Week of October 9, 2011 thru October 15, 2011
PARIS (MNI) - U.S. Treasury Secretary Timothy Geithner expressed a fair amount of confidence Saturday that European authorities are on their way to defusing the Greek debt bomb, and he made clear he sees no need for an enlargement of the International Monetary Fund's resources to deal with the European debt crisis.
Federal Reserve Chairman Ben Bernanke did not attend. Instead, Yellen represented the Fed.
Although Geithner was focusing on the European debt crisis and the "significant risk" it poses to the global economy, back home the U.S. economy has been limping, with unemployment officially at 9.1% and unofficially much higher.
Looming in the background
PARIS (MNI) - Christine Lagarde, managing director of the International Monetary Fund, said Saturday that the agency plans to propose new financing instruments that will allow it to quickly aid countries facing financial crises.
Speaking at a press conference following the G20 meeting, Lagarde said the fund will propose the financing tools to European Union leaders at the Ca
PARIS (MNI) - The German government and the Bundesbank firmly reject boosting the International Monetary Fund 's capacity to help fight the Eurozone crisis, German Finance Minister Wolfgang Schaeuble and Bundesbank President Jens Weidmann said during a joint-press briefing at the G20 meeting on Saturday.
PARIS (MNI) - The results of the EU leaders summit to be held on Oct. 23 will be "decisive" for resolution of the European debt crisis, French Finance Minister, Francois Baroin, said following the meeting of the Group of 20 finance ministers and central bankers here.
PARIS (MNI) - The enhanced European Financial Stability Facility will ultimately mean the European Central Bank can discontinue its efforts at ensuring a properly functioning monetary policy transmission mechanism, ECB President Jean-Claude Trichet said Saturday.
PARIS (MNI) - Group of 20 finance ministers and central bank heads on Saturday urged European policymakers to "maximize the impact" of the European bailout fund in order to prevent contagion from Greece from roiling other the Eurozone nations.
PARIS (MNI) - The following is the first portion of the text of the communique issued by the Group of 20 finance ministers and central bankers following their meeting here Saturday:
PARIS (MNI) - The following is the concluding portion of the text of the communique issued by the Group of 20 finance ministers and central bankers following their meeting here Saturday:
FRANKFURT (MNI) - Outgoing European Central Bank Governing Council Member Juergen Stark said the only way to solve the debt crisis is through hard political choices that reduce debt, not more bailout spending.
In an interview with the Saturday edition of Dutch newspaper NRC Handelsblad, Stark said countries need to "spend less and reform more."
"The alternative is spending more on crisis resolution. But where does that money come from? For what is it used? We need a fundamental rethink of our economies," Stark emphasised. "We need a new growth model. Piling up more debt is not a solution."
"Some say we need E1.0 trillion to stop the crisis. But what do you buy with that? Only time. Time for what? We don't need more money.