Saturday, September 07, 2002

Sluggish world economy expected to dominate EU talks Lethargic global growth and rising budget deficits in the euro-zone's biggest economies are expected to dominate a meeting of European Union finance ministers opening Friday. European officials are increasingly pessimistic about hopes of an early economic recovery, fearing growing tensions over Iraq could push up oil prices and further dampen prospects for growth. 9:09:37 AM  Google It!  comment  []

Brazil wins $30 billion IMF loan The International Monetary Fund formally approved a record $30.4 billion loan for Brazil on Friday, hoping the size of the package will help convince investors that South America's largest economy is not in danger of defaulting on its foreign debt. In a brief statement, the 184-nation lending agency said the new credit line will be in effect through December 2003, with Brazil able immediately to tap $3 billion of the loan amount. An additional $3 billion will be available by the end of the year, after the IMF completes a review of the Brazilian economy's compliance with IMF conditions including keeping the government's budget deficit under control. The remainder of the loan would be disbursed in four installments next year, the agency said. 9:07:51 AM  Google It!  comment  []

European Economic Forecast Is Cut Again The European Commission lowered its economic growth forecast for the fourth time this year today as exports slowed and manufacturers scaled back investment. The economy of the dozen nations sharing the euro will expand 0.3 percent to 0.6 percent this quarter, the commission said, less than a previous estimate of 0.6 percent to 0.9 percent. It grew 0.3 percent in the second quarter. 8:40:03 AM  Google It!  comment  []