News

Polish government demands rate cut

POLAND - The Polish government will take its demand for a cut in interest rates directly to the central bank's rate-setting monetary policy council by January 12th, said government spokesman Michal Tober following a cabinet meeting on Wednesday.

President hints at end of peso peg

ARGENTINA - Argentina has its fifth president in less than two weeks, veteran politician Mr Eduardo Duhalde immediately reaffirmed the moratorium on paying the country's US$132 billion ($258.9 billion) in public debt until its shattered economy resumes…

Euro changeover "better than expected"

GERMANY - The European Central Bank reported on Wednesday that the launch of euro cash was progressing smoothly despite exceptionally high demand for the new notes. "The euro cash changeover is going smoothly, even better than we had expected," said ECB…

BOJ's Hayami - yen's fall too steep

JAPAN - The yen's recent fall has been too steep for his liking but an exchange rate of 130 to the dollar would benefit Japanese exporters, Bank of Japan governor Masaru Hayami said in a newspaper interview.

China to use IMF's GDDS

The official Xinhua news agency announced Monday that China plans to use the International Monetary Fund's General Data Dissemination System to improve the quality of its statistics.

BOJ to provide special loans for failed bank

The Bank of Japan (BOJ) said on Friday that it had decided to provide special non-collateralised loans to failed second-tier regional bank Ishikawa Bank Ltd to ensure it will not run into liquidity problems.

Argentine president asks IMF for 'patience'

Argentine president Rodriguez Saa asked the IMF for 'patience' in dealing with the country's default as the central bank takes steps to alleviate debt repayment problems within the country. However, Argentine citizens seem to be expecting devaluation.

Argentina: largest default in history

ARGENTINA - On Sunday Argentina announced the largest sovereign debt default in history, declaring it would stop paying its $155bn public debt. The new government headed by president, Adolfo Rodriguez Saa, said the country would resist pressure to…

Singing the euro's praises

EURO - The achievement of introducing the euro received praise from the IMF and tinges of regret have been observed in countries choosing not to be part of it. In the eurozone itself measures were being taken to combat over-eagerness for the new currency.

Polish PM challenges central bank

POLAND - Polish prime minister Leszek Miller said today that legislative measures to force change at the central bank were still a possibility if the central bank did not listen to the views of parliament.

IMF 'blamed' for Argentine crisis

ARGENTINA - The IMF was "instrumental" in engineering Argentina's financial collapse because of irresponsible lending which "exacerbated" its foreign debt problem, foreign creditors have claimed.

Eddie George doubtful on euro

UK - Sir Edward George, the governor of the Bank of England, has pitched into the ongoing debate about potential British entry into the euro, saying that a single economic policy across Europe was a "disadvantage".

EU probes Lloyd's regulation

UK - The European Commission (EC) has begun legal action against the UK government by asking for more information about its regulation of the Lloyd's of London insurance market.

Argentina's peso predicament

ARGENTINA - Argentina's new leaders face a list of problems as long as your arm. But right at the top is devising a solution for the country's blighted currency, the peso.

Fears that euro ATMs will run dry

UK - The stock of euro notes in banks' cash machines is in danger of running out in the first weeks of the new currency's launch on 1 January, bankers have warned.

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