Keyword: imf

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  • IMF admits disastrous love affair with the euro and apologises for the immolation of Greece

    07/30/2016 1:33:23 PM PDT · by Lorianne · 2 replies
    Telegraph (UK) ^ | 29 July 2016 | Ambrose Evans-Pritchard
    The International Monetary Fund’s top staff misled their own board, made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory. This is the lacerating verdict of the IMF’s top watchdog on the fund’s tangled political role in the eurozone debt crisis, the most damaging episode in the history of the Bretton Woods institutions. It describes a “culture of complacency”, prone to “superficial and mechanistic” analysis, and traces a shocking breakdown in the governance of the IMF, leaving it...
  • IMF's Lagarde to stand trial in Tapie case

    07/22/2016 8:19:41 AM PDT · by BenLurkin · 4 replies
    reuters ^ | Jul 22, 2016 7:24pm IST
    France's highest appeals court ruled on Friday that International Monetary Fund chief Christine Lagarde must stand trial for her role in a 400 million euros ($440 million) state payout in 2008 to businessman Bernard Tapie. She was French finance minister at the time. The court rejected her appeal against a judge's order in December for her to stand trial at the Cour de Justice de la Republique, a special court that tries ministers for crimes in office. Her lawyer Patrick Maisonneuve expressed regret over the decision and said he was convinced that the trial would show she was innocent. IMF...
  • Berkeley Economist Stumbles on Pretend Economy in U. S.

    07/11/2016 7:53:35 AM PDT · by Academiadotorg · 26 replies
    Accuracy in Academia ^ | July 11, 2016 | Malcolm A. Kline
    Berkeley economist has stumbled on a trend an increasing number of Americans experience annually: We’ve had a pretend economy in the United States for at least 16 years. "Bottom 99% incomes grew by 3.9% from 2014 to 2015, the best annual growth rate since 1999," Emmanuel Saez wrote in a paper on June 30, 2016. A trio of researchers from the International Monetary Fund was much less oblique in a paper that they wrote last month on "the rise of income polarization — what some have referred to as the 'hollowing out' of the income distribution — in the United...
  • Hillary Clinton tipped for World Bank job as Robert Zoellick steps down

    02/15/2012 5:12:56 PM PST · by bruinbirdman · 21 replies
    The Telegraph ^ | 2/15/2012 | Emma Rowley
    Mr Zoellick, 58, will leave the Bank on June 30, after five years in the role. "The Bank is now strong, healthy and well positioned for new challenges, and so it is a natural time for me to move on and support new leadership," he said. Speculation as to his successor has focused on Mrs Clinton, the US Secretary of State, and former Treasury Secretary Larry Summers. The former US First Lady is said to have been in discussions with the White House about leaving her current role. "Hillary Clinton wants the job," a source who knows her well told...
  • IMF warns the US over high poverty

    06/24/2016 7:12:09 PM PDT · by Lorianne · 45 replies
    BBC News ^ | 22 June 2016
    The US has been warned about its high poverty rate in the International Monetary Fund's annual assessment of the economy. The fund said about one in seven people were living in poverty and that it needed to be tackled urgently. It recommended raising the minimum wage and offering paid maternity leave to women to encourage them to work. The report also cut the country's growth forecast for 2016 to 2.2% from a previous prediction of 2.4%. Slower global growth and weaker consumer spending were blamed.
  • Uh-Oh: Newly Released Email Was Marked Classified When It Hit Clinton's Server

    06/11/2016 5:27:31 AM PDT · by Leaning Right · 42 replies
    PJMedia ^ | JUNE 10, 2016 | DEBRA HEINE
    Hillary Clinton has claimed from the very beginning of the email scandal that nothing she sent or received was marked classified at the time. *snip* Unfortunately for Hillary, the State Department today released an email from 2012 that totally contradicts her "fact." According to Catherine Herridge at Fox News, the email carries "a classified code known as a 'portion marking' - and that marking was on the email when it was sent directly to Clinton’s account." (Not retroactively, as the Clinton camp likes to claim.)
  • Malawi's new president sells off presidential jet and 60 Mercedes

