• Tag Archives Christine Lagarde
  • EU Reach Bailout Deal With Greece Once Again

    #IMF Managing Director Christine Lagarde to propose approval in principle of new Stand-By Arrangement for #Greece. #Eurogroup pic.twitter.com/6yfuRHRjXd
    — Manos Giakoumis (@ManosGiakoumis) June 15, 2017

    Update: it appears there isn’t really a deal, but merely a can kicking. As the WSJ adds, the Greek “agreement” merely unlocks a key disbursement of bailout fund but puts a decision on debt relief off until next year. Specifically, the agreement reached in Luxembourg among the finance ministers of the eurozone unlocks 8.5 billion for Greece and puts off a final decision on debt relief until August of next year.
    In other words, Europe agrees to pay Greece so Greece can then turn around and repay Europe the July 7 billion debt payment; meanwhile no firm, long-term deal has been reached.
    As the WSJ put its, “the creditors’ refusal to lighten the burden of Greece’s crushing debt reflects a mix of mistrust and indifference that leaves the depleted country with bleak prospects for the future and at risk of needing yet another bailout.”

    This post was published at Zero Hedge on Jun 15, 2017.


  • Mnuchin Tells IMF He Expects A “Frank And Candid” Exchange Rate Analysis

    With the Trump administration having gone radio silent in recent weeks on the issue of currency manipulation and whether it sees the dollar, or other currencies, as under- or over-valued, there was a notable if vague update from U. S. Treasury Secretary Steven Mnuchin who spoke to the IMF’s Managing Director Christine Lagarde on Tuesday and told her that he expects the IMF to provide “frank and candid” analysis of exchange rate policies.
    There was no elaboration of what the apriori US stance was coming into the conversation.
    The spokesperson said that in a phone call with Lagarde, Mnuchin also “noted the importance that the administration places on boosting economic growth and jobs in the United States, and looked forward to robust IMF economic policy advice on its member countries and tackling global imbalances.”

    This post was published at Zero Hedge on Feb 21, 2017.


  • Lagarde Urges Wealth Redistribution To Fight Populism

    As we scoffed oveernight, who better than a handful of semi, and not so semi, billionaires – perplexed by the populist backlash of the past year – to sit down and discuss among each other how a “squeezed and Angry” middle-class should be fixed. And so it was this morning as IMF Managing Director Christine Lagarde, Italian Finance Minister Pier Carlo Padoan and Founder, Chairman and Co-CIO of Bridgewater Associates, Ray Dalio, espoused on what’s needed to restore growth in the middle class and confidence in the future.
    The conclusions of the discussion are as farcical as the entire Davos debacle, as three people completely disconnected from the real world, sat down and provided these “answers”…
    As Bloomberg reports, while International Monetary Fund chief Christine Lagarde urged a list of policies from programs to retrain workers to more social spending…

    This post was published at Zero Hedge on Jan 18, 2017.


  • Aussie Dollar Tanks After China Admits Growth Will Miss 6.5% Target

    With fears mounting over China’s debt load sustainability, and amid yet another liquidity crisis, President Xi Jinping appeared to admit that China’s economic growth will slow below the government’s 6.5% target. Despite the promise of creating a “modestly prosperous society,” Xi warned that China doesn’t need to meet the objective if doing so creates too much risk – a little late for that after trillions of freshly created credit was spewed into zombified firms this year – but at least reality is starting to set in.
    Last year’s 6.9 percent expansion was the slowest in a quarter century. For this year, the government set a 6.5 percent to 7 percent target range, slower than last year’s goal of about 7 percent. IMF Managing Director Christine Lagarde said earlier in February that the fund strongly recommended that China set a growth target range of 6 percent to 6.5 percent.
    As Bloomberg reports, too much emphasis on meeting growth objectives is increasing financial risk, according to Huang Yiping, an adviser to the People’s Bank of China. The higher the short-term growth target, the more difficult it will be to rebalance the economy to favor long-term growth, Huang, an economics professor at Peking University, said at an event this week in Beijing.

    This post was published at Zero Hedge on Dec 23, 2016.


  • IMF chief Christine Lagarde found guilty of ‘negligence’ over huge payout to business tycoon – but escapes jail

    Christine Lagarde looked to be safe in her role as the International Monetary Fund’s managing director on Monday night after its board gave her its backing, just hours after she was convicted of ‘negligence’ over a huge payout to a business tycoon while she was French finance minister.
    The IMF board praised the ‘wide respect and trust’ for Mrs Lagarde’s leadership as it expressed its ‘full confidence’ in her ability to continue in the role at the upper echelons of international finance.
    Mrs Lagarde, who has maintained her innocence throughout the process, said she was ‘not satisfied’ with the verdict but would not appeal against the decision. ‘There is a point in time when one has to just stop, turn the page and move on, and continue to work with those who have put their trust in me,’ she said.
    The ruling came after a week-long trial in which she received a rough ride. Ms Lagarde had maintained her innocence, and the prosecutor had asked for an acquittal over the “very weak” case after advising against bringing it to court in the first place.

