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.
ATHENS, Greece — Greece is set to become the first developed nation to not pay its debts to the International Monetary Fund on time, as the country sinks deeper into a financial emergency that has forced it put a nationwide lockdown on money withdrawals.
Greece owes the IMF about 1.6 billion euros (US$1.9 billion) by the end of Tuesday but has run out of money and after five months of talks with creditors, has no prospect of getting new rescue loans.
Finance Minister Yanis Varoufakis, asked whether Greece would meet Tuesday’s repayment, replied: “no.”
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.