    06/02/2012 5:47:37 PM PDT · by bruinbirdman · 17 replies
    The Telegraph ^ | 6/1/2012 | Aislinn Laing, Johannesburg and Damien McElroy
    Joyce Banda, Malawi's new president, has announced the presidential jet and fleet of 60 Mercedes limousines would be sold in a move applauded by a British cabinet minister as an example to other African leaders. Mrs Banda said she was happy to "offload" the presidential perks, adding: "I can well use private airlines. I am already used to hitchhiking." It means that the 62-year-old head of state – the second woman to hold the position in Africa – will fly to the Queen's Jubilee celebrations in London this weekend with British Airways. Andrew Mitchell, the UK International Development Secretary who...
  • In Stunning Reversal, IMF Blames Globalization For Spreading Inequality, Causing Market Crashes

    05/30/2016 8:55:46 AM PDT · by Lorianne · 10 replies
    Zero Hedge ^ | 27 May 2016 | Tyler Durden
    In a stunning reversal for an organization that rests at the bedrock of the modern "neoliberal" (a term the IMF itself uses generously), aka capitalist system, overnight IMF authors Jonathan D. Ostry, Prakash Loungani, and Davide Furceri issued a research paper titled "Neoliberalism: Oversold?" whose theme is a stunning one: it accuses neoliberalism, and its immediate offshoot, globalization and "financial openness", for causing not only inequality, but also making capital markets unstable. To wit: There are aspects of the neoliberal agenda that have not delivered as expected. Our assessment of the agenda is confined to the effects of two policies:...
  • IMF OKs New Two-Year $88 Billion Flexible Credit Line For Mexico

    05/30/2016 8:57:29 AM PDT · by Lorianne · 6 replies
    The International Monetary Fund on Friday boosted its flexible credit line with Mexico to $88 billion in a bid to support Latin America's No. 2 economy, whose currency has been battered by global volatility. The fund said it canceled a previous flexible credit line, which was for $67 billion and approved on November 26, 2014. The new credit line will last for two years, the fund said. Mexico's macroeconomic policies "remain very strong," but there are risks given global market volatility, David Lipton, IMF first deputy managing director and acting chair, said in a statement. Mexico's peso was little changed...
  • IMF Wants Eurozone Debt Relief for Greece Until 2040 [to 2080]

    05/17/2016 5:56:55 PM PDT · by Lorianne · 4 replies
    Nasdaq ^ | 17 May 2016
    --The International Monetary Fund is pressing the eurozone to let Greece skip paying interest or principal on bailout loans until 2040, say officials familiar with the talks. The IMF wants the loans to Greece to fall due gradually in the following decades, and as late as 2080, according to the IMF's proposal. The IMF's proposal, presented to eurozone governments late last week, would keep Greece's annual debt-service needs below 15% of its gross domestic product, under the IMF's relatively pessimistic forecast for Greece's long-term economic trajectory. The IMF's demands go far beyond what Greece's eurozone creditors have said they are...
  • Failed Greek Bailout Forces More Rescue Talk From Europe

    05/23/2016 12:19:02 PM PDT · by SunkenCiv · 26 replies
    CNBC ^ | Monday, May 23, 2016 | John W. Schoen
    Less than a year after the country's third international bailout, Greek lawmakers on Sunday approved another round of painful tax hikes and spending cuts in hopes of securing more cash from its skeptical European neighbors. The infusion is needed to help Greece make good on bond payments due in July. The measures approved over the weekend include tax hikes on consumer goods like fuel, alcohol and tobacco -- to 24 percent -- and a provision that will force further spending cuts if the government fails to meet budget targets... Less than a year implementing after a package of reforms and...
  • This time in the euro debt crisis, the IMF will come bearing gifts for the Greeks

    05/22/2016 8:36:52 AM PDT · by Lorianne · 9 replies
    Guardian UK ^ | 22 May 2016
    Greece’s predicament is simple. It has debt repayments to make this summer and it doesn’t have the money to pay the bills. The European Union can solve this acute cashflow problem by unlocking the funds pledged to Greece under the terms of last summer’s bailout agreement, but it will only do so if Athens demonstrates that it is serious about sorting out its budget. Austerity today will lead to generosity from EU finance ministers when they meet on Tuesday. Here’s where things get interesting. The difference between this Sunday and all the other tension-packed Sundays that have studded the Greek...
  • Greece "Demands" Debt Relief, Owes Troika €11+ Billion by July

