Financial crisis
IMF to support Uruguay and Brazil
US - The International Monetary Fund has moved to provide financial help to Uruguay and Brazil, both affected by the crisis in Argentina.
The role of fiscal policy in crisis situations
ARTICLE - Flemming Larsen, Director of the IMF Office in Europe, has responded to Joseph Stiglitz's in Les Echos on June 3, 'L'actualite de Keynes'. Larsen counters criticisms that the IMF imposes hardship on crisis-stricken countries, as they only point…
Private sector consensus on sov debt restructuring
PRESS RELEASE - A joint press release issued by private sector financial industry leaders announces a consensus inspired by market-based principles on crisis management and sovereign debt restructuring, June 11.
Speech by David Dodge of Bank of Canada, 14 May
SPEECH - In a speech titled 'International Financial Architecture and the Resolution of Financial Crises' Dodge reviewed the progress made in strengthening the international financial architecture, preventing global financial crises, and expediting…
Fraga sees crisis in Argentina as "worrying"
BRAZIL - Central Bank chairman Arminio Fraga said on Friday that the crisis in neighboring Argentina is "extremely worrying". He compared Argentina to Brazil, stating the former has yet to restructure its state finances, which he said was carried out…
Argentine Peso will not be fixed, says Lavagna
ARGENTINA - Argentina's banks and exchange markets will open today for the first time in nine days, as the new economy minister, Roberto Lavagna, attempts to calm fears of a wholesale collapse of the financial system.
Volcker seen as likely to step aside at Andersen
USA - Paul A. Volcker, the former Federal Reserve chairman sought to help embattled Arthur Andersen LLP map out a future, now looks likely to step aside, deepening the crisis within the accounting firm, Monday's Wall Street Journal reported.
Argentina's former economy minister charged
ARGENTINA - Domingo Cavallo, Argentine economy minister till the country's debt crisis toppled four governments in a row in December, has been formally charged with arms smuggling.
McDonough - Argentina must find its own solutions
ARGENTINA - The solutions to Argentina's current economic crisis must be found mostly by the country's own leaders, rather than through bailouts from outside the troubled nation, Federal Reserve Bank of New York President William McDonough said Tuesday.
Bies - Insolvent co's should be allowed to fail
US - The financial collapse of Enron Corp. (ENRNQ) didn't have a widespread effect on the U.S. economy, Federal Reserve Governor Susan Bies said Thursday.
Dallas Fed's Economic and Financial Review
RESEARCH - "Banking and Currency Crisis Recovery: Brazil's Turnaround of 1999" analyzes the Brazilian recovery, focusing on the freedom Brazilian bank health gave the central bank to pursue a postcrisis monetary policy.
Japan govt looks to great depression for econ fix
ARTICLE - More than a decade of economic stagnation, marked by financial crisis and deflation that brings the economy to its knees. Then, remarkably, a rapid recovery after a debt-buying binge by the central bank.
Argentina's Galicia aims for debt accord this week
ARGENTINA - Argentina's largest private bank, Banco Galicia , expects this week to find a foreign partner to reduce its $1.5 billion debt as financial crisis hits the embattled sector, a company executive said on Monday.
Argentina unveils crisis package
ARGENTINA - Argentina's latest move to end the country's worst economic crisis in decades has been welcomed by observers, eager to see a return to normality.
US economists to free up Argentine bank system
ARGENTINA - Adam Lerrick and Allan Meltzer, two prominent US economists, have proposed a new scheme to allow Argentines to use the money locked up in the banking system without triggering a collapse of the banks - arguably the single largest problem…
Argentina's president calls for unity
ARGENTINA - Argentina's President, Eduardo Duhalde, has called for an "historic national dialogue" to take the country out of the worst economic crisis of its history.
Japan ready to bail out banks
JAPAN - Japan's central bank stands ready to bail out the country's ailing banks - but only in the event of a crisis.
Prosecutors file charges against ex-Thai c bank
THAILAND - Prosecutors filed charges Wednesday against a former central bank chief for losses of 185.9 billion baht ($4.2 billion) in defending the baht against massive speculative trading in 1997 that plunged the country into financial crisis.
IMF Working Paper Consequences of Russia's Crisis
RESEARCH - The Russian Financial Crisis and its Consequences for Central Asia by Gonzalo Pastor and Tatiana Damjanovic, International Monetary Fund, October 2001.
Thailand may sue ex-central bank chief
THAILAND - Thailand's public prosecutor has recommended suing Rerngchai Marakanond, former central bank governor, for $1.6m ( £1.1m) for exhausting the country's foreign currency reserves in a failed defence of the baht, the trigger for the 1997 Asian…
Luxembourg's secret euro plan
LUXEMBOURG - Luxembourg was prepared to break up its monetary union with Belgium at the height of the crisis in Europe's exchange rate mechanism (ERM) in 1993, the country's prime minister has revealed.
Financial regulator rejects Tory call for probe
UK - The City regulator has rejected Conservative calls for an investigation of the government's role in the collapse of Railtrack, and told MPs if impropriety were proven it would be up to the government to prosecute itself.
Prime candidate for Bank of England hot seat
ARTICLE - In all the turmoil over a momentous weekend, a valuable contribution to City gossip is in danger of being overlooked. The esteemed City chronicler, Christopher Fildes, reminded us in his Spectator column last week that the next big job vacancy…
Hayami: Financial systems more stable than 1998
JAPAN - Bank of Japan Governor Masaru Hayami said Thursday 4 October that Japan's financial system is much more stable than it was in 1998, when the nation came to the brink of a full-blown financial crisis.