    This post was published at The Telegraph


  • IMF Head Lagarde Convicted Of Negligence, Faces No Jail Time; IMF Board To Meet Shortly

    Update: The IMF says in a statement following the Lagarde news that its board will meet shortly to consider the conviction.
    ‘The executive board has met on previous occasions to consider developments related to the legal proceedings in France,’ IMF spokesman Gerry Rice says in e-mail, and adds that ‘It is expected that the board will meet again shortly to consider the most recent developments’:
    * * *
    International Monetary Fund Managing Director Christine Lagarde was found guilty of one count of negligence by a French court today, according to Bloomberg News. She was accused of failing to prevent a massive government payout to businessman Bernard Tapie eight years ago, while serving as France’s finance minister, but most surprising, she will face no fine or jail sentence.

    This post was published at Zero Hedge on Dec 19, 2016.


  • IMF chief Lagarde goes on trial over payout to French tycoon

    Christine Lagarde is taking time off her day job tackling the world’s financial crises to face trial on Monday for her role in a $425 million state payout to a French tycoon in 2008.
    The well-respected, silver-haired head of the International Monetary Fund denies wrongdoing in the case, which dates to her time in the French government when she was finance minister.
    Lagarde, 60, faces up to a year in prison and a 15,000 ($16,000) fine if convicted of negligence. The judges are expected to return a verdict in the wake of the last hearing, on December 20, but they can also announce a ruling at a later date.
    The trial and possible conviction may raise concern about her ability to remain IMF boss. The Washington-based institution’s credibility was already shaken when her predecessor, Dominique Strauss-Kahn, also a French citizen, was forced to resign amid allegations of sexual assault in 2011.
    The IMF’s board has so far supported Lagarde at all stages of the French legal proceedings, which began the month after her appointment in July 2011. It reiterated its support and confidence last week.
    In an interview with France 2 television on Sunday, Lagarde said she was confident that she had done nothing wrong

    This post was published at France24


  • The World Bank and the IMF won’t admit their policies are the problem

    We hear you, poor people. That was the message that blared out from Washington last week. It came from Christine Lagarde of the International Monetary Fund. It came from Jim Kim of the World Bank. It came from Roberto Azevdo of the World Trade Organisation. It came from every finance minister and central bank governor.
    The people who run the global economy wanted the world to know that they understood what had caused the Brexit vote and given Donald Trump a shot at the White House. They talked a lot about the need for inclusive growth and a capitalism that worked for all. To those who have been left behind in the past three decades, they said: we get it, we feel your pain.
    The recognition that there is a problem is progress. Lagarde means it when she says the growing gap between rich and poor is holding back the global economy. Kim genuinely wants to see the fruits of growth skewed towards the bottom 40% in every country. The World Bank, IMF and WTO can sense that they are sitting on the edge of a volcano that could blow at any time. They fear, rightly, that a second big crash within a decade would create a backlash leading to protectionism and the rise of dark political forces that would be difficult, if not impossible, to control.
    That there are ingredients for a fresh crisis became apparent at various stages last week. According to the IMF, global debt has risen to a record level of $152tn (122trillion) – more than double global GDP – at a time when activity is sluggish. Collapsing commodity prices and weak demand from the west has meant that growth in sub-Saharan Africa is running at half the level of population increases. Companies in the emerging world loaded up on debt during the commodity boom and are vulnerable to rising U.S. interest rates and any softening of the world economy. China is the most egregious example of debt being used to boost activity artificially.

    This post was published at The Guardian


  • IMF Chief Christine Lagarde Should Resign Immediatel

    #IMF Shock Horror!
    Contrary to what we'd previously said, #UK will be the fastest growing economy in Europe. #Ooops— Michael Fabricant (@Mike_Fabricant) October 4, 2016

    Having noted previously IMF Managing Director Christine Lagarde’s comments that for the IMF to “thrive”, the world has to “goes downhill,” today’s warning this morning that the global economy “may not have the tools to handle another shock,” seems to come at an inopportune time. Indeed, as Heat Street notes, it seems nothing can stop this woman…
    Does being the Managing Director of the International Monetary Fund mean never having to say sorry? As Christine Lagarde blunders on from one mishap to another with apparent insouciance, it would appear so.

    This post was published at Zero Hedge on Oct 6, 2016.


