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.
La privatización es una de las condiciones que impone la UE/Troika en sus acuerdos con países deudores como Grecia, ¿pero a quién está beneficiando realmente? Este informe revela cómo un pequeño grupo de grandes empresas jurídicas y financieras está obteniendo enormes beneficios con la nueva oleada de privatizaciones.
Público - El Gobierno de Rajoy sacó a la venta el 49% de las acciones a un precio de 58 euros por título, y menos de dos meses después superaban los 100 euros. Lazard participó en el diseño de la operación y una de sus divisiones se lucró después vendiendo estas acciones.