Justin Villamil is a London-based freelance reporter covering the consequences of the financial system. Previously, he worked as a correspondent for Bloomberg News in Mexico City.
An Asian challenger to the International Monetary Fund has garnered support from China. But without a radical departure from the existing neoliberal model, more of the same international development financing isn’t the answer.
In exchange for a reduction of the national debt, Ecuador has ceded sovereign control of the Galapagos Islands to an independent trust based in the United States. The trust promises to invest sustainably — but no one can make it follow through.
A strategy called litigation finance, where firms foot the bill for legal cases and take a huge cut if plaintiffs win, is on the rise. As a recent case against Argentina shows, the trend leaves developing countries vulnerable to lawsuits backed by big money.