The International Monetary Fund on Wednesday warned that there are significant risks of the crisis recurring, as long as global banking system remains strained.
When Pandit was in Japan last week, meeting International Monetary Fund and World Bank officials, Michael E O'Neill, the new chairman of Citigroup since April, was applying the final touches of his masterplan to remove Pandit.
German Chancellor Angela Merkel had assured the Greek leaders her continued support for the country to remain in the euro zone when she last Wednesday made her first visit to Athens in nearly three years.
The International Monetary Fund has lowered India's economic growth forecast by 1 per cent to 5-6 per cent for 2012-13.
There is evidence of asymmetric adjustment to monetary policy
Rediff.com spoke to Raghuram Rajan about his book, what enthuses him about the Indian economy, and what are the concerns he has with India's chaotic progress . . .
The country's foreign exchange reserves fell by $249 million to $583.697 billion in the week ended February 12, RBI data showed on Friday. In the previous week, the reserves had declined by $6.24 billion to stand at $583.945 billion. It had touched a record high of $590.185 billion in the week ended January 29, 2021.
Strauss-Kahn, 62, allegedly forced the maid at the Sofitel hotel in Manhattan to perform oral sex.
It will depend on how the Fund chooses to deploy its newfound power, asks Dani Rodrik.
India's economic growth is likely to shrink by 1.25 per cent to 7.9 per cent this fiscal, mainly on account of tight monetary conditions and continued pressure on inflation, the International Monetary Fund said on Friday. The IMF report also warned that investment would be more affected than consumption on account of the tight monetary conditions and fall in global economy following US sub-prime crisis. Compared to China, India has little fiscal space to keep up the growth.
The International Monetary Fund welcomed the commitment made by the G-20 Summit on Thursday to enhance the multilateral agency's ability to support emerging markets and low-income countries, and to bring the world economy out of its deepest post-war recession.
It says RBI may have to continue raising rates; prescribes floating sovereign bonds, going for NRI forex swaps again.
Given that the public is no longer willing to tolerate lack of transparency, politicians will see they have no alternative but to change, feels Raghuram Rajan, economic advisor to the prime minister. Interestingly, Professor Rajan made this hard-hitting speech at an event to release a book in Prime Minister Manmohan Singh's honour.
International Monetary Fund chief Dominique Strauss-Kahn, widely expected to run for the French Presidency next year, has been arrested in New York over an alleged sex attack on a hotel maid. Strauss-Kahn, 62, managing director of the Washington-based IMF since 2007, was taken off an Air France plane's first-class cabin at the John F Kennedy International Airport and apprehended by detectives. "He is being arrested for a criminal sex act, attempted rape," they said.
Subbarao said in terms of the risk to growth inflation outlook, the first would depend on global recovery and if it fails, could have an impact for India.
Potential growth in India is 8 to 8.5 per cent, says Kalpana Kochhar, World Bank's Chief Economist for South Asia.
The lawyer for hotel housekeeper Nafissatou Diallo also met with prosecutors briefly.
The Reserve Bank has entered into an agreement buy up to $10 billion (over Rs 45,000 crore) worth notes from the IMF to help the multilateral agency shore up its resources for assisting countries hit by the global financial meltdown.
The International Monetary Fund (IMF) has cut down its 2013 forecast for global economic growth to 3.9 per cent from the 4.1 per cent, trimming projections for most advanced and emerging economies.
India can now, if required, borrow up to $30 billion a year, up from $6 billion, from the International Monetary Fund for a three-month period which can be renewed twice more in 3-month cycles.
A national religious council should manage temples and places of historical and cultural relevance to the followers of all Indian religions, says Pramod Kumar Buravalli.
French Finance Minister Christine Lagarde on Tuesday became the first woman to head the International Monetary Fund after its executive board chose her over Mexican central bank governor Agustin Carstens.
During the reporting week, gold reserves increased marginally by $87 million to $26.796 billion.
In a statement, the IMF said French Finance Minister Christine Lagarde and the Mexican economist Agustin Carstens were interviewed by its Executive Board this week.
There is also a lobby within the bureaucracy that wants to see Rajan's influence curtailed
International Monetary Fund and World Bank are top global financial institutions.
If India can fast utilise currency flows for long-term projects, the regulatory regime could be more liberal.
Even as the chorus against black money and corruption is getting louder in India, hacktivism, a coinage created of activism and hacking, is creating mayhem in the virtual world.
India's reliance on domestic factors for growth and its comfortable foreign exchange reserves would help the nation to insulate itself from the Euro-zone debt crisis, financial services firm, ING said.
The US' influence on a European CEO-headed multilateral institution is out of sync.
While maintaining that merit and not nationality should guide selection of the new International Monetary Fund chief, India will in all likelihood support French Finance Minister Christine Lagarde for the job.
It will take 1/10th of the current expenditure on subsidy to benefit the bottom 40 per cent of the population, according to Laura Papi, Assistant Director, Asia and Pacific Department at the International Monetary Fund.
Prime Minister Manmohan Singh on Tuesday said India supports the "best" available candidate, regardless of nationality, as the next International Monetary Fund (IMF) chief.
Massive default, together with a very large sustained cut in the annual budget deficit, is, in fact, needed to restore Greek's fiscal sustainability.
FM's top adviser Raghuram Rajan had earlier said that the target was tough to meet.
During the week, gold reserves decreased by $200 million to $26.709 billion.
"Tests matched a DNA sample submitted by Strauss-Kahn and semen found on the shirt of the hotel maid," the Wall Street Journal reported quoting law-enforcement officials.
Battling damaging allegations of sexual assault, Strauss-Kahn tendered his resignation from the top post of the IMF on Wednesday, while maintaining that he was innocent.
It was during his stay at this Sofitel hotel that Kahn, who was appointed IMF managing director in 2007 with a salary in excess of $5,00,000 per year, was accused of indulging in sexual assault on a chambermaid.
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