    05/16/2016 2:46:27 PM PDT · by Lorianne · 19 replies
    Mish Talk ^ | Mike “Mish” Shedlock
    Irreconcilable Positions Greece owes the Troika over €11 billion in bailout repayments through the end of July. Greece is unable make those payments unless the Troika releases the funds. Position 1: “We need a big debt restructuring, no more kicking the can,” says Greece’s Minister of State. Position 2: Germany offers a possibility of unspecified debt relief, at a future point in time, only if necessary. First, Greece must make another round of budget cuts on top of the pension cuts its just made. Greece has caved in every time, and in the most humiliating ways. Greece even caved in...
  • Ex-State Dept. Staffer Who Set Up Clinton Home Server to Take 5th Amendment Before Congress

    09/02/2015 7:36:30 PM PDT · by Nachum · 59 replies
    The Gateway Pundit ^ | 9/2/15 | Kristinn Taylor
    The Washington Post reported Wednesday night that a former Hillary Clinton State Department staffer who reportedly set up her home brew server will invoke his Fifth Amendment rights and refuse to testify to Congressional committees investigating Clinton’s home email system. Bryan Pagliano, though his attorney, informed the House Benghazi Select Committee which had subpoenaed him to testify on September 10, that he was declining to testify. The Post reported the letter cited the FBI investigation in to Clinton’s email system. Senate committees seeking Pagliano’s testimony were also informed he would be taking the Fifth. ““While we understand that Mr. Pagliano’s...
  • German report: Bailout has saved banks, not Greece

    05/07/2016 11:15:18 AM PDT · by Lorianne · 8 replies
    Ekathimerini ^ | 04 May 2016
    Some 95 percent of the 220 billion euros disbursed to Greece since the start of the financial crisis as loans from the bailout mechanism has been directed toward saving the European banks. That means about 210 billion euros was eventually channeled to the eurozone credit sector while just 5 percent ended up in state coffers, according to a study by the European School of Management and Technology (ESMT) in Berlin. “Europe and the International Monetary Fund have in previous years mainly saved the banks and other private creditors,” concluded the report, published yesterday in German newspaper Handelsblatt. ESMT director Jorg...
  • Europe's liberal illusions shatter as Greek tragedy plays on

    05/02/2016 7:31:15 AM PDT · by Lorianne · 13 replies
    Guardian UK ^ | 01 May 2016 | Larry Elliott
    Greece is running out of money. The government in Athens is raiding the budgets of the health service and public utilities to pay salaries and pensions. Without fresh financial support it will struggle to make a debt payment due in July. No, this is not a piece from the summer of 2015 reprinted by mistake. Greece, after a spell out of the limelight, is back. Another summer of threats, brinkmanship and all-night summits looms. The problem is a relatively simple one. Greece is bridling at the unrealistic demands of the European commission and the International Monetary Fund to agree to...
  • $500 Billion In Lost Oil Revenues Forces Gulf Nations To Turn To Debt Markets

    04/28/2016 2:24:51 PM PDT · by bananaman22 · 9 replies
    The International Monetary Fund (IMF) has projected a whopping $500 billion loss in revenue for the Gulf nations in 2016, which is 30 percent more than the $390 billion lost in 2015. The massive shortfall has crippled the gulf economies, which are facing record budget deficits and seeking external funding to overcome it. Many experts believe that $100 per barrel oil prices are history, and we might not revisit those prices for more than a decade. It implies that the recent crisis will not end as quickly as the downturn in 2007-2009. The oil-dependent nations will have to figure out...
  • CHINA SAYS "NO DOLLARS" FOR NEW YUAN

    04/16/2016 6:08:49 PM PDT · by combat_boots · 75 replies
    SuperStation 95 ^ | 4 13 2016 | US Reporter
    In a shocking move likely to crush the US economy overnight, China is refusing to make its new gold-backed Yuan, convertible from or to US Dollars. The new Yuan will be introduced next Tuesday, April 19. When the International Monetary Fund (IMF) agreed to add the Yuan to the basket of world currencies used for Global Reserves and International Trade, they wanted China to make the Yuan more reliable as a currency. Since then, China has almost un-pegged its Yuan from the Dollar, allowing its value to fluctuate on world markets. But for years, China has been amassing huge amounts...
  • James Grant: ‘Something Is Going to Go Wrong’

