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HuaweiThe head of the International Monetary Fund urged members Tuesday to lend more than $400 billion to the global body ahead of a crunch meeting to debate crisis financing.
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FRANKFURT- The worst of the euro zone crisis appears to be over and it is now up to governments to tackle debt problems remaining in their countries, European Central Bank policymaker Joerg Asmussen said on Sunday.
The US and the IMF welcomed China’s decision to widen the trading band on the nation’s currency, while analysts downplayed Sunday the likelihood of wide swings in the value of the yuan.
The UAE Central Bank on Saturday declared a Dh3.7 billion net profit for the fiscal year 2011. Banks in the country are in a good position and should not be negatively impacted by the recent turmoil in international markets, the Central Bank said in a statement issued after the board of directors’ meeting.
A small credit ratings agency on Thursday downgraded the United States’ credit rating for a second time, arguing the country was no closer to solving its runaway debt problem.
Greece will cut state spending by about 12 billion euros by 2014 to meet conditions under an EU-IMF debt rescue, Prime Minister Lucas Papademos told parliament on Friday.
Several European finance chiefs indicated Friday that the 17 countries that use the euro are unlikely to boost their financial backstops to the (euro) 1 trillion ($1.3 trillion) demanded by many of their international partners.
