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

Eurozone group backs second Greek bailout

BBC-  The eurozone group has backed Greece’s second bailout of 130 billion euros ($171billion) pending a contribution from the International Monetary Fund (IMF).

Finance ministers from the 17-strong currency bloc had been meeting in Brussels to approve the package.

The meeting followed Greece swapping most of Read more of this post

Greek debt swap could be short-lived reprieve

Reuters- Greece’s deep recession and unpredictable elections threaten to turn the biggest debt restructuring in history into yet another short-lived reprieve, although the existential threat posed to the euro zone is not what it was.

Last week’s deal, under which private creditors agreed to lose most of their investments in Greek government bonds, should allow euro zonefinance ministers meeting on Monday to declare they will pay their part of a 130 billion euros ($170 billion) bailout 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