Reuters - The world's rich countries need to extend fiscal stimulus and job growth initiatives to fix a "dire" labor market that could threaten entire societies, the International Monetary Fund said on Monday.
OSLO (Reuters) - The world's rich countries need to extend fiscal stimulus and job growth initiatives to fix a "dire" labor market that could threaten entire societies, the International Monetary Fund said on Monday.
Greece is staggering deeper into the economic unknown, saying it will miss a payment to the International Monetary Fund today and preparing to exit the protection of Europe’s bailout regime at midnight.
As Greek Prime Minister Alexis Tsipras hardened his rhetoric, European leaders offered the same deal he rejected on Saturday to break the deadlock. The government set new limits on pension payments as cash began running out and there were isolated reports of shoppers stocking up on medicine and baby formula.
In its role as global hall monitor, Washington appears to have jabbed its nose into the Greece-EU talks: *LEW SPOKE WITH SAPIN, DIJSSELBLOEM, VAROUFAKIS TODAY: OFFICIAL *U.S. URGES SIDES IN GREEK TALKS TO TONE DOWN RHETORIC: OFFICIAL Treasury Secretary Lew "urges compromise" and explains he is in touch with Eurogroup, IMF, and Greece putting the onus back on Varoufakis' shoulders by urging them to reach a deal of face additional hardhsip. As Bloomberg reports,
With Washington fighting over whether to stop emergency unemployment benefits in the US, the Saudi Arabian government has re-written their economic textbooks with some wonderful new logic. In an effort to encourage its citizens to seek jobs in private companies (as opposed to the majority in government jobs - which the IMF sees as unsustainable), the Saudis are introducing compulsory unemployment insurance for all citizens with jobs.