Showing posts with label Dominique Strauss-Kahn. Show all posts
Showing posts with label Dominique Strauss-Kahn. Show all posts
May 25, 2011
June 18, 2010
LE MONDE: Le directeur général du Fonds monétaire international (FMI) Dominique Strauss-Kahn s'est déclaré vendredi "très confiant" dans les perspectives de l'économie espagnole à "moyen-long terme", après un entretien à Madrid avec José Luis Rodriguez Zapatero.
Dominique Strauss-Kahn a estimé que l'Espagne se redresserait "à condition que les efforts qui doivent être faits soient faits". "Ce que je vois aujourd'hui, c'est que ces efforts sont en cours", a-t-il ajouté à propos des mesures de réduction des déficits publics et réformes structurelles annoncées par le gouvernement espagnol. >>> LeMonde.fr | Vendredi 18 Juin 2010
May 17, 2010
THE WALL STREET JOURNAL: "The party's over. It's time to call it a day. They've burst your pretty balloon, and taken the moon away."
So wrote Betty Comden and Adolph Green over fifty years ago, when they couldn't possibly have realized they were creating a lyric that would some day describe the euro zone.
No need retelling the well-reported slide of Greece into what will likely be an eventual default. Or the trials and tribulations of the euro zone's other periphery countries. What is worth noting is that it is one thing for healthy nations to be the unfortunate victims of "contagion," quite another for them to pick up the infection by embracing the diseased country.
Which is what euro-zone countries have done.
They have in effect welcomed the disease-weakened balance sheets of Greece and other countries onto their until-now healthy, stronger balance sheets, wiping out decades of good, prudent living in the case of Germany, and calling attention to thirty years of deficits, in the case of France.
Worse still, the spread of the fiscal disease is not confined to the euro zone, which it can be said by the querulous should have seen it coming. Britain, with a fiscal deficit of Grecian proportions—12% of GDP—and the U.S., in similar circumstances, find themselves not immune to the disease.
The rating agencies are increasingly nervous about leaving unchanged the triple-A ratings of the U.K. and the U.S. And the Obama administration is sufficiently fearful of the effect on America's recovery of the euro zone's problems, that the president called Spanish president José Luis Rodriguez Zapatero to urge him to take "resolute action" to get Spain's fiscal house in order—rather like the pot calling the kettle black, since the president has shown no inclination to cut his own spending programs, even thought the government's debt is headed to 110% of GRP by 2015, compared with 90% at the end of World War II. >>> Irwin Stelzer | Sunday, May 16, 2010
May 05, 2010
LE FIGARO: Une rumeur circule dans les salles de marché, affirmant que l'Espagne pourrait faire appel au FMI. Le premier ministre espagnol José Luis Zapatero tente d'éteindre l'incendie.
Acte II, scène 1. Les projecteurs, qui ont attiré les yeux du monde entier sur la «tragédie grecque», virent à l'ouest et ciblent désormais l'Espagne. Des bruits circulent dans les salles de marché ce mardi, affirmant que l'Espagne pourrait demander quelque 280 milliards d'euros au Fonds monétaire international (FMI).
«L'information tourne ici, mais rien n'est encore certain. En tout cas, on s'attend à ce que la note de l'Espagne soit dégradée», explique un trader parisien.
La réaction du gouvernement espagnol est survenue en milieu d'après-midi. «On m'a informé de cette rumeur. Elle est sans aucun fondement, c'est une folie», a déclaré José Luis Zapatero lors d'une conférence de presse. Ces bruits «sont intolérables et seront combattus», a-t-il ajouté. Le Fonds monétaire international (FMI) a lui aussi tenu à démentir la rumeur en fin d'après-midi. >>> Par Marine Rabreau | Mardi 04 Mai 2010
LE FIGARO: DSK : «pas de risque réel» de contagion grecque en France : Dans une interview au Parisien ce mercredi, Dominique Strauss-Kahn, directeur général du FMI, se veut confiant sur la crise actuelle que rencontre l'Europe et dit être sensible à la colère de la population grecque. >>> Par lefigaro.fr | Mercredi 05 Mai 2010
November 23, 2009
TIMES ONLINE: The public will not bail out the financial services sector for a second time if another global crisis blows up in four or five years time, the managing-director of the International Monetary Fund warned this morning.
Dominique Strauss-Kahn told the CBI annual conference of business leaders that another huge call on public finances by the financial services sector would not be tolerated by the “man in the street” and could even threaten democracy.
"Most advanced economies will not accept any more [bailouts]...The political reaction will be very strong, putting some democracies at risk," he told delegates.
"I do believe that the financial sector needs to contribute both to the costs of the financial crisis and to reduce recourse to public funds in the future," he said.
Mr Strauss-Kahn said that imposing high capital ratio requirements on banks was one price the financial services sector must pay to prevent the threat of further multi-billion dollar bailouts.
He pointed to the debate in the US over the Troubled Asset Relief Programme and said that in many countries, including France and Germany, he doubted that politicians would secure the mandate needed to secure any further bail-outs if banks got in to trouble again, in several years' time.
Europe is in dispute over the spiralling cost of the global economic bailout, with Germany and France calling for a reduction in state support as their economies have shown signs of an upturn. >>> Angela Jameson and Elizabeth Judge | Monday, November 23, 2009
March 11, 2009
THE TELEGRAPH: The world is mired in what future generations may dub the "Great Recession", the head of the International Monetary Fund has declared, in the face of a flurry of negative economic news.
The global economy faces a contraction in overall gross domestic product for the first time since the Second World War, said Dominique Strauss-Kahn. His warning came as:
• Britain's leading economic forecaster, the National Institute for Economic and Social Research, said the UK economy has given up more than two years' worth of expansion, sliding back to the same size it was in summer 2006. It added that the recession had deepened in the first quarter of the year.
• China slid into deflation for the first time in the crisis, underlining the fact that Western nations' reliance on Chinese growth in the recession may be futile.
• Evidence emerged of an industrial production collapse across Europe, while the Irish central bank chief predicted his economy would shrink by a staggering 6pc this year.
• Eastern Europe's problems intensified, with the European Union pledging its readiness to give money to Romania and experts warning that Serbia's economy will shrink by 3pc unless it is bailed out by the IMF.
Mr Strauss-Kahn said that the Fund was poised to cut its forecast for 2009 global economic growth from the paltry 0.5pc expansion it predicted in January, saying a negative figure was now more likely. >>> By Edmund Conway | Wednesday, March 11, 2009
The Dawning of a New Dark Age (Paperback & Hardback) – Free delivery >>>
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