FINANCIAL News, Money, Banks, Economic and Financial Crisis, May 26, 2012

European crisis clouds Tunisia's recovery gulfnews.com Washington: Tun-isia's economy is showing signs of revival after popular protests last year pushed it into recession but the crisis in the Eurozone, its most important export market, presents risks, a senior IMF official said on Friday. See all stories on this topic »

IMF chief Lagarde: Little sympathy for Greece DailyFinance Making clear that the IMF has no plans to relent on its austerity requirements for the country, Lagarde said she was aware that many Greeks were struggling to access services like healthcare because of the country'seconomic crisis, but believed people ... See all stories on this topic »

Christine Lagarde: Greeks can help themselves out of thecrisis by 'paying ... Telegraph.co.uk ... out of the financial crisis by "paying their tax". The managing director of the IMF said that while she sympathised with Greece's plight, she said that she thought "equally" about the rampant tax evasion that has dogged the economy for years. See all stories on this topic » Telegraph.co.uk

Why Crisis in Spain This Week Became More Important Than Greece Forbes Local debt is the big untold story of the Euro crisis and, if that was not apparent before, it became glaringly so when Catalonia's President this week told the world his autonomous Catalan Government would struggle to meet its bills at the end of this ... See all stories on this topic »

Spanish crisis grows as Bankia seeks more aid Irish Times SPAIN'S FINANCIAL crisis deepened as the stricken lender Bankia sought a bigger government bailout and the prosperous region of Catalonia said it needed Madrid's help to refinance its debt. The twin developments underscored the increasing frailty of ... See all stories on this topic »

Obama faces Armageddon Salon “If Greece leaves the eurozone, it could detonate a global financial crisiseven worse than the 2008 credit crunch, dry up global trade financing and spur another US recession.” Seeing all this before the Camp David summit, President Obama joined with ... See all stories on this topic »

Indian eco resilient; global efforts needed for growth: Pranab Mukherjee Daily News & Analysis Place: Manipal | Agency: PTI Amid persisting global uncertainties, FinanceMinister Pranab Mukerjee today said India's domestic demand, high savings rate and regulatory mechanisms make it a resilient economy. He, however, emphasised upon the need for ... See all stories on this topic »

Gambia: IMF Executive Board Approves Three-Year, US$ 28.3 Million Extended ... AllAfrica.com The Gambian economy performed well during the previous ECF arrangement, which expired at the end of March 2011. During that period (2007-10), real GDP growth was robust and inflation was low-to-moderate, despite the global financial crisis and sharp ... See all stories on this topic »

Udupi: Pranab Mukherjee Speaks on Role of India in Asian Economy Daijiworld.com Timely policy interventions helped most of the Asian economies, including India, to recover quickly from the 2008-09 global crises. In 2012, as per IMFestimates, Asia's real GDP growth of around 8.2 per cent outpaced growth in other regions of the ... See all stories on this topic »

Bahrain seeks economic kick-start The National Bahrain's government recognises that recent unrest has exacerbated the difficulties in convincing investors to return as the Middle East seeks its way out of the global financial crisis, said Sheikh Abdulaziz bin Mubarak Al Khalifa, a government ... See all stories on this topic » The National

Hard times ahead as UK readies to ride out the eurozone storm Scotsman Any lingering doubts that the latest escalation in the crisis could damage the UK economy were seemingly dispelled by the IMFthis week. It warned that the UK could face a “substantial contractionary shock”, adding that the “risks are large and tilted ... See all stories on this topic » Scotsman

What would a Greek exit mean for North America? Vancouver Sun WASHINGTON — Uncertainty over the fate of the euro currency is already dampening US economic growth and any significant worsening of the crisiswould deal a blow to a recovery that is gradually gathering steam. Economists estimate that volatile ... See all stories on this topic »

Poverty, inequality still a challenge, says FM Deccan Herald Successful models of financial inclusion need to be replicated to address the economic well being of the disadvantaged. Most importantly, governance structures in Asia need to evolve to address these requirements, he added. Stating that resolution of... See all stories on this topic » Deccan Herald

IMF Director Tell Greeks: Think of the Little Kids in Africa Care2.com (blog) by Kristina Chew Pay your taxes and sorry, parents, about your children: So said Christine Lagarde, the director of the International Monetary Fund, in an interview with the Guardian about austerity measures the IMF and Europeanfinance leaders are ... See all stories on this topic »