    04/17/2016 3:03:53 PM PDT · by george76 · 8 replies
    Epoch Times ^ | March 9, 2016 | Valentin Schmid
    Chief editor of Grant's Interest Rate Observer debunks negative interest rates, banning cash, and helicopter money. ... Epoch Times spoke to Mr. Grant about the spotty track record of central bankers, deflation, gold and the gold standard, as well as negative interest rates and a ban on cash. A negative interest rate is not only a tax on saving, it is the destruction of saving. ... Negative interest rates are an attempt to tax thrift. The idea of earning dollar bills and putting those dollar bills in a bank and having them accumulate over time, the accumulation of which is...
  • World faces 'lost year' as policymakers sleepwalk towards fresh crisis, warns IMF

    04/13/2016 2:43:44 PM PDT · by SkyPilot · 2 replies
    The Telegraph ^ | 13 Apr 16 | Szu Ping Chan
    <p>The world is sleepwalking into a fresh crisis as investors start to lose faith in policymakers’ ability to revive the global economy, according to the International Monetary Fund.</p> <p>In its bluntest warning to date on the costs of policy inaction, the IMF said “financial and economic stagnation" could take hold unless governments prevented a "pernicious feedback loop of fragile confidence, weaker growth, low inflation and rising debt burdens" from forming.</p>
  • Endgame for the IMF-EU Feud over Greece's Debt

    04/10/2016 3:50:09 PM PDT · by Lorianne
    Spiegel ^ | 03 April 2016 | Yanis Varoufakis,
    The feud between the International Monetary Fund (IMF) and the European side of Greece's troika of creditors is old news. However, Wikileaks' publication of a dialogue between key IMF players suggests that we are approaching something of a hazardous endgame. Ever since the first Greek 'bailout' program was signed, in May 2010, the IMF has been violating its own "primary directive": the obligation not to fund insolvent governments. As a result, the IMF's leadership has been facing a revolt from its staff members who demand an exit strategy arguing that, if the EU continues to obstruct the debt relief necessary...
  • IMF's Lagarde: U.S. Economy 'Not Great'

    04/08/2016 11:27:03 AM PDT · by yoe · 9 replies
    Fox News ^ | April 8, 2016 | Maria Bartiromo
    The International Monetary Fund (IMF) is preparing for its spring meeting which gathers the leading economic voices across the globe to discuss the issues and policies impacting the world's financial markets. It's a critical time as we watch a continued struggle for the global economy. I spoke with managing director Christine Lagarde to get a sense of where things stand.
  • Lost Faith In Central Banks And The Economic End Game

    04/08/2016 3:38:14 AM PDT · by SkyPilot · 5 replies
    Alt-Market ^ | 6 Apr 16 | Brandon Smith
    We live in strange economic times, stranger perhaps than at any other point in history. Since 2007-2008, the globally intertwined and dependent fiscal system has suffered considerable declines in every conceivable area. Manufacturing around the world is in a slump, from Japan to China to Europe, with the minimal manufacturing accomplished in the U.S. also fading. Consumption is falling, most notably in petroleum and raw materials. Employment is truly dismal, with the U.S. posting over 94 million people as “non-participants” in the national work force. High paying jobs are disappearing, and the only jobs replacing them are in the...
  • IMF weighing exit from Greek bailout

    04/03/2016 2:38:01 PM PDT · by Lorianne · 1 replies
    CNBC ^ | 02 April 2016 | Peter Spiegel
    The International Monetary Fund is considering forcing Germany’s leadership to quickly grant wide-ranging debt relief for Greece or allow the Fund to exit Athens’ bailout programme after six years, according to a transcript of an internal IMF teleconference published by WikiLeaks. The teleconference, between the head of the IMF’s European operations and its top Greek bailout monitor, is the clearest sign to date that the Fund wants to leave Greece’s €86 billion ($97 billion) rescue to the European Union alone and wash its hands of a programme that has led to a torrent of criticism. During the call, which occurred...
  • IMF’s Lagarde Says Negative Rates Have Helped Global Economy

    03/20/2016 5:41:02 PM PDT · by Lorianne · 23 replies
    Hellinic Shipping ^ | 19 March 2016
    The world economy would be worse off without negative interest rates, according to International Monetary Fund Managing Director Christine Lagarde. Negative rates in Europe and Japan have helped support global growth and price gains, she said in an interview in Ho Chi Minh City on Friday. The finance sector may need to implement new business models as a result, she said. “If we had not had those negative rates, we would be in a much worse place today, with inflation probably lower than where it is, with growth probably lower than where we have it,” Lagarde said. “It was a...
  • Central banks are already doing the unthinkable - you just don't know it

