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Late-Night Letter Doesn't Solve Greece's Woes

European officials saying no deal until Sunday's vote

(Newser) - Greece's government appeared to be caving a bit, by way of a two-page letter sent from Prime Minister Alexis Tsipras last night to the country's three major creditors: the IMF, European Commission, and European Central Bank. Tsipras' letter said his government was prepared to accept creditors' proposals, subject... More »

Greece Misses Its Big Payment

Becomes the first advanced nation to default on an IMF loan

(Newser) - It might be a rocky day for the stock market tomorrow: The hour for Greece to make a $1.8 billion payment to the IMF has come and gone without any money changing hands, making Greece the first developed country to default on a loan from the world lending agency,... More »

What Greece Is Saying Today: 'Oxi'

That's 'no' to the question of whether it'll pay the IMF today

(Newser) - "Oxi" is Greek for "no," and it's a word coming from Greek Finance Minister Yanis Varoufakis' mouth today. He confirmed that, no, Greece would not be paying the $1.8 billion it owes to the IMF today. His comment comes amid speculation that Greek Prime Minister... 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 »

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 »

Cyprus Stalls Vote on Bailout Tax

Lawmakers bitterly decrying terms of $13B IMF deal

(Newser) - Cyprus' parliament today postponed until tomorrow a vote on a controversial levy on all bank deposits that the cash-strapped country's creditors had demanded in exchange for a $13 billion bailout. The announcement set off an immediate scramble among top European officials, with reports that the European Central Bank was... 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 »

China's Head Banker Ditches IMF Meeting

China-Japan island dispute drags world economy into the ring

(Newser) - China's central-bank governor, Zhou Xiaochuan, has canceled the lecture he was scheduled to give at the upcoming IMF annual meeting, a move that underscores* China's increasing frustration with its ongoing territorial dispute with Japan. Zhou's deputy will give the lecture on his behalf, but the Wall Street ... More »

US Planning $1B Egypt Bailout

Diplomats aim to keep Egypt stable, friendly by shoring up economy

(Newser) - American diplomats are close to finalizing a $1 billion bailout package to help save an Egyptian economy battered by political upheaval, reports the Wall Street Journal . The aid package, which includes debt relief and assistance for small- to medium-sized Egyptian businesses, was first announced last year but has been on... More »

Greece Caves, Agrees to Full Austerity

Under creditor threats, Athens to find $1.8B more in cuts

(Newser) - Greece blinked today: In a showdown with creditors, the crisis-wracked country agreed to find the final $1.85 billion needed to reach the $14.2 billion in cuts required to get desperately needed aid money in September, reports Reuters . Greece had been asking for more time, but fed-up German and... 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 »

IMF's Lagarde, Who Blasted Tax Evaders, Pays No Taxes

Her salary from an international organization is exempt

(Newser) - IMF chief Christine Lagarde probably wants this one back: She infuriated Greeks last week by asserting that a big part of the nation's financial crisis is "all these people in Greece who are trying to escape tax." It's time for this nation of tax-dodgers to pay... 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 »

France's Woman of Year: DSK Wife

Poll finds Anne Sinclair more popular than husband's successor at IMF

(Newser) - Standing by her man has made Anne Sinclair a very popular woman in France. Dominique Strauss-Kahn's wife has been named as woman of the year by a French women's magazine after topping an opinion poll, the New York Post reports. With 25%, Sinclair came out ahead of Christine... More »

Greece to Fire 30K Workers

Budget deficit will fall short of EU, IMF targets

(Newser) - The Greek economic tragedy took another hair-raising turn today, Reuters reports. Enacting an austerity plan to attract EU and IMF loans, politicians there announced a new plan to place 30,000 workers in a "labor reserve" where they will earn partial pay and be laid off in a year.... More »

IMF May Need Billions More

But Paul Krugman's caveat: expansion, not austerity is needed

(Newser) - The International Monetary Fund needs to expand its $400 billion war chest to more effectively fight the latest round of euro zone crises, which could demand some $2.6 trillion to solve, reports the Telegraph . “The fund’s credibility, and effectiveness, rests on its perceived capacity to cope with... 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 »

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