IMF

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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...

IMF Blocks Taliban's Access to Reserves
IMF Move Adds to
Pressure on Taliban
THE RUNDOWN

IMF Move Adds to Pressure on Taliban

Release of $460M in reserves blocked

(Newser) - The Taliban now control Afghanistan—but with access to funds extremely limited, they will have a tough time running the country. The International Monetary Fund, under pressure from the US, is blocking the Taliban's access to emergency reserves that were supposed to be released to Afghanistan next week. the...

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...

Lagarde's Conviction a Blotch on Her Storied Career

Head of IMF guilty on one count of negligence but escapes jail time

(Newser) - Christine Lagarde will remain head of the International Monetary Fund despite her conviction Monday of negligence in a case dating to her tenure as France's finance minister. The IMF's executive board quickly met after the court's decision and expressed "full confidence" in Lagarde's ability to...

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...

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,...

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...

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,...

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...

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...

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...

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 ...

US Planning $1B Egypt Bailout
 US Planning $1B Egypt Bailout 

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...

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...

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