Word: imf
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Dates: during 2000-2009
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...IMF has already issued emergency loans for Hungary and Ukraine. Last week the Latvian government was forced to resign after massive street protests triggered by government austerity measures. Latvia's GDP dropped 10.5% in January alone. There is talk of countries such as Germany having to bail out their smaller eastern neighbors. But rescue prospects are complicated. Western European governments are battling recession themselves and the debt they have taken on to finance domestic recovery packages may make them unable, or unwilling, to aid their Eastern European counterparts. (See pictures of printing money in Germany...
...IMF, which has already provided $39 billion in emergency loans to shore up Eastern European economies, is discussing a regional bailout package. But the Fund is also struggling; with access to $200 billion in funds, its ability to step in is limited. "So far we've seen disappointing tendencies on the part of Western European governments moving in a more protectionist direction, which is worrying," says Christensen. "But the pressure is increasing on policy makers to find some kind of solution...
...coordinated response from the G20," says Shearing. "The market is being driven by fear and panic right now, which is what happens in a crisis. They could open up funding for the region through tie-ins with central banks in Western Europe or make available an IMF crisis fund of $500 billion for emerging Europe during the downturn...
...what is likely to be ahead for GDP and employment. However, he may not be right with his estimate that total banks write-offs due to toxic financial instruments sold by U.S. will be about $3.3 trillion worldwide. That is well above projections by most economists and the IMF. Nationalization of U.S. banks would cause hundreds of billions of dollars of losses to the common and preferred stockholders in the firms. This, in turn, could cause the failure of some investment funds that hold those shares. (See pictures of TIME's Wall Street covers...
...IMF, not wanting to be left out, then posted a harsh warning about the condition of the global credit and financial systems, According to Reuters, "The International Monetary Fund warned of a more severe economic downturn unless governments move aggressively to fix the financial system by removing troubled assets from banks' books." Since many policy makers believe that moving toxic financial assets into "bad banks" is not a solution to the build-up of bad paper on financial firms' balance sheets, the IMF's suggestion may go unheeded...