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BUSINESS
July 5, 1997 | (Associated Press)
Thailand will not seek credit from the International Monetary Fund or anywhere else to weather an effective currency devaluation that has lopped about 20% off the baht's value, the commerce minister said. Narongchai Akaransee disputed estimates by financial analysts that Thailand's foreign exchange reserves of $33 billion would be insufficient to bail out the weakened finance sector, making it necessary for an IMF credit line of up to $40 billion.
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BUSINESS
July 9, 2013 | By Don Lee and Jim Puzzanghera
WASHINGTON - After leading the way out of the global recession, China and other big developing economies now are growing slower, a significant shift in momentum that augers weaker world growth and softer demand for U.S. exporters. The slowdown in developing economies has been building for some time but has captured greater attention recently because of China's credit crunch and the prospects of monetary policy tightening by the U.S. Federal Reserve. On Tuesday, the International Monetary Fund cut its U.S. and global economic forecasts for this year and next, citing primarily slower growth in key developing nations as well as a deepening recession in the Eurozone.
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BUSINESS
January 7, 1998 | From Washington Post
The $43-billion international rescue plan for Indonesia's economy is in danger of coming undone, government officials and private analysts warned Tuesday, as the Asian nation's currency plunged to a record low and its government announced a budget that failed to meet targets set by the country's creditors.
BUSINESS
June 15, 2013 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - Amid speculation that the Federal Reserve soon might start scaling back its stimulus efforts, the International Monetary Fund cautioned that a pullback before next year could hurt economies worldwide. Highlighting its concern Friday, the IMF lowered its forecast for U.S. economic growth next year to 2.7% from an earlier projection of 3%. The IMF also criticized U.S. fiscal policy, calling for the repeal of the automatic federal spending cuts, known as the sequester, and urging lawmakers to act promptly to raise the nation's debt limit.
BUSINESS
May 5, 1986
Interest on some of its loans has been lowered to 7% from 7.87%, retroactive to Nov. 1, 1985, the IMF said. The fund declined to say how much lending would be affected, but analysts estimated that Brazil and Mexico--the Third World's biggest debtors--may save as much as $20 million a year.
CALIFORNIA | LOCAL
March 17, 1992
Richard M. Nixon has given President Bush and his challengers the sturdiest kind of political cover to argue for financial aid for Russia, even in the face of recession and election. What he has not given them, apparently, is the courage to use the cover. So far, there are no takers, and without action a golden opportunity to help the former Soviet Union may slip by next month.
CALIFORNIA | LOCAL
December 31, 1997 | HA-JOON CHANG, Ha-Joon Chang is a member of the Faculty of Economics and Politics at the University of Cambridge, England. His latest book is "The Political Economy of Industrial Policy" (St. Martin's Press, 1994)
When the Korean crisis first broke out, many commentators argued that it was the result of an intrusive state forcing banks to lend to unprofitable firms. The medicine to cure the country's economic ills, it was argued, was to ditch the defunct state directed economic system, which some people likened to those of the Soviet Union or East Germany, and to create in its place a "genuine" market economy through an extensive liberalization of finance, international trade and the labor market.
NATIONAL
October 19, 2008 | From the Associated Press
The International Monetary Fund, a key institution in the global financial crisis, has hired a law firm to investigate whether its chief had an improper relationship with a former female employee. Allegations regarding IMF Managing Director Dominique Strauss-Kahn's relationship with the employee were first brought to the attention of the dean of the fund's executive board, A. Shakour Shaalan, this summer, said William Murray, a monetary fund spokesman.
BUSINESS
March 12, 2009 | Jim Puzzanghera and Maura Reynolds
President Obama on Wednesday called for greater efforts by foreign governments to stimulate their economies in the fight against the global recession. But he also pledged an equal commitment to toughen regulation of financial institutions, a priority in Europe and elsewhere. Elaborating on the president's comments, Treasury Secretary Timothy F.
NATIONAL
April 26, 2004 | Warren Vieth, Times Staff Writer
World finance leaders agreed Sunday on the need to continue canceling the debts of poor countries and to provide more aid in the form of grants rather than loans, but critics said their pledges fell short of what was needed. The International Monetary Fund and the World Bank concluded two days of deliberations by declaring their intent to expand an existing debt-relief program and secure more funds to help developing countries achieve poverty-reduction goals.
WORLD
July 6, 2011 | By Kim Willsher, Los Angeles Times
The Dominique Strauss-Kahn scandal took a new twist Tuesday when a French writer filed a lawsuit in Paris accusing the former head of the International Monetary Fund of attempted rape. Tristane Banon, 32, said the veteran politician attacked her in a Paris apartment when she went to interview him for a book she was writing in 2003. Strauss-Kahn's Paris lawyers have responded by saying they will sue Banon for what they say are slanderous statements, describing her accusations as "imaginary.
