The IMF for its part must in particular rise to the challenge of tackling speculative investment. Its own Global Financial Stability Report, published on Tuesday, supports the trade union view that highly-leveraged buyouts involving private equity and hedge funds can have serious economic consequences.
The international trade union movement, and an increasing number of governments, are deeply concerned by the activities of many such funds with their “buy it, strip it, flip it” approach, with dramatic impacts on the workforces of targeted companies, as well as on overall stability in national and international markets.
Rapid action is needed by the IMF to develop an internationally-agreed regulatory framework, which all national governments need to play their part in implementing.
“Both the Bank and the Fund have declared their commitment to tackling world poverty. They need to live up to this commitment, and governments need to make sure that this happens”, said Ryder.
International Trade Union Confederation
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