International Monetary Fund

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Less Tea, More Cash in Bank, Government Tells Pakistanis

Plea is greeted with skepticism that cutting back a cup will help economy

(Newser) - A government plea to Pakistanis to drink less tea to help the nation out of its economic crisis has been met with skepticism. Pakistan is the largest importer of tea in the world, with a tab of more than $600 million last year, the BBC reports. The nation's foreign...

Western Allies Clear Room When Russians Speak at G20

Yellen says she can't abide 'business as usual' after invasion

(Newser) - Western allies took another step toward isolating Russia on Wednesday when their representatives walked out of a G20 meeting as the country's financial officials spoke. Delegations from Britain, Canada, and the US—including Treasury Secretary Janet Yellen—left the session in Washington, Reuters reports. Yellin said she objected to...

Fossil Fuel Subsidies Add to Climate Crisis: IMF

Government aid to industry runs $11 million or so per minute, report says

(Newser) - The International Monetary Fund has added up the government subsidies that went to support the fossil fuel industry in 2020: $5.9 trillion, or about $11 million per minute. On top of that, the analysis found that not one country priced its fuels high enough to cover the true supply...

After 10 Days of Protests, Ecuador Axes Austerity Plan

'We did it!' protesters shouted

(Newser) - Ecuador's President Lenín Moreno and indigenous leaders celebrated a deal struck late Sunday to cancel a disputed austerity package and end nearly two weeks of protests that have paralyzed the economy and left seven dead. Under the agreement, Moreno will withdraw the International Monetary Fund-backed package known as...

What's a Whale Worth? More Than You Might Think
What's a Whale Worth?
More Than You Might Think
new analysis

What's a Whale Worth? More Than You Might Think

Team of economists with the IMF do the math

(Newser) - Whales are actually cash cows, or so suggest economists with the International Monetary Fund. A team helmed by Ralph Chami took a look at the economic benefit provided by whales when it comes to carbon sequestration and ecotourism and arrived at a big figure: $2 million apiece. Their analysis hasn'...

Greece's Crisis Ends, but He Still Wakes Up to 'Nightmare'
The World's 'Biggest-Ever
Financial Rescue' Is Over
the rundown

The World's 'Biggest-Ever Financial Rescue' Is Over

8-year bailout era is officially over in Greece

(Newser) - "I wake up in the morning to a nightmare. How will I manage my finances and my responsibilities? This is what I wake up to every morning." That reality is not set to change for Yorgos Vagelakos, an 81-year-old retiree living in Athens—even as Greece's reality...

'Gambling Mecca' Is About to Become Richest Place on Earth

Macau is set to surpass Qatar, per a new IMF ranking

(Newser) - A "gambling mecca" is set to oust Qatar as the richest place on Earth, per the International Monetary Fund's newest stats. Bloomberg reports that the IMF's World Economic Outlook database has pegged Macau as the planet's wealthiest place, with its economy on track to reach the...

Secretary Hit With Shrapnel as Letter Bomb Explodes at IMF

The letter bomb was mailed to the IMF office in France

(Newser) - A letter exploded Thursday at the French office of the International Monetary Fund, lightly injuring one person, amid heightened security around Europe after a string of deadly attacks. The AP reports the incident came as a Greek anarchist group claimed responsibility for a failed letter bomb sent to the German...

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'...

Greece Is Dealt 2 More Blows
 Greece Is Dealt 2 More Blows 

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,...

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...

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...

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...

Greece Gets 3-Day Ultimatum
 Greece Gets 3-Day Ultimatum 

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...

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...

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...

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....

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...

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,"...

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...

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