Article of the website madeM, created on: 7/29/2010 8:51:34 AM
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The global economic recovery is expected to be moderate with significant
downside risks, a senior official from the International Monetary Fund (IMF)
said on Tuesday.
"Despite recent signs of slowing momentum, the global
recovery is expected to continue. Nevertheless, the most likely prospect is for
a moderate, multi-speed recovery, with significant downside risks," John Lipsky,
First Deputy Managing Director of the IMF said in a speech at the Korea Economic
Institute in Washington D.C. .
"While financial markets have improved
somewhat in recent weeks, ongoing financial market strains have heightened
uncertainty," he noted. "Against this backdrop, the overarching policy challenge
is to sustain the recovery while restoring confidence."
Lipsky listed
three key policy challenges. First, Policy-makers need "an ambitious and
vigorous program" to repair and reform the financial system.
"The
recently completed European bank stress tests are receiving particular focus at
present, and in general they have made a positive contribution to market
sentiment," he said.
According to the findings of the Committee of
European Banking Supervisors, only seven European banks failed the tests and
only needed to shore up their finances by 4.5 billion dollars.
Second,
authorities need to design credible, medium-term fiscal consolidation plans to
bolster confidence. Lipsky argued that while most G-20 economies' current fiscal
plans appear to be appropriate, countries facing sovereign funding pressures
still will require upfront measures to underpin confidence.
Finally, the
director stressed the importance of rebalancing the world economy. Economies
with both excessive external surpluses and excessive external deficits need to
reform their economic structures to achieve more balanced and sustainable
growth.
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Article of the website madeM, created on: 7/19/2010 5:06:32 AM
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At least 17 people died and 17 others were injured on Sunday early morning in
the northern state of Coahuila, Mexico when an armed group fired at the people
who were attending a party, authorities said.
According to the first
reports of Coahuila's Police, the shooting occurred about 1:30 a.m. local time,
in the real estate of "Italia Inn" in San Luis municipality.
The General
Prosecutor's Office of Coahuila said that the attackers arrived at the party
aboard five vehicles and began shooting at the people attending the
party.
The victims were between 20 and 38 years old, and the injured
people were taken to hospitals in the locality to get medical assistance. The
authorities said the number of the deaths is expected to increase during the
coming hours as some of the injured are on critical conditions.
To the
moment the motives of the attackers were unknown.