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ADB, Partners To Help Energy Sector Drive Indonesia’s Growth
MANILA, PHILIPPINES – The Asian Development Bank (ADB) has approved a $500 million loan, including $100 million from the ADB-administered ASEAN Infrastructure Fund, to help stimulate Indonesia’s energy sector, support the government’s reform agenda, and unleash the sector’s potential as a key engine of sustainable economic growth. “Indonesia’s energy sector has suffered severe underinvestment due … Continue reading
IMF Executive Board Completes First Review of Ukraine’s Extended Fund Facility And Approves US$1.7 Billion Disbursement
The Executive Board of the International Monetary Fund (IMF) today (July 31) completed the first review of Ukraine’s Extended Arrangement under the Extended Fund Facility (EFF). The completion of this review enables the disbursement of SDR 1,182.1 million (about US$1.7 billion), which would bring total disbursements under the arrangement to SDR 4.72 billion (about US$6.68 … Continue reading
Greece: The Struggle For An Honourable Compromise Is Far From Over
“Greece’s economy will barely grow this month, and unemployment will be even higher than previously feared,” The Guardian reports. That’s according to new forecasts from the Organisation for Economic Co-operation and Development this morning. The OECD has adjusted its expectations downwards, given the events of recent months, The Guardian noted. Greece has the highest unemployment … Continue reading
Greece Likely To Default On June 5th: Liquidity Squeeze Keeps Pushing The Economy Deeper Into Recession
Greece may miss a deadline for a deal with creditors this week, as the parties haven’t made any progress in talks, Bloomberg sources close to the negotiations said, accelerating fears of an Athens default. Greece remains too far from striking a debt deal with its international creditors, unnamed sources who wished to remain anonymous told Bloomberg. … Continue reading
Is The 505 Trillion Dollar Interest Rate Derivatives Bubble In Imminent Jeopardy?
All over the planet, large banks are massively overexposed to derivatives contracts. By Michael Snyder Interest rate derivatives account for the biggest chunk of these derivatives contracts. According to the Bank for International Settlements, the notional value of all interest rate derivatives contracts outstanding around the globe is a staggering 505 trillion dollars. Considering the … Continue reading
Greek Drama Continues: Athens Faces Debt Repayments To The IMF Of €1.5B Next Month
“Now is the moment that negotiations are coming to a head. Now is the moment of truth, on June 5,” Nikos Filis, spokesman for Syriza party’s lawmakers, told ANT1 TV channel yesterday. “If there is no deal by then that will address the current funding problem, they won’t get any money.” In an interview with British … Continue reading
Greece Says That It Will Default On June 5th, And Moody’s Warns Of A ‘Deposit Freeze’
The Greek government says that a “moment of truth” is coming on June 5th. Either their lenders agree to give them more money by that date, or Greece will default on a 300 million euro loan payment to the IMF. By Michael Snyder Of course it won’t technically be a “default” according to IMF rules … Continue reading
Greece Warns That It May Default On IMF Loan Next Week, Kathimerini Says
According to a report from Greece’s Kathimerini, Greece has warned that it may default on payment of its loan from the International Monetary Fund (IMF). According to the report from Kathimerini, Greek State Minister for Coordinating Government Operations, Alekos Flambouraris raised concerns that Greece “might delay payment to the International Monetary Fund if it cannot find the necessary money.” Greece is due … Continue reading
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