Cyprus clinched a last-ditch deal with international lenders to shut down Popular Bank (Laiki), the country’s second-largest bank, and inflict heavy losses on uninsured depositers in return for a €10 billion ($13 billion) bailout. The EU and IMF required Cyprus to raise €5.8 billion from its own banking sector towards its own financial rescue in return for a €10 billion international loan. Today’s graphic breaks down the controversial Cyprus bailout deal.
Simon Johnson, an economics professor and former International Monetary Fund counselor, says JPMorgan CEO Jamie Dimon should leave the New York Federal Reserve board if he wants the Fed to again become a bastion of stability.
29 Jun 2012Thomson Reuters
Calls to reduce Medicare are misguided. If the government cuts it, all Americans ultimately will pay more for healthcare.
Greece will be holding a snap election on May 6th to decide who will steer the country through tough austerity. The last polls published on April 20th showed the ruling coalition, the only 2 major parties that back the EU/IMF bailout plan, could just gather enough votes to form a coalition government. Today’s graphic looks at the current layout of the Greek government and the latest opinion polls broken out by party.
Global growth is slowly improving as the US recovery gains traction and dangers from Europe recede, but risks remain high and the situation is very fragile. Today’s graphic lists GDP growth forecasts by the International Monetary Fund for a variety of major countries. Do any of these projections surprise you?
The euro zone’s temporary bailout fund, the European Financial Stability Facility (EFSF) will contribute 109.1 billion euros to the second Greek bailout after covering the costs of the Greed debt swap, the EFSF’s chief executive Klaus Regling said. The graphic below shows how the contributing funds will be broken up and shows the preliminary funding plans for Portugal and Ireland.
The euro zone debt crisis is escalating and dragging down the world economy, the International Monetary Fund said on Tuesday, as it sharply cut its outlook for global growth and called for policies to restore confidence. The graphic below shows the latest projections of the world economic outlook and how they compare to September’s projections.
Leading into this weekend’s meeting, the IMF warned that European officials are lagging in addressing their debt crisis, adding additional concerns that Europe and the U.S. could slip back into recession. Today’s graphic looks at the IMF forecasting the world economic outlook. See how projections have changed since June of 2011 in the chart below:
21 Sep 2011Thomson Reuters
As a bonus, watch the video below, which provides some insight from IMF chief economist Olivier Blanchard: