It just became a hell of lot less likely that we’ll have two consecutive IMF directors resign in disgrace, as that little police raid of Dominique Strauss-Kahn’s successor’s apartment apparently had nothing to do with her. Read more »
The IMF chief, whose words have never and will never rattle markets like those of the Beard, cannot understand why the Fed is unable to deploy information as sagaciously and effectively as her august organization. Read more »
Unchastened by recent difficulties, Christine Lagarde & co. see a smaller-than-expected deficit, rising tax revenues and other signs of a terminally-ill economy and insist they know the solution (this time). Read more »
I appear to be in the minority here, and it may have to do with my not really having any money in the market (or elsewhere!), but for a long time I’ve found the news out of Europe very soothing. In part this is because I am a congenital optimist and so a sucker for can-kicking, but it is also in part because I realized that I didn’t need to pay any attention to it. There’s an evergreen quality to the euronews where you can ignore it for two months and come back and pick up right where you left off:
Euro finance chiefs left unanswered how they’ll fill a fresh hole in Greece’s balance sheet without tapping their own bailout-weary taxpayers for money after giving the country two extra years to trim its budget deficit. …
Prospects of a funding deal at a hastily scheduled Nov. 20 meeting were clouded by objections from the International Monetary Fund, which took issue with the ministers’ decision to postpone the goal of getting Greece’s debt down to a “sustainable” level of 120 percent of gross domestic product by two years to 2022.
The highlights here – can-kicking, important questions left unanswered, disagreements between people at the same press conference1 – are perennials, and you’ll miss them if anything ever actually changes. I know I will.
“The International Monetary Fund is expected to contribute just €13 billion ($17.07 billion) to a second Greek aid package worth €130 billion, leaving euro-zone governments to provide a much bigger share of funds than they did in the euro zone’s three earlier bailouts, people familiar with the situation said” [WSJ]