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‘We have entered a recession’: IMF chief offers warns of economic ‘sudden stop’ worldwide

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The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday.

“It is clear that we have entered a recession” that will be worse than in 2009 following the global financial crisis, she said in an online press briefing.

With the worldwide economic “sudden stop,” Georgieva said the fund’s estimate “for the overall financial needs of emerging markets is $2.5 trillion.”

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But she warned that estimate “is on the lower end.”

Governments in emerging markets, which have suffered an exodus of capital of more than $83 billion in recent weeks, can cover much of that, but “clearly the domestic resources are insufficient” and many already have high debt loads.

Over 80 countries, mostly of low incomes, have already have requested emergency aid from the International Monetary Fund, she said.

“We do know that their own reserves and domestic resources will not be sufficient,” Georgieva said, adding that the fund is aiming to beef up its response “to do more, do it better, do it faster than ever before.”

She also welcomed the $2.2 trillion economic package approved by the US Senate, saying “it is absolutely necessary to cushion the world’s largest economy against an abrupt drop the economic activities.”

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The US package also is important because it accelerated Washington’s $78 billion contribution to the IMF’s lending capacity. The fund membership in January approved a plan to double one of its funding baskets — the New Arrangements to Borrow — to about $500 billion.

“The U.S. decision to speed up approval of its substantial new contributions to the IMF is a powerful message to the international community and helps solidify the IMF’s (overall) US$1 trillion lending capacity,” Georgieva said in a statement after the House of Representatives approved the massive rescue package.

President Donald Trump signed the measure into law Friday evening.

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It provides direct cash payments to Americans, a huge expansion of unemployment benefits, and grants and loans to businesses to help them weather the economic shutdown.

The IMF chief spoke to reporters following a virtual meeting with the Washington-based lender’s steering committee, when she also requested an increase in the fund’s fast-deploying emergency facilities from their current level of around $50 billion.

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‘Trump may well face charges’ after Supreme Court gave prosecutors access to financial records: Legal experts

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President Donald Trump could potentially face charges after the Supreme Court dealt him a loss in Trump v. Vance .

The ruling gives Manhattan district attorney Cyrus Vance Jr. the go-ahead to subpoena Trump’s accounting firm as part of his investigation into possible tax crimes involving hush money payments to his mistresses, according to attorneys Norm Eisen and Bassetti in Just Security.

"Trump has significant state law criminal exposure in connection with his hush money payments (for which his fixer Michael Cohen has already gone to jail on federal charges) — and more," the pair wrote. "Trump cannot pardon himself for state law offenses on his way out the door. And the Justice Department’s position that a sitting president cannot be indicted does not bind New York state authorities."

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WATCH: Drunk CEO brags about his wealth as he spews racist slurs at California bartender

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During her shift this Tuesday night at a bar in Fresno, California, Rebecca Hernandez found herself on the receiving end of racist slurs from an intoxicated man. Since she was with only one other co-worker in the bar and feared for her safety, she took out her phone and started recording the incident on video.

“You’re a dark-haired dumbass, sand-n****r motherf*cker,” the man said to her.

“You’re going to be on the internet,” Hernandez told the man, who identified himself in the video as Jason Wood.

“No honey, I drive the internet," he responded.

Hernandez posted the video to Instagram, where it's garnered thousands of views.

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Prosecutor spills details about Bill Barr’s ‘unprecedented, unnecessary and unexplained’ efforts to oust him

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Geoffrey Berman, the man who until recently served as the United States Attorney for the Southern District of New York, told members of Congress on Thursday about Attorney General Bill Barr's "unprecedented, unnecessary and unexplained" efforts to oust him.

In testimony before the House Judiciary Committee, Berman explained how Barr contacted him and repeatedly pressed him to step down from his position at SDNY to take another high-profile position within the government.

Berman, however, told Barr that he wanted to stay at his current job until a replacement was nominated by President Donald Trump and confirmed by the United States Senate.

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