IMF, European Union look to bail out Greece
Greece’s debt crisis is finally coming to a head, with International Monetary Fund (IMF) loans to deal with the country’s deficit and heavy debt load being hammered out in Athens. The European Union and the IMF are negotiating the terms of a bailout as fears mount that Greece’s crisis could soon spread to other countries in Europe and beyond. Other nations carrying significant debt loads, including the United States, are concerned that the Greek crisis is a harbinger of things to come, closer to home.

What’s changed in the international financial system and its institutions, what hasn’t and what needs to

Executive Summary
Back in 1995, the G7 met in Halifax during a “time of change and opportunity.” The meeting took place in a context of mounting deficits and debt crises in countries in the South; in the wake of economic collapse in Mexico; and amid strong global criticism from civil society, the media and governments about the World Bank and International Monetary Fund’s (IMF) austere neo-liberal structural adjustment policies.

A lot has changed since then, partly in response to the Halifax G7 Summit and subsequent G7 and G8 meetings. Too many of these improvements, however, exist only on paper. Beyond the surface, the neo-liberal, market-oriented bias that guides the Bank and Fund’s agenda and thinking has not altered.

The 2010 G8 Summit in Toronto in 2010 takes place during another “time of change and opportunity.” The financial crisis has spurred many civil society organizations (CSOs) to insist on far-reaching changes to the global financial system and its institutions. Clearly, as this publication will illustrate, 15 years of refusing to deal with the manifest shortcomings of the global economic system is enough.

Introduction

The undersigned civil society organizations have prepared this joint submission to provide an overview of many of our concerns related to IFC’s Policy on Social and Environmental Sustainability, the Performance Standards, related guidance documents, and the Disclosure Policy. We believe these concerns should be explored and addressed further through IFC’s current consultation and review process.

Rethinking the international financial system during a time of crisis

Introduction
On October 19 and 20, 2009, the Halifax Initiative held a conference, co-hosted by The North South Institute, the University of Ottawa and the School of International Development and Global Studies (SIDGS), entitled "What’s Missing in the Response to the Global Financial Crisis?" The meeting brought together experts from a range of backgrounds to analyze the challenges facing the global economy, discuss the ways in which the international community has responded to the current financial crisis, and identify shortcomings in these responses.

CSOs push for Common Approaches revamp
Members of the Organisation for Economic Co-operation and Development (OECD) are currently reviewing a 2007 Council Recommendation regarding export credit agency (ECA) operations. The Recommendation on Common Approaches on the Environment and Officially Supported Export Credits (Common Approaches) is a “gentlemen’s agreement” that seeks to establish a level playing field regarding ECA environmental practice. CSOs argue that the Recommendation’s impact is undermined by the lack of effective accountability mechanisms to ensure consistent and effective application by member governments.