Imf And Europe Part Ways Over Bailouts

A link has been sent to your friend’s email address. 8 To find out more about Facebook commenting please read the Conversation Guidelines and FAQs 2 boats carrying migrants capsize on way to Europe AP 2:47 p.m. EDT October 11, 2013 Images taken from a AB412 helicopter with the second regiment of the Italian Air Force show an area of the coast of the Italian island of Lampedusa on Oct. 9, 2013. (Photo: Tullio M. Puglia, Getty Images) SHARE 82 CONNECT 38 TWEET 8 COMMENTEMAILMORE Egypt’s state news agency says a boat has capsized off the coast of the city of Alexandria, killing 12 migrants and leaving 116 survivors. Meanwhile, Italy’s coast guard says many of the 200 migrants aboard a boat that capsized off Lampedusa have survived and helicopters are taking the injured to the Sicilian island. Coast guard spokesman Marco Di Milla says “a good number” of the estimated 200 people have been rescued. He says the coast guard received a satellite phone call from the boat and was able to locate it based on the satellite coordinates. A Maltese armed forces statement says that since the boat was in Maltese search and rescue waters, a Maltese aircraft was sent up and reported that the boat had capsized and that “numerous” people were in the water. The aircraft dropped a life raft and a patrol boat soon arrived at the scene. ALSO THIS WEEK: Italy detains suspected boat captain as death toll hits 275 Egypt’s state news agency says the coast guard received a call for help Friday from a boat carrying the migrants and naval forces went out to the rescue.

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debt loses some appeal in Hong Kong In June, China struck a similar agreement with the Bank of England worth up to 200 billion yuan. The deal with the ECB comes as political gridlock in the U.S. weakens the U.S. dollar against many other global currencies. A spokesperson for the ECB said the deal had been in the works for the last few months. China’s wine obsession spurs Bordeaux sales The yuan, also called the renminbi, currently trades directly with the U.S. dollar, the Australian dollar and the Japanese yen . In September, the Bank for International Settlements announced the Chinese yuan was the ninth most traded currency in the world. The yuan was involved in 2.2% of foreign exchange trading worldwide in April, the period examined by the report, more than double its share in April 2010. The dollar was involved in 87% of all trades, the euro was part of 33% of trades, and the Japanese yen was involved in 23%.

Europe, China agree currency deal

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Brussels Beat The Other Big Brake on Euro-Zone Growth: Private-Sector Debt (8/15/13) The Washington-based IMF joined the European Commission and the European Central Bank as a “troika” of institutions in handling the Greek, and subsequently the Irish, Portuguese and Cypriot bailouts. It started well. When the IMF team arrived in Athens in April 2010, one European official there described it as “almost like the U.S. Marine Corps arriving in a war zone.” The fund and its expertise, he said, were “indispensable.” But it wasn’t long before tensions emerged. The fund, Mr. Borges said, pulled a template program from the shelf, failing to consider that Greece’s policy options were severely limited by its membership of the euro. “Greece is the saddest case of all,” Mr. Borges said. “The program was wrong from the start.” Three years on, troika staffers now recount how they were involved in shouting matches over Greek growth projections, bank restructurings and public debt-to-output ratios. “We had to negotiate the figuresThat’s not how it is supposed to work,” a European official said, referring to hourslong debates about projecting Greece’s 2013 growth rate. A big source of tension has been the IMF’s Debt Sustainability Analysis, which is heavily based on projections of the ratio of government debt to economic output. IMF rules prevent the fund from giving aid to states unable to repay their debts, so this analysis has been critical in ensuring the fund continues lending.