International Monetary Fund News
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Europe doesn’t have much time to solve its crisis and policy makers should put aside their differences and act for the “common good,” the head of the International Monetary Fund’s European department Antonio Borges said.
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Following is the text of Bank of Canada Governor Mark Carney’s speech in Washington to the Institute of International Finance. The document was released today in Ottawa. Several footnotes have been removed.
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Dubai’s benchmark stock index fell to the lowest in more than a month as pressure mounted on European policy makers to contain their sovereign debt crisis and after global markets tumbled last week. Israel’s gauge rose.
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Spanish Finance Minister Elena Salgado said Spanish banks don’t need an external auditor to boost market confidence, EFE reported
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Australia is facing the current global economic turmoil from a position of strength, with low unemployment, a strong banking system and a big investment pipeline, Treasurer Wayne Swan said today.
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Russian Finance Minister Alexei Kudrin, who steered the world’s biggest energy exporter to amass a $200 billion rainy-day fund over political opposition, won’t serve in a government with President Dmitry Medvedev as prime minister because of disagreements over military spending.
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Rio Tinto Group said that potential changes by Mongolia to an investment accord that at present gives partner Ivanhoe Mines Ltd. control of one of the world’s largest copper mines will alarm investors.
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Europe should find a solution to prevent Greece from defaulting on its debt, which would raise risks for countries including Spain and Italy, Russian Finance Minister Alexei Kudrin said.
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The Philippine central bank will probably leave interest rates unchanged for the rest of 2011 even as economic growth is likely to pick up in the second half on government spending, Governor Amando Tetangco said.
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European policy makers faced mounting pressure from foreign counterparts and investors to step up efforts to prevent their sovereign debt crisis from further roiling the world’s financial markets and economy.
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