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Army: Sri Lanka War in 'Final Stage'

Tens of thousands of civilians trapped; UN envoy arrives

(Newser) - The Sri Lankan government claims to be within 48 hours of capturing the last holdout of Tamil Tigers, as the Red Cross warned of "an unimaginable human catastrophe" for the tens of thousands of civilians trapped in the war zone. Only a few hundred rebels remain in a two-mile-square...

IMF: Blame Europe for Longer Recession

EU policy blunders likely to result in longer slowdown for rest of world

(Newser) - The European economy will sink deepest out of all global economies, bounce back slowest—and delay recovery for the rest of the world to boot, according to the IMF's latest forecast. The agency predicts the EU's economy—at $18 trillion, nearly a third of the world's total—will shrink 4%...

IMF Sees Global Economy Shrinking

(Newser) - The world economy is likely to shrink this year for the first time in 6 decades, says the International Monetary Fund in projecting a 1.3% drop in a dour forecast today. That could leave at least 10 million more people around the world jobless, some private economists said. "...

Is the US Dollar All Spent?
 Is the US Dollar 
 All Spent? 
analysis
Apr 6, 2009 6:35 PM CDT

Is the US Dollar All Spent?

(Newser) - Sick of relying on the US dollar, critics around the world want it replaced as Earth's top currency, Michael Schuman writes in Time. A panel of UN economists and a top banker in China have called for a new unit—like the IMF's Special Drawing Units—to stabilize the global...

G20 Measures 'Necessary, But 'No Guarantees': Obama

(Newser) - President Obama touted the resolutions of the G20 summit today in London, saying swift and muscular action was needed to reverse the global economic downturn, the AP reports. Steps like the injection of funds into the IMF and the creation of a global regulatory body “were necessary,” he...

G20 Leaders Close to Deal
 G20 Leaders Close to Deal 
Apr 2, 2009 6:19 AM CDT

G20 Leaders Close to Deal

French, German demands for regulation are final sticking point

(Newser) - G20 leaders have nearly completed an agreement to confront the global financial crisis, reports the Times of London. Gordon Brown opened the summit by saying that the draft communique already prepared reflected "a high degree of consensus between us." The British PM said that the leaders needed to...

How the US Became a Banana Republic
 How the US Became 
 a Banana Republic 
GLOSSIES
Mar 30, 2009 2:51 PM CDT

How the US Became a Banana Republic

America is a textbook IMF case—but one without a solution

(Newser) - As chief economist at the International Monetary Fund, MIT professor Simon Johnson saw a pattern in bankrupted countries from Argentina to Indonesia: "The powerful elites within them overreached in good times and took too many risks." The current US crisis, Johnson writes in the Atlantic, is "shockingly...

Geithner Urges G20 to Pump Up Global Economy

Treasury seeks billions to help IMF prop up struggling nations

(Newser) - Tim Geithner is calling on the other G20 nations to help the US get the global economy back on its feet, the Washington Post reports. The Treasury secretary, who leaves for a G20 summit tomorrow, said in a briefing yesterday the administration plans to ask Congress for another $100 billion...

Brown Calls for 'Global New Deal'
Brown Calls
for 'Global
New Deal'
Feb 23, 2009 6:13 AM CST

Brown Calls for 'Global New Deal'

At Berlin meeting, British PM says world needs $500B rescue

(Newser) - The world needs to unite on a "global New Deal" to end the economic crisis, Gordon Brown said yesterday at a European summit. The British prime minister, who is chairing April's meeting of the G20, joined colleagues from France and Germany to call for a major overhaul of the...

GOP Still on Board With Geithner Despite Tax Errors

Treasury nominee 'going to be just fine' with bigger problems he'll be facing

(Newser) - Timothy Geithner’s tax mistakes are minor compared with how much he could contribute as Treasury secretary, Republican leaders say. “I don’t think we can get a better person for this position,” Senate Finance Committee No. 2 Orrin Hatch told the Washington Post. Geithner’s errors include...

