Word: imf
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...International institutions and Western governments have said they will assist Harare if the new government meets certain demands. "IMF staff stand ready to continue to assist the authorities through policy advice," the fund said in a statement on Wednesday, after its team finished a two-week visit to the poverty-stricken country. But "technical and financial assistance from the IMF will depend on establishing a track record of sound policy implementation, donor support and a resolution of overdue financial obligations to official creditors, including the IMF." Zimbabwe owes the IMF and other institutions more than $1 billion...
...displays the same pragmatism in world affairs. While many of Manuel's developing-world counterparts spurn the "Washington consensus" of the World Bank and IMF, Green says "he uses these organizations as a chance to get powerful leaders to listen to him." It works, in part because he is so good at convincing people that change is possible. "I come from South Africa, where at various points in our history it seemed like we would not be able to resolve our problems," he says. "But we did. How? We all had to give up something." That...
Perhaps the most important part of any analysis of Citi's future is that it is not out of the "toxic paper" woods, as much as Mr. Vikram Pandit, the company's CEO would have people think. According to Bloomberg, the IMF predicts that losses from U.S. loans and securitized assets will reach $2.2 billion. Only about half of that amount has been written off on bank balance sheets, and over the 60 days since the agency put out the figure, it has not been revised. (See pictures of the Top 10 scared traders...
...IMF number right? Probably not. When looking at a market as large as mortgage-backed securities, once the magnitude becomes too great, it is impossible to be precise to the last dime. But, the figure is almost certainly within a narrow range of the actual problem big banks still face. (See pictures of TIME's Wall Street covers...
...rejecting U.S. calls to spend more; the U.S. and Britain, anxious not to kill off laissez-faire capitalism, are reluctant to cede to European demands for tougher global financial regulation. The old G7 countries are pushing to give the International Monetary Fund a financial boost; others distrust the IMF and want a much greater say in how it's run. Many complain that it's impossible to work with Washington because the new Administration isn't yet running smoothly...