Global economy on recovery path, risks remain: IMF chief

Reuters– The global economy has stepped back from the brink of danger and signs of stabilization are emerging from the euro zone and the United States, but high debt levels in developed markets and rising oil prices are key risks ahead, the IMF said on Sunday.

“The global economy may be on a path to recovery, but there is not a great Read more of this post

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Finance ministers to revive firewall debate

Financial Times– After helping to push through a Greek debt restructuring that is the largest in history, eurozone governments will revive a debate about boosting firewalls to shield Spain, Portugal and other vulnerable economies from the flames of the crisis.

Finance ministers from the 17-member club are set to discuss the issue at a meeting in Brussels on Monday evening, according to European Union officials, although no decisions are expected.

A leading option under consideration would be to combine the roughly €250bn remaining in the bloc’s temporary Read more of this post

Statement by IMF Managing Director Christine Lagarde on Greece

IMF- Managing Director Christine Lagarde of the International Monetary Fund (IMF) today made the following statement on Greece:

“Today I have consulted with the IMF’s Executive Board and on that basis, as discussed with the Greek government, I intend to recommend a €28 billion (about US$36.7 billion) arrangement under the Fund’s Extended Fund Read more of this post

IMF Scales Back Greek Aid to $23.6 Billion in Nation’s Second Rescue Deal

Bloomberg- The International Monetary Fund intends to contribute 18 billion euros ($23.6 billion) in fresh funds to the second aid package for Greece, scaling back IMF help for the nation that triggered Europe’s debt crisis.

The planned IMF contribution disclosed yesterday represents 14 percent of the 130 billion-euro second rescue of Greece being arranged with the euro area. The IMF accounted for 27 percent — or 30 billion euros — of Greece’s initial 110 billion-euro bailout in May 2010.

“The IMF is trying to manage a difficult balance between Read more of this post