expanding financial inclusion through the business correspondent model, at least in Andhra Pradesh.

Are Indian NBFCs Shadow Banks? Do They Pose Systemic Risks?

An ongoing debate in India is whether or not Indian non-banking fi nancial companies (NBFCs) are “shadow banks”. This question appears important because we have learned from the ongoing global fi nancial crisis that shadow banking might create systemic risks which have been defi ned “broadly as the...

Faith and Scepticism in Markets

The 2013 Sveriges Riksbank Prize in Economic Sciences, wrongly called the Nobel in Economics, has evoked much comment about the apparently contradictory perspectives of two of the winners, Eugene Fama and Robert Shiller. The third, and least known among the winners, Lars Hansen, has probably made the more lasting of contributions to science, if not economics.

Is Turkey Thriving?

Turkey's ruling party, the Justice and Development Party or AKP, has built its fortunes by following an aggressive neo-liberal programme which has boosted the finance, real estate and tourism sectors. With the economy weakening, the AKP fears erosion of its support base; this explains why the party can brook no criticism of its economic policies.


Back to Top