It's Payback Time: Don't Expect Sympathy – Lagarde To Greeks Here Is The City Greece, which has seen its economy shrink by a fifth since the recession began, has been told to cut wages, pensions and public spending in return for financial help from the IMF, the European Union and the European Central Bank. See all stories on this topic » Here Is The City

How red tape is tying British business in knots Telegraph.co.uk The shock to confidence caused by the eurozone crisis has been largely to blame. As the International Monetary Fund (IMF) said last week, "the hand-off from public to private demand-led growth has not fully materialised… [largely] due to transitory ... See all stories on this topic » Telegraph.co.uk

Spanish bank seeks fund support to avert bankruptcy Zee News While the financial crisis in Greece was triggered by massive debts and huge budgetary deficit, the crisis in Spain stems from the banking sector, which suffered massive losses after the property bubble burst in 2008. Bankia, which reportedly has ... See all stories on this topic » Zee News

Weekly Review and Outlook: European Majors Weighed Down by Greece Exit Worry ... Action Forex IMF chief Lagarde said that Eurozone is "at the very epicenter of the crisis". She said that Greece exit from Eurozone is not a preferred option but IMF and others have to be "prepared for all possible situations". It's reported that ECB has set up a ... See all stories on this topic »

Europe slowdown adds more tension to Greek drama Pakistan Daily Times So far, the 17-nation eurozone's downturn has been confined mainly to its periphery, but an index measuring broad economic activity across the monetary union in May showed its weakest outcome since mid-2009, during the global financial crisis. See all stories on this topic »

A political class mired in crisis and scandal Daily Mail For their part, Nick Clegg and Mr Cameron deliver lectures on the need for robust action by the EU – seemingly unaware that the British economy is collapsing under them. So worried is the IMFthat it this week warned Britain may be forced to slash its ... See all stories on this topic » Daily Mail

Greek Eurozone Exit Could Shake Canada Too Greek Reporter The bank says Canadian real estate is between 10 and 15 percent overvalued as it is, which makes households much more vulnerable to any nasty economic surprises. “A global financial crisis could be a major catalyst for a sharp housing market correction ... See all stories on this topic » Greek Reporter

Egypt's new president must hit the ground running or face Tahrir Al-Arabiya Yes, GDP growth rates topped 7% in the heady days before the global financial crisis but you wouldn't know it walking around the many deprived areas of the country because that growth didn't 'trickle down' as many predicted. The boom years in Egypt saw ... See all stories on this topic » Al-Arabiya

Greece euro zone exit holds risks for Wall St, Washington Questions remain... Arab Times Kuwait English Daily ... remain that an “X factor” could slap around the world's largest economy. The most popular hypothesis runs: On June 17 Greek voters will again back parties that want to renegotiate the EU-IMF bailout to have more latitude on painful spending cuts. See all stories on this topic »

Europe's Leaders At Loggerheads At EU Summit As Markets Tumble Just International European leaders in Brussels failed to agree on any concrete measures to deal with the continent's rapidly worsening economic crisis. Following last night's six-hour summit, leaders of the major economies were unable to paper over sharpening ... See all stories on this topic »

Greek ruling elite prepares for showdown with working class World Socialist Web Site Since the eruption of the financial crisis in 2008, the Greek ruling class has repeatedly relied on the army to suppress working class opposition. The army was mobilized to smash the 2010 truckers' strike and was poised to intervene against the 2011 ... See all stories on this topic »

Greek pro-bailout conservatives regain lead: polls MSN Money Economy Minister Johann Schneider-Amman said in an interview Bern has set up a working group to consider how to support the economy in the case of an escalation of the euro zone crisis. Greek election rules give the party that comes first an automatic ... See all stories on this topic »

UAE says it may give aid to impoverished Yemen ArabianBusiness.com By Reuters The UAE may give aid to Yemen, the OPEC member's finance minister said on Friday, following international efforts to head off a humanitarian disaster and stabilise the impoverished state. Asked whether the UAE had considered committing funds ... See all stories on this topic » ArabianBusiness.com

Spain's Bankia seeks €19 billion bailout MaltaToday Europe is watching the banking sector in the region closely amid theeconomic crisis. Spanish banks, which lent heavily during the property bubble, are seen as particularly shaky as they now hold massive amounts of soured investments. See all stories on this topic »

Why the Arab World Needs an Economic Spring « iMFdirect – The ... Most of the economic transition in MENA will have to be financed through ...Filed under: Africa, Economic Crisis, Economic outlook, Economicresearch, ... blog-imfdirect.imf.org/.../why-the-arab-world-needs-an-econo...

