international monetary fund
July 19th, 2011
The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, on Tuesday proposed American David Lipton and Chinese Min Zhu as new Deputy Managing Directors of the Fund, giving China a high-ranking position in the international financial organisation for the first time in its history. Zhu, presently a special ...
Continue reading Lagarde Names American and Chinese for Top IMF Posts
July 11th, 2011
For the German finance minister, Wolfgang Schäuble, the credit ratings agencies currently represent an "oligopoly" whose powers must be "limited”. That was the strong response he gave to a question asking him to outline his position on Moody's decision to lower the Portuguese debt to junk bond level. Schäuble feels ...
Continue reading German Finance Minister Calls for Ratings Agencies Restrictions
July 7th, 2011
German Finance Minister, Wolfgang Schäuble, defended before the German Constitutional Court on Tuesday, the legality of the euro rescue fund and the European Union and International Monetary Fund’s aid program for Greece, saying "Germany does not take any decision on measures to stabilise the euro zone without the approval of ...
Continue reading Germany Defends Legality of the Euro Rescue Fund
July 4th, 2011
The executive council of the International Monetary Fund (IMF) has chosen by consensus to elect French Finance Minister, Christine Lagarde, as the new managing director of the fund for the next five years, announced the IMF in a statement. Lagarde, who replaces the ex-chief of the IMF, Dominique Strauss-Kahn, who resigned ...
Continue reading IMF Chooses Christine Lagarde as New Chief
June 28th, 2011
German Chancellor Angela Merkel praised the agreement reached by European leaders to release the new emergency aid for Greece, provided that the Greek parliament approves this week, the adjustment and privatization plan agreed with the EU and the International Monetary Fund (IMF), saying it is "important for the stabilisation of ...
Continue reading Agreement on Greece Important for the Euro, Says Merkel
June 20th, 2011
The Executive Board of the International Monetary Fund (IMF) has disqualified Bank of Israel Governor Stanley Fischer from running for the post of Managing Director of the Fund, due to his advanced age. As reported in Europa Press, referring to 67 year old Stanley Fischer, the Executive Board outlined the IMF ...
Continue reading IMF Narrows Candidate List for Post of MD
June 15th, 2011
According to a survey released last week by Goldman Sachs, the Spanish financial sector look set to have the worst results in the European banks’ stress tests. These results are due to be published next month. After interviewing 113 specialists they concluded that this is the opinion of the majority of ...
Continue reading Goldman Sachs Predicts Spanish Banks Will Fare Worst on Stress Tests
May 27th, 2011
The European Parliament has refused to freeze the EU budget until 2020 in line with the cuts approved in the majority of member states facing the crisis, like United Kingdom, Germany and France. Instead, the Parliament calls for an increase of at least 5% in the next financial perspective from ...
Continue reading European Parliament Rejects Freezing EU Budget until 2020
May 26th, 2011
At a press conference yesterday, French Economy Minister Christine Lagarde confirmed her candidacy to replace Dominique Strauss-Kahn as Head of the International Monetary Fund. Lagarde has widely been viewed as top choice for the position, thanks to the support she has received from other European countries, and the lack of a ...
Continue reading France's Lagarde Confirms Candidacy to Head IMF
May 20th, 2011
Euro zone finance ministers have proposed that Italian Central Bank President, Mario Draghi, replace Jean-Claude Trichet as President of the European Central Bank (ECB), reported Euro Group Chairman Jean-Claude Juncker. Juncker said that "Mario Draghi will be the new president of the ECB" and that the Italian banker has "an excellent ...
Continue reading Italian Draghi Chosen as New Head of the ECB
May 17th, 2011
In their latest report the International Monetary Fund (IMF) discusses how the deterioration of the labour market in Europe has varied widely from one country to another during the last crisis. For example, where in northern European countries unemployment has scarcely increased and the time-reduction schemes have worked, in other ...
Continue reading IMF Puts Spain in Same Boat as Greece, Ireland and Portugal
May 16th, 2011
The Spanish economy grew 0.3% between January and March, according to the latest report published by the National Statistics Institute. This is one-tenth more than announced by the Bank of Spain last week and another notch higher than the growth registered for the last quarter of 2010. The annual rate increase ...
Continue reading Spain’s GDP First Quarter Growth Beats Forecast
April 21st, 2011
Spain has sold €3.4bn in long-term bonds in an auction attracting solid investor demand, helping to assuage fears that the eurozone’s fourth-largest economy is being dragged back into the crisis in the region’s periphery. The successful sale came after the level of interest investors demanded to hold Spanish debt jumped to ...
Continue reading Spain Eases Contagion Fears With Bond Sale
April 20th, 2011
Holidaymakers unnerved by turmoil in the Middle East are giving Spain's tourist industry a welcome boost, but for the sector to hold its gains and help drive economic growth, it must become more competitive. That may require politically and fiscally difficult cuts in wages and taxes as Spain -- like other ...
Continue reading Spain Set for Tourism Boost
April 19th, 2011
Telefonica SA may cut its workforce in Spain by about 20 percent within the next three years as the country’s former phone monopoly targets growth in Latin America to make up for declining sales in its home market. Telefonica, which employs about 35,000 people in Spain, faces a “difficult” macro-economic environment ...
Continue reading Telefonica May Cut 20% of Spanish Workforce
