Venezuela is facing one of the worst hyperinflationary crises in modern history, according to the International Monetary Fund (IMF). It expects the country’s economy to contract by 18 percent this year amid falling oil production – the third consecutive year of double-digit declines, and three points worse than projected in May. “We are projecting a surge in inflation to 1,000,000 percent by... 

The European single currency project is doomed to failure, German financial analyst Marc Friedrich told Sputnik. While IMF boss Christine Lagarde is insisting on the Eurozone’s further economic integration, Brussels’ real objective is to tighten control over the EU member-states, which amounts to nothing short of a dictatorship, he opined. Nobody can save the euro, Marc Friedrich, an analyst... 

Relations between Europe and the International Monetary Fund (IMF), which have carried out several bailout programs together, may change dramatically as the eurozone intends to replace the fund’s presence in bailouts. The European Commission plans to give more responsibility to the European Stability Mechanism (ESM) which helps eurozone countries to borrow money. The ESM will monitor and enforce... 

IMF chief Christine Lagarde must stand trial for her role in a €400 million payout case while she was French finance minister back in 2008, France’s highest appeals court has ruled. Lagarde is accused of “negligence” which “resulted in a misuse of public funds by a third party,” the Cour de Cassation, one of France’s courts of last resort, said in a statement on Friday. The IMF... 

Whenever Marc Faber appears in the financial media, in this case Bloomberg TV, one can expect the usual fire and brimstone sermon of how micromanagement of the global economy by central bankers will lead to disastrous results, something which we agree with wholeheartedly and as of two months ago, so did virtually every billionaire at Davos. Recall that just at the end of January, the WSJ when reporting... 

The moment is around the corner when Saudi Arabia will face a massive budget deficit, an American political scientist said. “Saudi Arabia is running large budget deficits of 15 to 20 percent of GDP, and is drawing down on its currency reserves,” American political science professor James D. Savage told Iran’s Tasnim news agency. He added that the International Monetary Fund (IMF) estimates... 

The International Monetary Fund is recommending that a million European migrants from the Middle East and Africa be paid below the minimum wage. The international organization argues undercutting the European labor market is the only feasible way to integrate the migrants. EuroActiv, a source for European Union news, reported on Wednesday: For the IMF, employment is the major means by which the refugees... 

Falling oil prices are emptying Saudi Arabia’s state coffers as the country grapples with its military and social needs, according to the French newspaper Les Echos. Plummeting oil prices have ridden roughshod over the state coffers of Saudi Arabia, which is currently trying to cope with its military and social needs, journalist Yves Bourdillon wrote in an article which was published by the... 

Official figures show inflation in Brazil last year hit the highest level since 2002. Official figures show that Brazil’s inflation hit the highest level in 13 years in 2015 over what many believe has been a result of economic mismanagement that has been worsened by a political crisis in Latin America’s biggest economy. The government announced on Friday that annual inflation reached 10.67... 

Ukrainian Prime Minister Arseny Yatsenyuk declared a moratorium on the payment of three-billion-dollar debt to Russia. The Cabinet of Ministers of Ukraine supported his decision. In addition, the official Kiev is not going to pay the debt of $507 million to Russian banks (the debt was amassed by two Ukrainian companies that collaborated with Russian banks). “From today, all payments shall be... 

Saudi Arabia may go bankrupt within the next five years if the government maintains its current spending habits, the International Monetary Fund said in a report Wednesday. Saudi authorities are already planning spending cuts as the world’s biggest oil exporter seeks to cut its budget deficit created by the drop in crude prices. Saudi officials have repeatedly said that the kingdom’s economy... 

The United States is reported to be working with the International Monetary Fund (IMF) on a backup plan to rescue the Greek economy as economists throughout the world queue up to criticize the latest bailout plan as totally unworkable. The sheer folly of the latest bailout plan for Greece was summed up last week by Finland’s Minister for Foreign Affairs Timo Soini who said that, in agreeing... 

The Greek Finance Ministry says it is has started payment of €6.8 billion to creditors after last week’s €86 billion bailout deal was adopted. Banks in Greece have reopened three weeks after the introduction of capital controls. The payments announced on Monday include money owed to the ECB, the IMF and Greece’s central bank, a Finance Ministry official told Bloomberg, who preferred to stay... 

More than 61 percent of Greeks have voted “No” in Sunday’s referendum on the bailout deal and austerity measures, reported the Interior Ministry after almost 90 percent of the vote had been counted. Thousands of people took to Syntagma square in front of the Greek parliament in Athens to celebrate the ‘No’ vote, which was called “a big Yes to democratic Europe” by the country’s finance... 

German Finance Ministry spokesman Martin Jaeger. Germany has ruled out any restructuring of Greece’s debt to international creditors, despite a report by the International Monetary Fund (IMF) which shows the cash-strapped country is in dire need of debt cancellation. An analysis by the IMF, which was released in Washington on Thursday, showed that Greece needed an extra EUR 50 billion (USD 56 billion)...