The Bail Out Business is the most comprehensive and thorough analysis of the steps taken since the 2008 financial crisis to understand who benefits from rescue packages in the EU. Above all, it highlights the role of the Big Four (audit firms) and a small coterie of financial consultancy firms in the business of designing and implementing bail out programs in EU Member States.
A few weeks after the May coup against Dilma Rousseff by conservative parties backed by the country's largest corporations, Brazil's “interim” government, led by Michel Temer, signed an emergency loan to the State of Rio de Janeiro to help finance infrastructure for the 2016 Olympics – in particular for a subway line connecting the sports venues. The bailout was conditional to selling off the State's public water supply and sanitation company, the Companhia Estadual de Águas e Esgotos (Cedae)
Le Monde Diplomatique - The latest study from the Transnational Institute (TNI) on the effects of the ‘privatising industry’ in Europe concludes that ‘there is no evidence that the privatised companies are more efficient’. Instead, privatisation has undermined wage structures, made working conditions worse and increased income inequality.
International Water Justice community sent the petition to the Supreme Court of Indonesia. Residents of Jakarta filed a citizen lawsuit against water privatisation in Jakarta at Central Jakarta District Court in November 2012. They argued in the lawsuit that water privatisation failed to fulfil the residents’ access to safe water, caused a series of corruptions and financial harm to the public budgets. In March 2015, the court ruled in favour of the residents, annulling the contract agreement with two private water operators. It was a significant victory of people. The decision, however, was challenged by these private companies and other defendants. Unfortunately the residents lost in the High Court in February 2016. Jakarta people decided to challenge the High Court ruling at the Supreme Court.
Privatisations of state-owned assets have become a central plank of EU/Troika agreements with debtor nations such as Greece, Ireland, Italy, Spain and Portugal, but there has been little examination of their track record nor an examination of who really benefits. This report puts a spotlight on the legal and financial corporate giants making millions out of the new wave of privatisations across Europe.
Thruthout - Private companies have been working to make a profit from water since the 1600s, when the first water companies were established in England and Wales. The first wave of water privatization occurred in the 1800s, and by the mid- to late-19th century, privately owned water utilities were common in Europe, the United States and Latin America, and began to appear in Africa and Asia.
The Central Jakarta District Court on 24 March annulled the water privatisation contracts of Suez (PT PAM Lyonnaise Jaya – Palyja) and Aetra, finding that the Public-Private Partnerships (PPP) were negligent in fulfilling the human right to water for Jakarta’s residents.
Huntington News - On Feb. 5, New Jersey became the latest state to subvert democracy by authorizing the fast-track sale or lease of water utilities without public notice, comment, or approval. The controversial decision highlights the intensifying struggle over who owns, controls, and profits from the most precious - and threatened - resource on Earth.
Lagos is among the many cities in the global south where investment in water supplies is desperately needed, yet there is no consensus on whether the answer lies with private management, the public sector, or a combination of both.
Jakarta is currently striving to join many cities around the world and remunicipalising its water. A series of fact-sheets that outline how and why water privatisation failed and the potential for a renewed effective public service.