The International Monetary Fund (IMF) has warned that the worsening debt crisis in the Euro zone poses a key risk to China's growth. IMF added that China also faces domestic risks, not least from a sharper-than-anticipated decline in the property market.
German Finance Minister Wolfgang Schaeuble warned Greece in a newspaper interview Monday that it must redouble efforts to comply with bailout conditions imposed by international creditors. If there were delays, Greece must make up for them, he told the daily Bild.
The Brazilian government said Friday it was cutting its economic growth forecast for this year from 4.5% to 3% due to the impact of the global slowdown. However the figure is still higher than the 2.5% predicted by the Central Bank.
A senior economist at the International Monetary Fund spearheading the bailouts of three Euro zone countries has lambasted its lack of leadership and said its first female chief is not fit for the job.
Spain's banks had 155.84bn Euros of loans on their books in May that are at risk of not being repaid, the highest since 1994.
Chile and Peru opted this week against following the lead set by nations from Brazil to South Korea in cutting interest rates as economic growth and slowing inflation in the Pacific neighbors gave central bankers little reason to change monetary policy
An IMF report revealed that the German economy’s performance has been remarkable despite facing considerable headwinds and that the US recovery “remains tepid and subject to elevated downside risks.”
The Euro area crisis has reached a “critical stage” and member nations must make a “strong commitment” to the shared currency to stop the plunge in investor confidence, the IMF said in a report that recommends issuing common debt as one solution.
Nations from around the world firmed up their commitments to provide emergency resources for the International Monetary Fund (IMF) designed to deter the spread of crises and increase the institution’s lending capacity to help countries in financial trouble.
The world’s largest emerging-market nations will announce contributions to the IMF’s financial firewall at the Group of 20 summit meeting in Mexico, Brazil’s Finance Minister Guido Mantega announced.