International Monetary Fund

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Chinese Yuan Hits 'Important Milestone'

It joins an elite club used for Special Drawing Rights

(Newser) - The Chinese yuan will join a basket of the world's leading currencies. The International Monetary Fund said Monday the yuan "met all existing criteria" to be included with the US dollar, euro, Japanese yen, and the British pound as one of the currencies used for the global organization'... More »

Greece Is Dealt 2 More Blows

It won't make its payment, and Standard & Poor's cut its rating

(Newser) - As predicted , Greece doesn't have the funds to pay back a $1.8 billion euro loan installment by tomorrow's International Monetary Fund deadline, a government official there confirmed today—meaning the country may now be one step "closer to an exit from the euro zone currency,... More »

Court: Dominique Strauss-Kahn Not a Pimp

Ex-IMF head acquitted on charges of 'aggravated pimping' by French court

(Newser) - Despite sometimes-tearful testimony by prostitutes who painted a sordid picture of "beast-like" sex parties, a French court today acquitted former International Monetary Fund head Dominique Strauss-Kahn of "aggravated pimping" charges, the Guardian reports. The 66-year-old Strauss-Kahn, often called simply "DSK" in France, had admitted to the Lille... More »

French Prosecutor: Acquit Strauss-Kahn of Pimping

As plaintiffs drop case against ex-IMF chief, it's looking more likely DSK will walk

(Newser) - He doesn't deny he's participated in orgies, that he enjoys "rough" sex with his "conquests," or that he needs a lot of it, per the AP . But Dominique Strauss-Kahn says he's no pimp, and a French prosecutor today asked for the acquittal of the... More »

IMF Chief Lagarde Under Investigation in France

Suspected of negligence in French corruption probe

(Newser) - Christine Lagarde, the chief of the International Monetary Fund, was placed under official investigation today for negligence in a French corruption probe that dates back to her days as France's finance minister. In a statement after a fourth round of questioning before magistrates, Lagarde said she would return to... More »

Greece Gets 3-Day Ultimatum

IMF, Europe might suspend site visit

(Newser) - Greece has until this weekend to convince the IMF and Europe that it can meet its bailout conditions, before they call off their current site visit and yank the next tranche of aid, sources tell Reuters . Eurozone finance ministers are meeting on Monday and "all agreed that Greece has... More »

As Deadline Looms, Cyprus Prez Threatens to Quit

Fraught negotiations under way in Brussels with European finance ministers

(Newser) - Things are getting testy in Brussels, where Europe's financial powers that be are hunkered down in furious negotiations to determine Cyprus' fate ahead of tomorrow's deadline to finalize a $10 billion bailout. Cyprus President Nicos Anastasiades has threatened to quit, reports Reuters , in a fraught meeting with Eurogroup... More »

IMF to Italy, Spain: Get Help from Eurozone

But Rome says no ahead of EU summit

(Newser) - With a two-day EU summit beginning in Brussels tomorrow, the International Monetary Fund is calling on Italy and Spain to apply for eurozone assistance, hoping to cut losses in Europe's debt crisis. The eurozone is on the verge of establishing an environment that would ensure both countries can continue... More »

Report: IMF, Germany Ready to Pull Plug on Greece

Rising bond rates show Spain also heading deeper into crisis

(Newser) - The International Monetary Fund could be ready to cut off fresh funds to Greece, a step that would likely lead to default and getting bounced from the eurozone, reports der Spiegel . The big problem is that Greece has fallen so far behind in its austerity promises—made to secure $158.... More »

Malawi Slashes Currency By a Third

New President Joyce Banda moves to fall in line with IMF

(Newser) - The official rate of Malawi's currency has been cut by a third as the impoverished southern African nation seeks to repair ties with the International Monetary Fund, the country's central banker said today. The move is just one in a series of steps President Joyce Banda's government... More »

Eurozone Set to Finalize Greece Bailout

Finance ministers inching closer to a $171B deal

(Newser) - Eurozone finance ministers met in Brussels today, in a meeting that they believe will finalize a $171 billion second bailout for Greece, in exchange for roughly $264 billion in Greek government bonds. "I'd like to assume that we will come to a final and definitive agreement tonight,"... More »

Portugal May Need a 2nd Bailout

Country's troubles likened to Greek crisis

(Newser) - In order to pay back $11.6 billion in debt, Portugal needs to re-enter capital markets next year—and as it stands, that's looking like a tall order. The deadline isn't until September 2013, but the International Monetary Fund could call on the country to release a financial... More »

Greece Hires Out Ancient Ruins to Raise Cash

The Acropolis, the temple of Delphi, and Parthenon going for $2,070 a day

(Newser) - Debt-stricken Greece is taking an unprecedented step and exploiting its own magnificent history to raise cash and help its crippled economy. The Guardian reports that Greece is offering up its architectural masterpieces, including the Acropolis, the temple of Delphi, and the Parthenon, as backdrops for movies, commercials, and photo shoots—... More »

Strauss-Kahn Cheered on Return to IMF

Former IMF chief pays staffers farewell visit

(Newser) - Dominique Strauss-Kahn received a warm welcome during his farewell visit to International Monetary Fund headquarters in Washington, DC, yesterday. Hundreds of staffers packed into an auditorium to hear the former IMF chief speak, Reuters reports. "He is very much appreciated in the institution," Brazil's representative on the... More »

'Act Now' Urges IMF Head, Warning of Recession Risks

'Risk of recession outweighs risk of inflation,' says Lagarde

(Newser) - IMF head Christine Lagarde warned that the world economic recovery is in danger, and called for additional spending to support growth, at a conference for business and economic leaders in Jackson Hole on Saturday, reports Reuters . "The stakes are clear; we risk seeing the fragile recovery derailed. So we... More »

Lagarde Faces Probe in $400M Deal

Court orders look at $400M arbitration deal

(Newser) - Well, at least there’s no maid involved this time: A special French court has ordered an investigation into newly minted IMF chief Christine Lagarde, over her role in a $400 million arbitration deal with tycoon Bernard Tapie. The much-maligned settlement, awarded in 2008, came after Tapie sued a French... More »

Lagarde Named Head of IMF

Move comes after the US endorsed her

(Newser) - Christine Lagarde has officially been named to replace Dominique Strauss-Kahn to head the IMF, reports the Washington Post . Lagarde's victory became all but guaranteed after the US endorsed her this morning, giving her the explicit support of more than half the votes on the institution's board, the Wall ... More »

IMF Cyberattack Was by Foreign Government: Source

Hacker collective Anonymous not responsible, says security expert

(Newser) - The cyberattack on IMF was carried out by hackers thought to be connected to a foreign government, not hacker collective Anonymous, according to a security expert familiar with the incident. The hackers removed a “large quantity” of data that included emails and other documents, the source says. Bloomberg obtained... More »

Israel's Fischer Joins Race for IMF Head

Fischer enjoys strong support from United States, but is late to the race

(Newser) - The race to be the next head of the IMF heated up yesterday, as Bank of Israel governor Stanley Fischer announced he would run for the prestigious position, reports Reuters . Fischer, a former deputy managing director at the IMF, is considered a strong candidate, as he was well liked during... More »

IMF Has Many Ethics Rules ... for the Little Guys Only

Guidelines really don't apply to top brass

(Newser) - The IMF has gotten tough on ethics over the last four years—well, ethics as they apply to the little guys. In a look at its ethics policy in the wake of Dominique Strauss-Kahn's arrest, the New York Times reports that the fund has tightened the internal methods it... More »

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