    03/20/2016 5:22:29 PM PDT · by Lorianne · 14 replies
    Telegraph (UK) ^ | 19 March 2016 | Mehreen Khan
    The lords of finance are losing their touch. Institutions which dragged the world from its worst depression since the early 20th century are finally seeing their magic desert them, if conventional wisdom is to be believed. Eight years on the from the Great Recession, voices as authoritative as the International Monetary Fund and the Bank of International Settlements - dubbed the 'central bank of central banks' - have called time on the era of extraordinary monetary policy. Having hoovered up $12.3 trillion (£8.5 trillion) in financial assets and carried out 637 interest rate cuts since 2008, central banks have been stunned...
  • IMF report urges G20 to prepare global economic stimulus plan

    02/24/2016 8:28:54 PM PST · by BenLurkin · 9 replies
    The report was prepared for senior G20 officials who are meeting in Shanghai later this week amid falling equity markets, volatile currencies and signs of economic weakness throughout the world. "The G20 must plan now for coordinated demand support using available fiscal space to boost public investment," IMF staff said in the report. The Shanghai meeting is already being compared to the G20 meeting in April 2009 when officials agreed on coordinated stimulus to prevent a worldwide depression during the global financial crisis. U.S. Treasury Secretary Jack Lew downplayed expectations of a G20 emergency plan this week, telling Bloomberg Television...
  • Global growth will be disappointing in 2016: IMF's Lagarde

    12/30/2015 4:56:09 AM PST · by mac_truck · 6 replies
    Reuters ^ | 12/30/2015 | Michelle Martin
    Global economic growth will be disappointing next year and the outlook for the medium-term has also deteriorated, the head of the International Monetary Fund said in a guest article for German newspaper Handelsblatt published on Wednesday. IMF Managing Director Christine Lagarde said the prospect of rising interest rates in the United States and an economic slowdown in China were contributing to uncertainty and a higher risk of economic vulnerability worldwide. Added to that, growth in global trade has slowed considerably and a decline in raw material prices is posing problems for economies based on these, while the financial sector in...
  • The IMF’s Latest Move to Kill the U.S. Dollar

    12/23/2015 6:47:39 AM PST · by HomerBohn · 10 replies
    Patriot News Daily ^ | 12/18/2015 | Staff
    As we predicted months ago, the IMF officially green-lighted the acceptance of China's currency - the Yuan - into the IMF's foreign exchange basket. According to Reuters, this move paves the way for the IMF to place the yuan on a par with the U.S. dollar. This is the latest in a series of global developments that threatens to eliminate the U.S. dollar as the world's reserve currency. Experts predict this announcement will trigger one of the most profound transfers of wealth in our lifetime. So if you want to protect your savings & retirement, you better get your money...
  • IMF chief Lagarde to face French trial over Tapie affair

    12/17/2015 7:58:38 AM PST · by BenLurkin
    Rueters ^ | Michel Rose
    A French court has ordered Christine Lagarde, the head of the International Monetary Fund (IMF), to face trial over her role in a pay-out of some 400 million euros ($434 million) to businessman Bernard Tapie, her lawyer said on Thursday. The case will be heard by magistrates at the Cour de justice de la Republique - which judges ministers for crimes in office, France's prosecutor general confirmed. The decision came despite the prosecutor's recommendation in September that investigations be dropped against Lagarde for alleged negligence in the affair while she was France's finance minister. Lagarde's lawyer, Yves Repiquet, said he...
  • Banker Suicides Return: DSK's Hedge Fund Partner Jumps From 23rd Floor Apartment

    10/24/2014 9:48:12 AM PDT · by Nachum · 23 replies
    zero hedge ^ | 10/24/14 | tyler durden
    The summer, thankfully, has been largely bereft of the dismal trend of bankers committing suicide, but as Bloomberg reports, Thierry Leyne, a French-Israeli banker and partner of Dominique Strauss-Kahn, the disgraced former chief of the IMF, was found dead Thursday after apparently taking his own life by jumping off the 23rd floor of one of the Yoo towers, a prestigious residential complex in Tel Aviv. This is the 16th financial services executive death this year.  Bloomberg reports that Thierry Leyne, the French-Israeli entrepreneur who last year started an investment firm with former International Monetary Fund Managing Director Dominique Strauss-Kahn, has died....
  • The IMF Outfoxes Putin: Policy Change Means Ukraine Can Receive More Loans

