LISBON | By Diário de Notícias via Presseurop | The International Monetary Fund (IMF) believes that austerity measures taken until now are sufficient to fulfill the deficit targets set for this year and the next, but anticipates more cuts for 2015, writes Diário de Notícias.
MADRID | By JP Marin Arrese | The IMF’s warning on the hefty pile-up of corporate debt has triggered angry comments from top Spanish companies. The Washington-based institution has voiced concern about its destabilizing effect on financial solvency. A lingering recovery is likely to turn liabilities into soaring non-performing assets in banking balance sheets.
NEW YORK | By Ana Fuentes | For the IMF, it’s time for Europe’s fiscal union. Unless the 17 members of the euro zone are willing to lose some control over their budgets in favor of an insurance program and do common borrowing, bailout crisis like Cyprus’ are likely to cripple them, the Washington-based fund’s said in a report.
PARIS | Calling on the expertise of the IMF helped save the euro at the height of the crisis. However, the personal involvement of the head of the ECB and the creation of specific financial tools have now made recourse to the Washington-based institution unnecessary, says economist Stéphane Cossé.
MADRID | By José Luis Marco, via capitalmadrid.com | The IMF in its latest paper about the banking industry in Spain admits some points could be excessive and damage the economic recovery of the country.
ATHENS | The eurozone and the IMF decided on 8 July to hand Athens a new tranche of aid in exchange for the sacking of 15,000 civil servants. If they want to lose the support of the population for the necessary reform of public services, that’s the best way to go about it, says Panos Panagiotopoulos.
WASHINGTON | By Pablo Pardo | There is a silver line: Spain is reducing the fiscal consolidation’s impact on its economic growth.
China’s economic miracle was possible thanks to three decades of cheap manufacturing and exports. Thousands of workers left their villages to become the cheap labour force of China’s southern cities. Now this is a thing of the past.
NEW YORK | Their outlook remains negative, but there is some brightness in the horizon, the agency reckons. Standard and Poors will not cut Spain’s…
By Julia Pastor, in Madrid | Merkel, Hollande, Monti and Rajoy. Four names for another crucial meeting in the euro zone, the one held today…