Dow Down 203 After Yo-Yo Day
  Dow Down 203 After Yo-Yo Day
MARKETS
Oct 27, 2008 3:20 PM CDT

Dow Down 203 After Yo-Yo Day

Boost in new home sales is not enough to sustain day's gains

(Newser) - Stocks closed down today at the end of an extremely volatile session that saw the Dow up over 200 points as investors reeled from plunging overseas markets but were somewhat encouraged by positive news on US home sales, MarketWatch reports. The Dow lost 203.18 to close at 8,175....

IMF Bails Out Hungary, Ukraine
 IMF Bails Out Hungary, Ukraine 
Oct 27, 2008 8:47 AM CDT

IMF Bails Out Hungary, Ukraine

Multibillion-dollar loans prop up Eastern Europe's basket cases

(Newser) - The IMF will provide multibillion-dollar loans to Ukraine and Hungary, which have followed Iceland to become the latest national victims of the global financial crisis. Ukraine will receive a $16.5 billion loan, while the specifics of the Hungary deal are still being worked out. Both Eastern European countries have...

IMF Won't Punish Boss Over Affair

But 'serious error in judgment' sidetracked fund

(Newser) - The IMF’s governing board unanimously cleared its managing director of using his position to pursue an affair with a subordinate, the Wall Street Journal reports. Dominique Strauss-Kahn didn’t engage in “harassment, favoritism, or any other abuse of authority,” but his actions were “regrettable and reflected...

Asia, Europe Want Financial Reform Now

Beijing steps up as leaders craft plans to manage economies

(Newser) - Asian and European world leaders joined forces today to call for stricter regulation of world financial markets and a shakeup of the monetary system, the Washington Post reports. The declarations marked the close of a 2-day summit in Beijing attended by more than 40 heads of state. Bailouts in the...

IMF Plans Huge Credit Line for Poor Nations

Wave of defaults in developing world could imperil global economy

(Newser) - While the financial crisis is leading the West into recession, other parts of the world from Hungary to Argentina face an even worse fate: default, market panic, and possibly social upheaval. Now the IMF is working to build a giant line of credit, funded by rich nations, to provide...

Amid Scandal, IMF Exec Wins Praise for Nimble Work

Strauss-Kahn's 'activist' economics suit crisis

(Newser) - Even as he faces a probe for misconduct, the head of the International Monetary Fund is being praised for a decisive response to the world financial crisis, Bloomberg reports. Europe’s chief banker says he’s “convinced the investigation will prove that Dominique Strauss-Kahn didn’t abuse power.”...

Hungary Gets $6.7B Loan to Avert Meltdown

Budapest secures huge loan to prevent default à la Iceland

(Newser) - The Hungarian government secured a $6.7-billion loan yesterday from the European Central Bank in an attempt to stave off an Icelandic-style national meltdown. The EU newcomer's troubles derive from loans denominated in euros or Swiss francs, rather than the softer Hungarian forint. Frozen credit markets have left Hungary's government...

Bush Vows Market Stability, IMF Warns of 'Meltdown'

(Newser) - President Bush and his allies tried to steady plunging markets today after meeting in Washington, but proposed no new plan, Reuters reports. International Monetary Fund chief Dominique Strauss-Kahn warned that the global economy was facing "systemic meltdown," but backed the G7's as yet undefined rescue plan, saying it...

Global Economy Needs Shelter From the Storm
Global Economy Needs Shelter From the Storm
Opinion
Oct 9, 2008 11:28 AM CDT

Global Economy Needs Shelter From the Storm

Think of it as a bankruptcy; with help, it can recover and thrive

(Newser) - The global economy is in such chaos that it needs the equivalent of bankruptcy protection, David Ignatius writes in the Washington Post. "Bankruptcy, if properly managed, is a workout process that provides a pathway back to solvency," he argues. "Companies often reemerge from bankruptcy healthier than before;...

Iceland Shuts Stock Market, Nationalizes No. 1 Bank

Overexposed Nordic nation sinks deeper into financial crisis

(Newser) - Iceland shut down its stock exchange today due to "unusual market conditions" and will keep it closed until Monday, the AP reports. The move came just hours after the Icelandic government nationalized Kaupthing, the nation's largest bank and the third to come into public ownership. An IMF delegation...

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