Eurozone Crisis: IMF Says Turmoil Could 'Shock' UK Economy Into ... Eurozone Crisis: IMF Says Turmoil Could 'Shock' UK Economy Into Contraction ... to economic prospects and financial stability in the UK, as trade and financial ... www.huffingtonpost.co.uk/.../imf-eurozone-crisis-uk-econom...

Eurozone crisis live: Alexis Tsipras visits Berlin as IMF warns UK ... The IMF also said (follow the action from 10am) that the British government may need to launch a new fiscal stimulus if the economy does not recover strongly ... www.guardian.co.uk/.../eurozone-crisis-greece-eu-summit-tsip...

Israel weathers financial crisis | The Jewish Chronicle Israel receives little credit for its economic achievements. ... rest of the Western world the IMF concludes that Israel is much less vulnerable to thefinancial crisis. www.thejc.com/business/alex.../israel-weathers-financial-crisis

IMF urges Britain to take dramatic action to stop the rot - Telegraph “Here in Britain we can start to be cautiously optimistic about the economicsituation,” he said. “Employment is growing ... In Financial Crisis. Speaking outside a ... www.telegraph.co.uk/.../IMF-urges-Britain-to-take-dramatic-a...

IMF tells Britain 'must try harder' | euronews, economy economy - The IMF has said Britain's struggling economy needs the Bank of... to recover from a deep downturn caused by the 2007-2009 financial crisis. www.euronews.com/2012/05/.../imf-tells-britain-must-try-hard...

IMF warns Luxembourg of possible eurozone 'accident' - Economic ... In a review of Luxembourg's economy, the International Monetary Fundsaid the ... "Moreover, a political accident in the euro area could trigger afinancial crisis ... articles.economictimes.indiatimes.com/.../31711727_1_financi...

IMF tells Britain 'must try harder' | euronews, economy economy - The IMF has said Britain's struggling economy needs the Bank of... to recover from a deep downturn caused by the 2007-2009 financial crisis. prod-euronews.euronews.net/.../imf-tells-britain-must-try-hard...

Real output costs of financial crises: a loss distribution approach ... We study cross-country GDP losses due to financial crises in terms of frequency ... R. (2003), “The Future of the IMF", American Economic Review, 93(2), 31-38. mpra.ub.uni-muenchen.de/38988/

Signs of Tunisian recovery: IMF official WASHINGTON (Reuters) - Tunisia's economy is showing signs of revival after ... it into recession but the crisis in the euro zone, its most important export market, ... Toujas-Bernate said Tunisia had not requested IMF financing but the global ... articles.chicagotribune.com/.../sns-rt-us-imf-tunisiabre84o15n-...

Daily Maverick - The Tortoise and the Hare: How African economies ... The prosperous West is in the grip of the worst financial crisis since the Great ... The International Monetary Fund's latest regional economicoutlook for ... www1.dailymaverick.co.za/.../2012-05-15-the-tortoise-and-th...

IMF lauds Angola's economic stabilisation efforts - MSN ZA News The International Monetary Fund hails Angola's actions to stabilise itseconomy after the 2008 financial crisis caused the price of oil, its main export, to plummet. news.howzit.msn.com/imf-lauds-angolas-economic-stabilisatio...

Free exchange: Humbler horizons | The Economist The International Monetary Fund, studying a much broader sample ofcrises, found ... term output dynamics after financial crises", WorldEconomic Outlook, IMF, ... www.economist.com/node/21555901

IMF: Nicaragua's economy must grow faster IMF: Nicaragua's economy must grow faster | Nicaragua's English Language... the financial crisis of 2008-09, the country must grow its economy even faster to ... www.nicaraguadispatch.com/breaking-news/imf.../3900

Do more to boost growth, IMF tells Britain - Yahoo! Finance Finance: Britain's struggling economy needs the Bank of England to pump in more ... to recover from a deep downturn caused by the 2007-2009 financialcrisis. finance.yahoo.com/.../imf-tells-britain-more-drive-110517171...

steady growth recovery for UAE Image Credit: Hadrian Hernandez/Gulf News archive; IMF officials noted that... Dubai: The UAE has weathered the global economic and financial crisiswell due ... gulfnews.com/.../imf-report-shows-steady-growth-recovery-fo...

Capital Controls: Evolution of the IMF and Conventional Wisdom Even before the east Asian crisis hit, some folks in the IMF and many outside it ... modern world economy, and they are only needed when the financial crisis has ... conversableeconomist.blogspot.com/.../imf-and-conventional-...

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