September 18, 2011
Investors are poised for another week of turmoil in the global financial markets as finance ministers and central bankers gather in Washington for the International Monetary Fund's annual meeting amid the biggest crisis since the collapse of Lehman Brothers three years ago.
A weekend meeting of EU finance ministers in Poland failed to resolve any of the issues in the beleaguered eurozone, instead casting more doubt over the future of Greece by delaying a decision on a much needed €8bn (£7bn) bailout payment until next month. Reports in Greece suggested the EU, IMF and European Central Bank were asking for further austerity measures, including 100,000 public sector job cuts, in an attempt to resolve Greece's budget deficit and avoid a default.
Greece's prime minister, George Papandreou, who has cancelled plans to attend the IMF meeting in favour of dealing with the crisis, held an emergency cabinet meeting on Sunday to discuss additional cutbacks before a conference call with the EU and the IMF on Monday.
More
No comments:
Post a Comment