    12/09/2015 6:59:18 AM PST · by Freelance Warrior · 4 replies
    Ocnus.net ^ | 12/9/2015 | Anders Еslund
    Today the Executive Board of the IMF reversed its "policy on not lending into arrears." IMF spokesman Gerry Rice said in a statement that “the IMF’s executive board met today and agreed to change the current policy on non-toleration of arrears to official creditors." Historically, the IMF has refused to lend to any country that has not serviced its debt to any sovereign. The IMF staff started contemplating a rule change in the spring of 2013 because nontraditional creditors, such as China, had started providing developing countries with large loans. The IMF intended to adopt a new policy in the...
  • No, China's Renminbi Is Not The U.S. Dollar's Equal [IMF’s China Gambit]

    12/01/2015 3:17:53 AM PST · by expat_panama · 20 replies
    Investors Business Daily ^ | 11/30/2015 | Editorial
    Geopolitics: Just as China hit economic turmoil, the IMF announced that its Special Drawing Rights basket will include China's currency, on a par with the dollar. No, it's not on a par, and this move is purely political. China's been hankering for global "respect" for years, a function of its years of state-directed economic growth in the 8% range. And sure, it has worked to some extent, raising gross domestic product per capita to a bit over $6,000, with Communist Party central planners earlier this month hailing the success of their latest five-year plan (yes, they still have those). It's...
  • China’s Renminbi Is Approved by I.M.F. as a Main World Currency [Video behind link.]

    11/30/2015 12:48:55 PM PST · by familyop · 34 replies
    New York Times ^ | NOV. 30, 2015 | KEITH BRADSHER
    HONG KONG--The International Monetary Fund on Monday designated the Chinese renminbi as one of the world's elite currencies, a major milestone that underscores the country's rising financial and economic heft. The decision will help pave the way for broader use of the renminbi in trade and finance, securing China's standing as a global economic power. Just four other currencies--the dollar, the euro, the pound and the yen--have the I.M.F. designation...Many central banks follow this benchmark in building their reserves, which countries hold to help protect their economies in times of trouble. By adding the renminbi to this group, the I.M.F....
  • China’s Renminbi Is Approved as a Main World Currency

    11/30/2015 9:41:22 AM PST · by Swordmaker · 13 replies
    New York Times ^ | NOV. 30, 2015 | By KEITH BRADSHER
    HONG KONG — The International Monetary Fund on Monday approved the Chinese renminbi as one of the world’s main central bank reserve currencies, a major acknowledgement of the country’s rising financial and economic heft. The I.M.F. decision will help pave the way for broader use of the renminbi in trade and finance, securing China’s standing as a global economic power. But it also introduces new uncertainty into China’s economy and financial system, as the country was forced to relax many currency controls to meet the I.M.F. requirements. The changes could inject volatility into the Chinese economy, since large flows of...
  • When Enemies Infiltrated the White House ( Harry Dexter White and fellow travelers )

    10/21/2015 10:30:39 AM PDT · by george76 · 21 replies
    FrontPage Magazine ^ | March 10, 2013 | Daniel Greenfield
    How a Soviet mole in FDR's inner circle triggered Pearl Harbor – and its dire relevancy to our conflict today. ... On December 7, 1941, 353 Japanese aircraft delivered a shocking blow .. Nearly seven years later, Harry Dexter White, a senior official in the Roosevelt Administration, appeared to testify before the House Committee on Un-American Activities . Numerous witnesses, including Whittaker Chambers and Elizabeth Bentley, had implicated White in involvement with the Communist Party and the Soviet Union. ... Harry Dexter White, a Harvard PhD and Assistant Treasury Secretary, had played a major role in creating the World Bank...
  • Why Are The IMF, The UN, The BIS And Citibank All Warning That An Economic Crisis Could Be Imminent?

    10/10/2015 8:12:07 AM PDT · by Jack Hydrazine · 12 replies
    TheEconomicCollapseBlog.com ^ | 8OCT2015 | Michael Snyder
    The warnings are getting louder. Is anybody listening? For months, I have been documenting on my website how the global financial system is absolutely primed for a crisis, and now some of the most important financial institutions in the entire world are warning about the exact same thing. For example, this week I was stunned to see that the Telegraph had published an article with the following ominous headline: “$3 trillion corporate credit crunch looms as debtors face day of reckoning, says IMF“. And actually what we are heading for would more accurately be described as a “credit freeze” or...
  • China slowdown, market jitters threaten world economy: IMF

