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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...

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....

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...

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...

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...

Greece Announces Austerity Plan to Fire Workers
 Greece to Fire 
 30K Workers 

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....

IMF May Need Billions More
 IMF May Need 
 Billions 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...

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...

'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...

New IMF Head: US Needs Debt Deal 'Immediately'

Christine Lagarde urges US to show 'political courage' like Europe

(Newser) - Newly crowned IMF queen Christine Lagarde called for “bold fiscal action” to end the US debt ceiling crisis today, though she warned that drastic spending cuts could lead to a jobless recovery. “I’m hopeful that the political courage shown by European leaders will soon be followed” by...

Paris Prosecutors Probe DSK Rape Accusation

French authorities giving accusation against DSK official interest

(Newser) - The Paris prosecutor's office said today it has opened a preliminary investigation into accusations by a French writer that Dominique Strauss-Kahn tried to rape her. Novelist and journalist Tristane Banon filed a criminal complaint this week saying that Strauss-Kahn attacked her in an empty apartment in 2003 during an...

Here's the Letter From Prosecutors in DSK Case

It lays out lies the accuser told about her personal history

(Newser) - The Toronto Globe and Mail has the full letter that prosecutors in the Dominique Strass-Kahn case wrote to defense lawyers raising doubts about the maid's credibility. Among other things, it details lies she admits telling in her 2004 asylum application to improve her chances of being accepted, including a...

Dominique Strauss-Kahn to Be Released
 Strauss-Kahn Is Free on Bail 

Strauss-Kahn Is Free on Bail

Move comes after questions raised about accuser

(Newser) - Former IMF leader Dominique Strauss-Kahn walked out of court free on bail today after prosecutors said an extensive background investigation of the hotel housekeeper accusing him of sexual assault gave them pause . Strauss-Kahn had been under pricey house arrest for weeks in a Manhattan loft on $6 million in cash...

Case Against Strauss-Kahn Collapsing

Prosecution finds major holes in accuser's credibility

(Newser) - The case against Dominique Strauss-Khan has fallen apart so dramatically that he could be freed from house arrest as soon as Friday, well-placed law enforcement officials tell the New York Times . The prosecution's investigators have found major issues with the credibility of the maid who accused the former IMF...

US Backs Christine LaGarde to Head IMF

 Lagarde Named Head of IMF 

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 ...

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...

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...

IMF Hit by Cyberattack in 'Major Breach'

Nations' sensitive financial data compromised

(Newser) - The IMF has another problem to worry about: Hackers pulled off what the New York Times calls a "large and sophisticated attack" that compromises sensitive financial data from around the world. "This was a very major breach," says an anonymous official. It's not clear what the...

Were There 'Irregularities' in Strauss-Kahn Arrest?

He's due in court today for arraignment on attempted rape charges

(Newser) - A defense source is claiming "irregularities" in the arrest of former IMF boss Dominique Strauss-Kahn just as he's to be arraigned today on charges that he sexually assaulted a Manhattan hotel maid . The source hinted at the possibility that local cops illegally intercepted a telephone call because they...

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