NATIONAL
June 6, 2011 | By Geraldine Baum, Los Angeles Times
Dominique Strauss-Kahn, a French politician who is charged with attempting to rape a hotel maid, formally told a judge Monday in a Manhattan court that he was innocent. The former head of the International Monetary Fund entered the courtroom accompanied by two guards and his wife, Anne Sinclair, an heiress and onetime French journalist. The last time Strauss-Kahn was in court, he was granted a $6-million bail-and-bond package after agreeing to remain under house arrest. He is living not far from the courthouse in a townhouse that he is reportedly renting for $50,000 a month while he faces charges.
WORLD
May 25, 2011 | By Kim Willsher, Los Angeles Times
French Finance Minister Christine Lagarde launched her formal bid to become the next head of the International Monetary Fund on Wednesday as an opposition group of countries attacked Europe's "obsolete" grip on the position. Lagarde, who has the backing of the European Union and its key members Britain, Germany and France, threw her hat in the ring after what she described as "mature reflection" and having consulted with French President Nicolas Sarkozy. The IMF has been looking for a new managing director since Dominique Strauss-Kahn, a 62-year-old Frenchman, stepped down last week after his indictment on sexual assault charges that sprang from the alleged attempted rape of a New York hotel housekeeper.
NATIONAL
May 15, 2011 | By Geraldine Baum, Los Angeles Times
Dominique Strauss-Kahn, the head of the International Monetary Fund, was due in a Manhattan court Sunday to be arraigned on sexual assault charges. Strauss-Kahn was hauled off a flight about to leave JFK Airport for Paris on Saturday and arrested on allegations of attacking a maid at a luxury Times Square-area hotel, a New York police spokesman said. Strauss-Kahn, also an important figure in French politics, was taken to the Harlem headquarters of the Manhattan Special Victims Unit, which investigates rape and other sex crimes.
NATIONAL
May 15, 2011 | By Geraldine Baum, Los Angeles Times, Los Angeles Times Staff Writer
Dominique Strauss-Kahn, the head of the International Monetary Fund, was hauled off a flight about to leave JFK airport for Paris on Saturday and arrested on allegations he sexually assaulted a maid in a Times Square-area hotel, a police spokesman said. Strauss-Kahn, who is also an important figure in French politics, was taken to the Harlem headquarters of the Manhattan Special Victims Unit, which investigates rape and other sex crimes. He was charged with committing a criminal sexual act, attempted rape and unlawful imprisonment in connection with a sexual assault on a chambermaid in the luxury suite of a midtown Manhattan hotel, said Paul Browne, deputy New York City police commissioner.
NATIONAL
May 15, 2011 | By Geraldine Baum, Los Angeles Times
Dominique Strauss-Kahn, the head of the International Monetary Fund, was hauled off a flight about to leave JFK airport for Paris on Saturday to be questioned about allegations he sexually assaulted a maid in a Times Square-area hotel, a police spokesman said. Update, Sunday 12:07 a.m.: IMF leader arrested and charged Strauss-Kahn, who is also an important figure in French politics, was taken to the Harlem headquarters of the Manhattan Special Victims Unit, which investigates rape and other sex crimes.
BUSINESS
November 19, 1991 | From the Washington Post
The dapper, bearded man wandered almost unnoticed through the convention-center lobby at the annual meeting of the International Monetary Fund and World Bank. For Angel Gurria, Mexico's chief debt negotiator, it was a 180-degree turn from meetings like this during the 1980s, when he was mobbed by reporters seeking his comment on the Third World debt crisis, the hot topic of the decade. But at last week's meeting, Latin Americans such as Gurria might as well have been invisible.
BUSINESS
April 30, 1991 | KAREN TUMULTY, TIMES STAFF WRITER
Key International Monetary Fund officials warned the emerging industrial democracies of Eastern Europe on Monday that they must move more quickly toward free-market economies or risk seeing their Western aid dry up. The IMF has been a crucial source of financial support for those fledgling democracies, this year alone offering them loans worth $5 billion under agreements in which they have promised to undertake steps that the fund believes are necessary to revive their economies.
WORLD
May 11, 2011 | By Anthee Carassava, Los Angeles Times
Ancient Greeks coined the word "austerity. " Modern Greeks are resenting it. Waving red flags and toting colorful placards, thousands of workers walked off the job Wednesday, pouring onto the streets of Athens and other Greek cities to challenge a new rash of proposed reforms and cost-cutting measures designed to save the cash-strapped country $33 billion through 2015. In Athens, about 30,000 protesters marched outside the nation's parliament building, jeering lawmakers and calling them "thieves" and "robbers.
WORLD
May 1, 2010 | By Anthee Carassava, Special to the Los Angeles Times
Wielding red flags and hurling crude gas bombs, dozens of militant youths clashed with riot police Saturday in central Athens, signaling swelling social unrest as the cash-strapped Greek government prepares to announce additional austerity measures required to win rescue loans from the European Union and the International Monetary Fund. The clashes came during massive May Day protests called by Greece's powerful trade unions and left-wing political parties in a desperate bid to block the plans for additional wage cuts, tax increases and pension reductions.
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