    09/02/2015 8:58:12 PM PDT · by BenLurkin · 7 replies
    ctvnews ^ | Paul Wiseman
    The Chinese economic slowdown, though long anticipated, "appears to have larger-than-previously-envisaged" repercussions in other countries, the IMF said. China's troubles have sent the prices of raw materials such as oil and copper into a freefall, pinching Brazil, Russia and other commodity exporters. The report did not revise the fund's economic forecasts for this year, last updated in July, though it concluded that "downside risks have risen." The IMF expects the global economy to grow 3.3 per cent this year, little-changed from 3.4 per cent in 2014; the U.S. economy to grow 2.5 per cent, versus 2.4 per cent in 2014;...
  • US Military Uses IMF & World Bank To Launder 85% Of Its Black Budget

    08/14/2015 3:21:47 PM PDT · by Nachum · 20 replies
    Zero Hedge ^ | 8/14/15 | Tyler Durden
    Though transparency was a cause he championed when campaigning for the presidency, President Obama has largely avoided making certain defense costs known to the public. However, when it comes to military appropriations for government spy agencies, we know from Freedom of Information Act requests that the so-called “black budget” is an increasingly massive expenditure subsidized by American taxpayers. The CIA and and NSA alone garnered $52.6 billion in funding in 2013 while the Department of Defense black ops budget for secret military projects exceeds this number. It is estimated to be $58.7 billion for the fiscal year 2015. What is...
  • Ukraine averts default with $120mn bond payment

    07/24/2015 6:07:01 PM PDT · by Navy Patriot · 2 replies
    BNE News ^ | July 24, 2015 | Sergei Kuznetsov
    Ukraine made a $120mn interest payment on its Eurobonds on July 24, once again staving off a much speculated default scenario on billions in external debt that the country owes private creditors. With the International Monetary Fund (IMF) pressuring Ukraine to quickly agree the restructuring of $15.3bn in privately held debt with a group of main creditors, the latest payment creates valuable breathing space for further talks before the "big one", a $500mn payment on bonds due September 23. Artem Shevalev, Ukraine's Deputy Finance Minister, first informed Russia's TASS news agency that Kyiv paid the $120mn. Ukraine's UNIAN news agency...
  • SECRET IMF REPORT: GREECE NEEDS DEBT RELIEF FAR BEYOND EU PLANS

    07/14/2015 6:12:47 PM PDT · by nickcarraway · 4 replies
    Greece will need far bigger debt relief than eurozone partners have been prepared to envisage.Greece will need far bigger debt relief than eurozone partners have been prepared to envisage so far due to the devastation of its economy and banks in the last two weeks, a confidential study by the International Monetary Fund seen by Reuters shows. The updated debt sustainability analysis (DSA) was sent to eurozone governments late on Monday, hours after Athens and its 18 partners agreed in principle to open negotiations on a third bailout program of up to €86 billion in return for tougher austerity measures...
  • The Crony Bank That Won't Die: Cruz Dives Into Ex-Im fight

    07/13/2015 7:44:51 PM PDT · by MN_Mike · 47 replies
    The Hill ^ | July 13, 2015 | Kevin Cirilli
    McConnell is trying to bring back the crony bank, Ex-Im Bank. It sunset at end of June 2015. Now he plans to tie it to a highway bill. At Wednesday’s press conference, Cruz will be joined by Sen. Mike Lee (R-Utah) and Rep. Bill Flores (R-Texas), chairman of the Republican Study Committee.
  • Greek socialists reluctantly accept IMF ‘meddling’ in deal to save the country they ruined

    07/13/2015 4:36:24 AM PDT · by Sean_Anthony · 11 replies
    Canada Free Press ^ | 07/13/15 | Dan Calabrese
    If I were negotiating this deal on behalf of the IMF and the EU, one term I would demand is the resignation of the socialist government It’s the third bailout of Greece in five years. Heck, even Chrysler must be appalled at a performance like that. And while we’re still waiting for the details, early reports indicate that Greece’s socialist government had to accept much more stringent terms than the ones they told Greek voters to reject just last week. It’s easy just telling everyone yes to whatever they want until you run out of stuff to give them. That’s...
  • Greeks Face 'Humiliating' Demands As Twitter Says #ThisIsACoup (EU Demands "Banker Dictatorship"?)

