The chief of the IMF (International Monetary Fund), Christine Lagarde, has said that China needs to prevent its economy from being overly dependent on investment and exports. Lagarde has also said that the Yuan, the Chinese currency, may become a global reserve currency, if the Chinese government introduced market-oriented changes. Ms Lagarde’s comments came as [...]
The IMF (International Monetary Fund) has agreed to contribute 28bn euros towards the 130bn euro bailout for Greece – the second for the debt-ridden nation. The organisation’s approval is the last step in finishing the long-awaited rescue fund for Greece. The IMF has also stated that it would give 1.65bn euros, of the promised 28bn [...]
The eurozone group has backed a second Greek bailout of 130bn euros, pending contribution from the IMF (International Monetary Fund). Finance ministers from the euro bloc had met in Brussels on Monday in order to approve the new package. The meeting came after Greece swapped the majority of its privately-held bonds with new ones with [...]
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Tags: Bailout, Economy, eurozone, Finance, gdp, greece, greek economy, imf, imf international monetary fund, jean claude juncker, mr juncker 
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Finance ministers in the eurozone have reached an agreement on a crucial second bailout for Greece. The latest deal, which came following approximately 13 hours of talks in Brussels, will give the Greek government loans with a value of over 130bn euros. The deal was announced on Tuesday morning by Jean-Claude Juncker, the Luxembourgian Prime [...]
MPs in Greece have approved a controversial austerity plan, demanded by the IMF (International Monetary Fund) and eurozone in exchange for a 130bn euro (£110bn, $170bn) bailout. 199 voted in favour of the package while 74 voted against. Tens of thousands of members of the Greek public protested in Athens after the approval. During the [...]
A recession in the eurozone could reduce Chinese growth by nearly half of forecasted figures for this year, according to the IMF (International Monetary Fund). It estimates that the Chinese economy will grow by 8.2% in 2012. However, it cautions that a eurozone downturn could cause growth for this year to fall to 4.2%. The [...]
Nigerian citizens have condemned their government for removing a fuel price subsidy, which has resulted in prices of petrol more than doubling in many parts of the African nation. Hundreds of people gathered in Abuja, Nigeria’s capital, to protest against the removal, chanting “Remove corruption, not subsidy.” Petrol prices have risen from 65 naira (£0.26, [...]
The French Finance Minister, Francois Baroin, has described the economic situation in the UK as being “very worrying”. This comment came after the chairman of France’s central bank, Christian Noyer, said that credit ratings agencies should downgrade Britain’s credit rating before France’s, as he believes the UK economy is weaker. Standard & Poor’s (S&P) (Public, [...]
The ratings agency Moody’s (Public, NYSE:MCO) has reduced its rating of Hungarian government debt to junk status. The agency put the move down to Hungary’s high debt levels and poor growth prospects, along with doubt over whether its government can hit its economic targets. Moody’s lowered the nation’s debt by one notch, putting it down [...]
Italy will need a bail out so large that it will be an amount ten times more than the country’s current gold holdings. The latest value of the nation’s gold reserves comes from October data from the World Gold Council. Italy has a holding of 2,451.8 tonnes – the third highest holding out of all [...]
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