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How the Russian economy has taken a turn for the worse

Russia’s economy was struggling even before the crisis in Ukraine, but things have now taken a turn for the worse, according to the International Monetary Fund. GDP fell in the first three months of 2014 and will fall again in the second quarter. According to the technical definition, that would…

IMF study debunks right-wing arguments against income redistribution

The International Monetary Fund has backed economists who argue that inequality is a drag on growth in a discussion paper that has also dismissed rightwing theories that efforts to redistribute incomes are self-defeating. The Washington-based organisation, which advises governments on sustainable growth, said countries with high levels of inequality suffered lower growth…

IMF predicts U.S. economic growth to slow due to political havoc

The International Monetary Fund on Tuesday cut its growth forecast for the US economy, and warned that Washington’s political paralysis could drag growth down further. The Fund, in its new World Economic Outlook, said the US economy would grow 1.6 percent this year and accelerate to 2.6 percent in 2014,…

IMF chief: Raising U.S. debt limit crucial for global economy

International Monetary Fund chief Christine Lagarde warned Thursday that a US failure to raise the debt ceiling, which could lead to default, could wreak havoc on the global economy. “The ongoing political uncertainty over the budget and the debt ceiling does not help,” Lagarde said in a speech in Washington,…

International Monetary Fund warns G20 not to stifle emerging economies

The International Monetary Fund warned the Group of 20 Wednesday that emerging economies were slowing more than expected and under pressure from U.S. plans to slow its stimulus. In a report prepared for the two-day summit of the G20 major economies that opens Thursday in St. Petersburg, Russia, the IMF…

IMF finds $11 billion ‘black hole’ in Greece’s finances

Recession continues in Greece as unemployment hits 27%, but flickering growth returns elsewhere in EU The International Monetary Fund warned the eurozone yesterday that it may be forced to write off a chunk of Greece’s debt after identifying an $11bn black hole in the finances of the recession-stricken country. In…

French court seizes tycoon’s assets over fraud charges

Corruption investigators in France have seized the assets of French tycoon Bernard Tapie, suspected of having committed fraud as part of an organised gang, judicial sources said Wednesday. The charge relates to a 400 million euro ($525m) state payout Tapie received in 2008 when Christine Lagarde, now the head of…

U.S. stocks rise for 4th straight day

US stocks Tuesday closed solidly higher for the fourth straight day as investors ignored the the International Monetary Fund’s lowered growth forecasts for the US and global economies. At the closing bell, the Dow Jones Industrial Average increased 75.65 (0.50 percent) to 15,300.34. The broad-based S&P 500 added 11.85 (0.72…

Obama appoints former IMF official Caroline Atkinson to be security adviser

WASHINGTON (Reuters) – President Barack Obama on Friday appointed Caroline Atkinson, a former journalist who has worked at the International Monetary Fund, the U.S. Treasury Department and the Bank of England, to be deputy national security adviser for international economics. Atkinson will take the position vacated by Michael Froman, who…

IMF urges repeal of ‘ill-designed’ sweeping federal budget cuts

WASHINGTON (Reuters) – The International Monetary Fund on Friday urged the United States to repeal sweeping federal budget cuts that will be a severe drag on economic growth this year. In its annual check of the health of the U.S. economy, the IMF forecast economic growth would be a sluggish…

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