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International creditors doubt Greece can meet goals
Greece’s international creditors no longer believe Athens can achieve its financial objectives, especially a reduction in its debt burden, the German business newspaper Handelsblatt reported. “Until now, creditors worked on the principle that Greece would achieve a sustainable level of indebtedness by 2020. This goal is no longer achievable,” the…
Report: U.S. nears deal to cut Egypt’s debt by $1 billion
The United States is weighing a deal with Egypt’s new rulers to relieve $1 billion worth of debt, The New York Times reported. U.S. President Barack Obama first promised the aid in May 2011, along with another $1 billion destined to assist Egypt’s democratic transition after the fall of longtime…
IMF: U.S. political infighting over ‘fiscal cliff’ threatens global economy
Political infighting over the “fiscal cliff” threatens to wipe out the US’s fragile recovery with “very bad” consequences for the rest of the world, a senior International Monetary Fund economist warned Thursday. Updating its annual report on the US economy, the IMF said the recovery remained “tepid”, and risks to that recovery had…
Departing IMF economist rips fund’s leadership
A departing senior IMF economist has excoriated the fund, alleging it failed to address Europe’s crisis and “suppressed” its challenges, according to a letter published Friday. In the letter obtained by CNN, Peter Doyle also accused Christine Lagarde, the managing director of the International Monetary Fund, of being “tainted” by…
Libor scandal undermines market confidence: IMF
The scandal of banks having manipulated the Libor global interest rate benchmark is taking a toll on confidence in the markets, the International Monetary Fund said Monday. “The most serious consequence of this scandal, which is under investigation, is that it undermines the certainty and the trust that markets have…
IMF chief warns over slowing global growth
International Monetary Fund chief Christine Lagarde on Friday warned that the global economy was slowing, with a soon-to-be published growth outlook lower than earlier forecasts. “What I can tell you is that it will be tilted to the downside and certainly lower than the forecast that was published three months…
IMF urges comprehensive reforms in Spain
The IMF warned Friday that Spain must implement comprehensive reforms to win back market confidence even after securing a huge rescue loan for its stricken banks. In a hard-hitting report less than a week after the eurozone agreed on a banking rescue of up to 100 billion euros ($125 billion)…
Obama urges Europe to stabilize banks, ease austerity
US President Barack Obama urged European leaders to stabilize banks and to ease up on extreme austerity prgrammes. Speaking as European Union officials worked over the weekend on a huge rescue plan for Spain’s feeble banks, Obama said the ongoing weakness in the eurozone was a concern for the US…
Greek vote poses new challenge for IMF rescue
WASHINGTON — The International Monetary Fund’s already fragile rescue for Greece has taken a serious battering, after Greek voters rejected the government that accepted the Fund’s harsh austerity program in exchange for bailout funding. The weekend vote that sent a centrist government packing also sent a message to the IMF…
Geithner urges Congress to back IMF, World Bank
WASHINGTON — US Treasury Secretary Timothy Geithner on Tuesday urged a tight-fisted Congress laden with conservatives opposed to global institutions to keep up financial support for the IMF and World Bank. With the International Monetary Fund prodding members for more funding and Washington seeking support for its new nominee to…
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