Money Matters - Simplified


Greece Government wins confidence vote

The Greece's government survived a confidence vote late Tuesday, a crucial first step towards thwarting the euro zone's first sovereign debt default.

IMF hacked, loss of vital data feared

The New York Times reported yesterday that the computer system of the International Monetary Fund (IMF) has become the victim of a hacking attack.

IMF agrees on $3bn loan for Egypt

The International Monetary Fund (IMF) will give a loan of $3 billion to Egypt to enable the country come out of the financial quagmire that it finds itself in.

Post-Kahn, Can IMF Get Its Act Together?

The arrest of Dominique Strauss-Kahn, International Monetary Fund's (IMF) managing director, on sexual assault charges comes at time when world economy is delicately poised. The arrest has spread uncertainty over global efforts to deal with Europe’s debt crisis and cast doubts about the future of the IMF.

IMF spells out global risks

Washington -- The International Monetary Fund in Washington said continued foreclosures in the U.S. housing market could erode the availability of credit.

In a briefing note, the IMF said economic growth would continue to slow by the end of the year across the globe, naming the U.S. housing market as one of the pivotal risk factors, the British Broadcasting Corp. reported Saturday.

The note also names government debt as a key issue and calls for developing economies to concentrate on increasing domestic spending and relying less on exports.

In contrast, developed economies needed to trim their government debts and increase their export sales, the note said.

Copyright 2010 United Press International, Inc. (UPI).

China set to unseat Japan as 2nd biggest economy

With a $1.34 trillion gross domestic product (GDP) for the three months ending June, China is on course to topple Japan as the world's second-largest economy.

Greece rejects EU, IMF economic rescue

Davos -- Greece does not need a European Union loan or financial rescue from the International Monetary Fund, Prime Minister George Papandreou said Friday.

Speaking Friday in Davos, Switzerland, to the Italian financial daily Milano Il Sole 24 Ore, the Greek leader asserted Greece needs no such help as it seeks to join the eurozone, even though its ballooning budget deficit has reached 12.7 of GDP, the Athens News Agency reported.

Chinese premier to check property prices, keep Yuan stable

Beijing, China, December 27 -- In an interview with China's official press agency, Xinhua, Chinese Premier Wen Jiabao said the government would keep a check on its property market and track illegal activities related to housing prices.

Britain, France pledge $2 billion each to IMF for poor countries

Istanbul, October 4: France and the U.K. have pledged to loan the International Monetary Fund (IMF) $4 billion at low interest rates to assist the Washington-based lender finance poor countries hit hard by the current economic recession.

IMF downgrades Ukraine 2009 GDP

Kiev -- Ukraine's gross domestic product for 2009 is expected to decline 14 percent, a big drop from an original forecast of 8 percent, a global banking official said.

Ceyla Pazarbasioglu, head of the International Monetary Fund's mission in Ukraine, in Kiev told a news conference Friday the GDP forecast was downgraded from 8 percent to 14 percent due to the sharp downturn in Ukrainian economic development in the first three months this year.

Ukraine's GDP dropped 20.3 percent in the first quarter of 2009 when compared with the first three months of 2008.

Pazarbasioglu said the IMF also revised its forecast for Ukraine's 2009 state budget deficit from 4 percent to 6 percent, the Interfax-Ukraine news agency reported.