Archive for the ‘monetary’ Category

IMF in global ‘meltdown’ warning

October 11, 2008

BBC

The world financial system is teetering on the “brink of systemic meltdown”, the head of the International Monetary Fund (IMF) has warned in Washington.

Dominique Strauss-Kahn (second from left) joins G7 finance ministers and President Bush (centre) at the White House on Saturday 11 October 2008

Mr Bush said nations must stand together amid the global financial crisis

Dominique Strauss-Kahn said the crisis was being fanned by fears over debt-ridden banks but added rich nations had so far failed to restore confidence.

He spoke after talks with US President George W Bush, Group of Seven (G7) finance ministers and the World Bank.

Mr Bush said the global economic crisis needed a united international response.

Speaking in the US capital on Saturday, Mr Strauss-Kahn said: “Intensifying solvency concerns about a number of the largest US-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown.”

Read the rest:
http://news.bbc.co.uk/2/hi/business_world/7665515.stm

Greenspan doubts Fed’s ability to prevent recession

January 30, 2008

BERLIN (AFP) – Former Federal Reserve chief Alan Greenspan cast doubt on the ability of the central bank to prevent a US recession in an interview to appear on Thursday.

Greenspan told the German weekly Die Zeit that the Fed or political policies could “probably not” keep the world’s biggest economy from sliding into recession, as financial markets widely expected the US central bank to cut its main lending rate.

“The influences of the global economy today are stronger than almost any monetary or budgetary response,” the German-language weekly quoted Greenspan as saying.

Read the rest:
http://news.yahoo.com/s/afp/20080130/pl_afp/germanyuseconomygreenspan;_
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