    07/12/2015 8:41:53 PM PDT · by tcrlaf · 65 replies
    TeleSur ^ | 6-12-2015 | Telesur
    As European Union leaders push Greece for more austerity reforms, Athens enters political crisis and social media erupts in response. A two-day emergency meeting on Greece’s economic future ended Sunday with strict conditions from the European Union, including contentious austerity reforms, if it wants a new bailout and keep the euro. To meet the conditions for fresh aid packages and a third bailout that Greece needs to avoid bankruptcy, European finance ministers want Greece to pass a series of austerity measures--including tax and pension reforms-- through Parliament and put them into law by Wednesday. Greece will also have to lose...
  • Bankruptcy is the only way Greece can fashion a new beginning

    07/06/2015 11:52:23 AM PDT · by Tolerance Sucks Rocks · 32 replies
    The Washington Times ^ | July 5, 2015 | Stephen Moore
    Almost every option facing debt-drenched Greece is bad, but there is only one that will end this Greek tragedy for good. Let Greece go bankrupt. Then let this once-rich nation, hit the restart button to rebuild its economy. What I’m suggesting for Greece is what might be called the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big. Pensioners, bondholders, welfare recipients, government workers, the International Monetary Fund, all will have to settle for less — maybe a lot less. It’s...
  • Exclusive: Europeans tried to block IMF debt report on Greece: sources

    07/04/2015 6:48:38 AM PDT · by Citizen Zed · 11 replies
    Reuters ^ | 7-3-2015 | Paul Taylor
    Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece's debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday. The document released in Washington on Thursday said Greece's public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers. It also said Greece will need at least 50 billion euros in additional aid over the next three years to keep itself afloat. Publication of the draft Debt Sustainability Analysis...
  • It's Official: Greece defaults on IMF payment

    06/30/2015 7:24:07 PM PDT · by SeekAndFind · 55 replies
    The Star ^ | 06/30/2015 | Tanya Talaga
    Greece joins Somalia, Sudan and Zimbabwe on the latest to be in debt to the International Monetary Fund. As Athenians rallied underneath thunderclouds to show their support for keeping Greece in the eurozone of single currency nations, their broke government defaulted on a $2.2-billion payment to the International Monetary Fund. At midnight on Tuesday, Greece joined Sudan, Somalia and Zimbabwe as countries in arrears to the IMF. Also at midnight, the bailout assistance package that began in February 2012 formally expired, leaving Greece without access to any emergency finances. In Washington, the IMF acknowledged that Greece had failed to meet...
  • Greece to Default on $1.73 Billion IMF Payment

    06/29/2015 10:37:02 AM PDT · by catnipman · 70 replies
    wall street journal ^ | 6/29/2015 | Gabriele Steinhauser and Nektaria Stamouli
    ... Greek Prime Minister Alexis Tsipras spoke by phone with Mr. Juncker and European Parliament President Martin Schulz and asked for help getting an extension to the bailout, a Greek government official said. “The Greek prime minister [Tsipras]expressed the position that the democratic expression of the Greek people is hindered by the closure of banks, which doesn’t apply with the democratic tradition of Europe,” the official said. ... Mr. Tsipras and his government are calling on Greeks to vote “no” to send a signal to Europe and the IMF
  • The sooner Greece defaults and dumps the Euro the better

    06/28/2015 6:46:15 PM PDT · by Tolerance Sucks Rocks · 17 replies
    The Washington Times ^ | June 26, 2015 | Peter Morici
    <p>Greece and its principal creditors—the European Union, European Central Bank and International Monetary Fund—should acknowledge that Athens will never be able to repay the €131 billion it owes, write down its debt and let the Aegean nation exit the euro gracefully.</p>
  • Greece's Tsipras summons cabinet as debt deadline nears (Euro zone partners ratchet things up)

    06/26/2015 12:40:01 PM PDT · by NormsRevenge · 2 replies
    Reuters on Yahoo ^ | 6/26/15 | Renee Maltezou and Jan Strupczewski
    BRUSSELS/ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras summoned an urgent meeting of his cabinet on Friday after euro zone partners warned Athens it had until the weekend to accept a cash-for-reform deal or plunge towards default. Despite angry rhetoric and accusations of "blackmail", negotiations were continuing in Brussels to find a last-ditch compromise to keep Greece in the euro zone to avoid a political train-wreck, economic chaos and financial market disruption. ... He said there was no foundation for the increasing speculation in Athens that Tsipras could call snap elections if a deal cannot be reached. ... In a...