Search Results for: imf

Ex-IMF boss arrested for tax evasion and money laundering

Rodrigo Rato

Rodrigo Rato, who led the International Monetary Fund from 2004-2007, was arrested in Spain last night over allegations of tax evasion and money laundering. An influential figure in Spanish banking and politics, Rato was the predecessor of IMF chief Dominique Strauss-Khan, who left office under a cloud of legal troubles …

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IMF warns global economy is slowing

Christine Lagarde IMF

IMF chief Christine Lagarde has warned that the global economy could be sinking into a prolonged period of “mediocre” growth which could endanger efforts to bring down unemployment worldwide. Lagarde said on Thursday that the world’s economy has weakened in the past six months, despite the efforts of leading central …

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IMF forgives Ukraine’s debt to Russia

IMF Christine Lagarde Ukraine debt

On December 8, the IMF’s Chief Spokesman Gerry Rice sent a note saying: “The IMF’s Executive Board met today and agreed to change the current policy on non-toleration of arrears to official creditors. We will provide details on the scope and rationale for this policy change in the next day …

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IMF set to include Chinese yuan into SDR currency basket

IMF meeting IMFC International Monetary Fund

From Filip Karinja, for Birch Gold Group The International Monetary Fund (IMF) is set to meet in just over a week – on November 30 – to discuss what will almost certainly see the Chinese yuan added to the Special Drawing Rights (SDR) currency basket. IMF Chief Christine Lagarde has already …

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IMF set to add Chinese yuan to SDR currency basket

Chinese yuan

China’s currency, the yuan seems to be on track to be included in the International Monetary Fund‘s benchmark currency basket, putting it on par with the dollar, euro and pound sterling. A draft report by IMF staff who have been assessing the yuan’s technical criteria seems to be favourable. Three …

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They’re coming for your money

Pockets empty

Nearly all of us grew up thinking that we registered ourselves to prove that we were safe and responsible. We advertised our services as “registered” or “licensed,” and we never thought about it beyond that point. After all, that was the way things were done, and we knew that it …

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IMF boss Christine Lagarde under investigation in corruption case

International Monetary Fund Managing Director Christine Lagarde IMF

IMF chief Christine Lagarde has confirmed that she is being investigated for alleged “negligence” in a corruption probe when she was French Finance Minister in 2008, she told AFP. “The investigating commission of the Court of Justice of the French Republic has decided to place me under formal investigation,” Lagarde told …

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IMF downgrades global growth outlook, lowest since financial crisis

Lagarde IMF National Press Club economic growth

The International Monetary Fund (IMF) has downgraded its forecast for global economic growth for the fourth time this year, reducing the figure to 3.1 percent from the 3.3 percent estimate in July. Modest growth pickup could occur in advanced economies, along with the slowdown in emerging markets, according to IMF. …

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IMF issues its statement on Greece

Greece flag IMF debt

Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), made the following statement today regarding Greece’s financial obligations to the IMF due today: “I confirm that the SDR 1.2 billion repayment (about EUR 1.5 billion) due by Greece to the IMF today has not been received. We …

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IMF: China overtakes US as world’s largest economy

China vs USA

Sorry, America. China just overtook the US to become the world’s largest economy, according to the International Monetary Fund. Chris Giles at the Financial Times flagged up the change. He also alerted us back in April this year that it was all about to happen. Basically, the method used by the IMF …

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IMF warns Federal Reserve not to raise rates

IMF Federal Reserve not raise rates

The International Monetary Fund has recommended that the US Federal Reserve abstain from any interest rate hikes in the near-term, a recommendation which was subsequently rebuffed by the Fed due to fundamental disagreements over how to approach economic policy. Kristian Rouz — The International Monetary Fund, a Washington-based global lender, has recommended …

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Former IMF head and bond king both recommend gold over stocks and bonds

Bill Gross Pimco bond king

From Filip Karinja, for Birch Gold Group Kenneth Rogoff, former chief economist for the International Monetary Fund (IMF), Kenneth Rogoff, recently penned a piece in which he recommended that emerging markets diversify their foreign exchange holdings away from the bonds of developed countries and into gold. One of Rogoff’s main reasons for the …

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China calls for new global currency to replace US dollar

Gold Chinese Dragon

China is calling for a global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy ahead of next week’s London summit on the financial crisis. The surprise proposal by Beijing’s central bank governor reflects unease about its vast holdings of U.S. government bonds and …

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BRICS establish $100bn bank and currency reserves

BRICS nations

The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar. The new bank will provide money for infrastructure and development projects …

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Bank run fears in Bulgaria

Dozens of depositors have withdrawn savings from Bulgaria’s third biggest bank despite assurances from the government and the European Union that their money was safe after a similar run shut down another major lender last week. Bulgarian authorities have arrested four people suspected of trying to destabilise the banking system in a concerted …

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China plans to create its own World Bank

China World Bank Yuan

China is moving forward with a plan to create its own version of the World Bank, which will rival institutions that are under the sway of the US and the West. The bank will start with $100 billion in capital. The Asian Infrastructure Investment Bank (AIIB) will extend China’s financial …

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Ukraine to buy $1 billion of gold with IMF money

Ukraine flag

A month ago, it was alleged, that Ukraine – under cover of night – loaded its gold reserves onto a plane and shipped them off (for safekeeping) in the US, as the potential price of ‘liberation’. So how ironic that, given the massive gas debts that Ukraine owes to Russia …

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Central banking elite met today behind closed doors

Bank gate

From Filip Karinja, for Birch Gold Group Today the financial heavyweights in the world of finance met behind closed doors to discuss the future of the global economic system. Held in Washington, the meeting was titled, ‘Gold, renminbi and the multicurrency reserve system’. Co-hosted by the World Gold Council, the purpose of the …

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Greece plans return to drachma and nationalization of banks

Eurozone Greece drachma

Greece is drawing up drastic plans to nationalise the country’s banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the simmering crisis and soften its demands. Sources close to the ruling Syriza party said the government is determined to keep public services …

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