Argentina's move to nationalize local oil company YPF, controlled by Spain's Repsol, was strongly criticized by the World Bank president Robert Zoellick and French Foreign Minister Alain Juppé.
The World Bank has warned China’s government that it must relax its grip on industry and move towards a free-market economy.
Development banks could provide up to 200 billion dollars in financing to help poor nations deal with shockwaves caused by the European sovereign debt crisis, World Bank President Robert Zoellick said on Tuesday.
The true test for the G20 will be whether it can prevent a future financial crisis, World Bank Group President Robert Zoellick said Friday ahead of the upcoming G20 summit in Cannes.
The World Bank has called on Germany to take a stronger political leadership role in Europe in order to end the Euro zone debt crisis.
The head of the World Bank on Monday said a drop in investor confidence was already feeding through to developing nations from a growing debt crisis in advanced economies and urged cooperative action.
The head of the World Bank said Wednesday the world had entered a new economic danger zone and that Europe, Japan and the United States all need to make hard decisions to avoid dragging down the global economy.
The world’s economic leaders need to “rebalance” their thinking as well as their economies. Fiscal and monetary policies have dominated. That makes sense to a degree: decisions on deficits, debt and the Euro zone this autumn may well determine whether the global economy slides deeper into danger, or begins the long climb back.
The World Bank has called for national governments to seek long-term debt curbs to solve the current sovereign debt crises in Europe and the United States, but said it was too early for special action by the Group of 20 nations.
The loss of market confidence in economic leadership in key countries like the United States and Europe coupled with a fragile economic recovery have pushed markets into a new danger zone, something that policymakers have to take seriously, the head of the World Bank said on Sunday.