Word: imf
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...shares directly from investment banks. The Good, The Bad, The Ugly The International Monetary Fund still believes the global economy is recovering, but it added to the gloom shaking markets when it released its World Economic Outlook with a host of downward revisions for expected economic growth. The IMF lowered its prediction for global growth in 2003 from 4% to 3.7%, cut the E.U.'s forecast increase from 2.9% to 2.3% and slashed the U.S. outlook nearly a point, to 2.6%. A Brand That Won't Quit At least there's still a hot market for one commodity: schadenfreude...
Once O'Neill saw South America's financial chaos up close during that quick tour of battered Brazil, Uruguay and Argentina, he wasn't so flip. Before he reached home, the Bush Administration surprised everyone by signing off on a $30 billion International Monetary Fund (IMF) rescue loan for Brazil, which began to restore stability. O'Neill gave tiny Uruguay $1.5 billion from the U.S. Treasury to stop a run on that country's banks. Now even profligate, bankrupt Argentina, which has sunk into bottomless recession through corruption and misguided policies, hopes to get in on the aid, though...
...clear that if he becomes President, Bush's hemispheric trade plan may have to wait beyond its current 2005 deadline. "Latin America," he says, "has to quit treating the U.S. as an empire." Though Lula reluctantly said he would live up to the rather stringent terms of the IMF's loan if he is elected on Oct. 6, neither he nor second-ranked Ciro Gomes, the candidate of the Workers Front coalition, is regarded with much enthusiasm in Washington. A former metalworker known for probity, Lula insists he won't nix the capitalist reforms but will make them fairer--starting...
...theory goes, too big to fail? We may never know, since whenever Latin America's largest economy gets in trouble, it also gets bailed out. Last year, the International Monetary Fund sent in $15 billion to protect Brazil from the aftershocks of Argentina's economic collapse. Last week, the IMF doubled up, putting together a $30 billion rescue package to both stabilize the troubled Brazilian economy and boost international faith in the rest of Latin America. The IMF hopes the package - its largest-ever in dollar terms - will break Brazil's downward spiral of plummeting currency values, rising debt...
...general election, Economy Minister Kemal Dervis resigned to focus on building a center-left alliance that secularists hope will keep the pro-Islamic Justice and Development Party from power. The respected Dervis, who is not a member of any party, won praise for orchestrating the imf-backed reform plan that saved the economy from collapse last year...