Greece’s Finance Minister, Nadia Valavani, has resigned her position after telling Prime Minister Alexis Tsipras that she couldn’t support the bailout measures.
“Alexis, I am ready to serve in any capacity to the end during challenges. However, when our delegation returned with liabilities that are ‘stillborn measures’ and at such a price [by the creditors in fulfilling the reforms program], once again when the dilemma appears of retreating or Grexit, it will be impossible for me to remain a member of the government,” reads Valavani’s letter of resignation.
This ‘capitulation’ is so overwhelming that it will not allow a regrouping of forces. With your signature there will be a deterioration in the status of an already suffering population, and this will be a tombstone around their necks for many years with little potential of redemption,” she wrote.
Valavani was in charge of taxation and overseeing privatization in the nation.
The International Monetary Fund (IMF) expanded on initial criticisms offered Tuesday of the deal between Tsipras and EU officials, saying that Greece’s debts now exceed $300 billion and that creditors will have to write off some of the debt if there is any hope of Greece repaying what it owes.
The European Commission has been critical of giving more money to Greece than what is already being offered.
“Greece has already received more international financing than all of Europe did from the U.S. Marshall Plan after the Second World War,” Commission President Jean-Claude Juncker said.
Greece’s energy minister, Panagiotis Lafazanis, said Wednesday that even if the deal passes the Parliament, the country’s people will never accept it and unite against it.
Major rallies are being scheduled in Greece today ahead of a referendum Sunday on a proposal for the country’s debt that is not even on the table.
The country has already defaulted on a loan from the International Monetary Fund (IMF) and European Union (EU) officials are warning that a no vote from the Greek citizens on Sunday could mean the country’s exit from the Euro. Economists say such a result would cause ripple effects throughout the world economy.
Greek voters, however, are very confused by the referendum.
“No one is really telling us what it means,” said Erika Papamichalopoulou, 27, a resident of Athens, told the New York Times. “No one is saying what will happen to us if we say yes, or what will happen to us if we say no.”
Banks in the nation remain closed ahead of the Sunday vote.
Prime Minister Alexis Tsipras appeared to take steps Wednesday to accept many of the demands of the nation’s creditors but has also been telling citizens to vote down the referendum on the deal.
European leaders are pointing out that Sunday’s vote is revolving around a deal that is no longer on the table because the framework was built around a bailout package that was revoked on Tuesday.
The IMF surprised many on Thursday when it called for more aid and debt relief for Greece. The IMF says the Greek situation has significantly deteriorated because of conflict with creditors and calls for European leaders to be more generous financially toward Greece.
The International Monetary Fund has released an assessment critical of Ireland’s actions after receiving bailout funds.
The report says that Irish banks have made “inadequate progress” due to non-performing loans and not dealing well with tackling home repossessions. The IMF said it’s likely the banks are still losing money before putting aside funds to cover bad loans. Continue reading →
The Egyptian government is seeking a massive loan from the International Monetary Fund to help the country’s foundering economy.
The negotiations between government officials and IMF representatives in Cairo is contingent on proving that the nation is serious about economic reform.
The Egyptian pound has lost ten percent of its value since the beginning of 2013. Inflation has significantly risen and the lack of funds has caused the government to cut back on imports. Continue reading →
The International Monetary Fund cut its projections for global economic growth by .3% and said that there are considerable possibilities of further deterioration in the world economic outlook.
One of the IMF’s biggest downgrades focused on the United Kingdom which had been forecasted to show very small growth through the rest of 2012. The revised forecast is calling for a .4% shrinkage. The Fund still believes that at least 1% growth for the UK is possible in 2013 but that forecast was also cut by .3%. Continue reading →
President Mohammed Mursi took the opportunity to request a loan for the nation during a visit from the head of the International Monetary Fund.
IMF chief Christine Lagarde promised that the IMF would respond to the request quickly and Egyptian Prime Minister Hisham Qandil told the press he hoped to have the deal finished by the end of the year. Continue reading →
The International Monetary Fund (IMF) has stated that the United States economic recovery “remains tepid” and has cut the estimated growth of the US economy by a tenth of a percentage point to 2% overall.
The IMF said that the eurozone debt crisis is a driving factor in the revised estimate but also uncertain domestic policies and the upcoming Presidential election. The IMF report also stated that “house prices have stabilized recently but remain at depressed levels.” Continue reading →
The International Monetary Fund is lending $157 million to Malawi in an attempt to save the country’s flagging economy.
The country’s economic crisis is attributed to recently deceased leader Bingu wa Mutharika who had long been criticized for his human rights record and handling of the nation’s economy. Continue reading →