  • We’re on the Cusp of Repeating the 2008 Financial Crisis

    Market panic over Deutsche Bank AG(NYSE: DB) reached a fever pitch this week as the stock slumped 10% from $13.17 on Monday morning to $12.13 today (Wednesday). It’s currently sitting at its lowest level in more than 20 years. In fact, today’s DB stock price is 51% less than its lowest price during the 2008 financial crisis (which was $24.58).
    Of course, investors are worried the bank may not be able to afford the massive $14 billion fine the U. S. government imposed on it Sept. 16 for trading in toxic mortgages a decade ago.
    But earlier today, Christine Lagarde, the managing director of the International Monetary Fund (IMF), assured global media that she doesn’t believe DB will need a bailout.

    This post was published at Wall Street Examiner by Money Morning Staff Reports ‘ September 28, 2016.


  • Why Canadians Are Being Offered Cash to Abandon Their Homes

    On the far eastern edge of Canada sits Little Bay Islands, a beautiful, dying village divided by crisis. The fish plant was shuttered half a decade ago, and most supporting businesses – as well as the school – have closed with it. Perry Locke is among the tiny population that’s left. He served as the mayor, the fire chief and now runs the power-generating station. His son was the last student enrolled in town.
    Fishing villages like this one built Newfoundland and Labrador, a coastal province sent into a tailspin by a fishery collapse, oil-price slump and mounting debt that left it with Canada’s most severe fiscal and demographic crisis. The provincial government now is pushing to close places like Little Bay Islands altogether rather than service them, offering Locke and his neighbors at least C$250,000 ($189,000) each to leave – and spurring a bitter, three-year fight over whether to cash out or endure.
    ‘It’s like a disease. Once a community gets infected, there’s no cure for it. You’ll either stay sick from it, or you’ll die,’ said Locke, 51, standing on his porch in July overlooking the bay. He voted to stay, worried he’ll lose his job if everyone leaves and the power station closes. Many residents now blame him for ruining a windfall. ‘Nothing we can do to change it now. The damage is done. And the damage is irreversible.’
    Little Bay Islands is a world away from Canada’s glamorous global cities: Toronto and its big banks, Vancouver and its housing boom, Calgary and its oil patch. The town, and all of Newfoundland for that matter, have come to represent the grim underbelly of Canada’s economic outlook: a commodity bust, weak growth, mounting provincial debt and an aging population. The province is closing libraries and schools, reining in health care and boosting taxes, all while International Monetary Fund Managing Director Christine Lagarde and others praise Prime Minister Justin Trudeau for using fiscal policy to drive national expansion.

    This post was published at bloomberg


  • SMILE: IMF Chief Christine Lagarde to Face Trial in French Court

    21st Century Wire says…
    Once in while, a feel good story comes around. As we covered in our recent episode ofON THE QT @21WIRE. TV, the thought of IMF head Christine Lagarde facing trial over her $440 million pay-off to elite insider Bernard Tapie – a certain to bring a smile to many. For years, the public have had to endure watching globalist elites swooning around their jet-set circuit, from Aspen, to Wall Street, to the World Economic Forum in Davos, as they pontificate about ‘economics’, and alongside their pop culture mascots like Bono from U2 seated comfortably in their Gulfstream Jets, they claim to pedalling ‘solutions’ and that they are somehow saving the world’s poor from abject poverty.
    However, Lagarde isn’t the first international bankster luminary to be led into the dock. No sooner did previous IMF head Dominique Straus-Khan announce during a speech about the ‘risks for the global economy’ and called for a new approach to economic policymaking, Straus-Khan was swiftly brought down after being accused of raping an NYC hotel maid. Later, he was dragged over the media coals for his membership to a elite VIP ‘sex party’ ring.

    This post was published at 21st Century Wire on SEPTEMBER 16, 2016.


  • IMF Concedes Central Banks Are Doomed

    The International Monetary Fund (IMF) has warned at the G20 summit in Hangzhou, China, that in the face of crises, the refusal to reform how things are functioning will lead to economic weakness in the global economy. ‘The latest data show subdued activity, less growth in trade and a very low inflation, suggesting an even weaker global economic growth this year,’ the IMF told G20 leaders.
    Indeed, we are looking at 2016 coming in as the fifth consecutive year in which global growth will be below the average of 3.7% which prevailed between 1990 and 2007. The IMF said: ‘Without strong political countermeasures the world could suffer a disappointing growth’ for several years to come. Christine Lagarde told world leaders: ‘Even in the longer term the outlook remains disappointing.’

    This post was published at Armstrong Economics on Sep 5, 2016.


  • COULD THE INTERNET BE SET TO BE SHUT DOWN ON THE EVE OF JUBILEE, OCTOBER 1ST?

    Ever since we caught on to the Shemitah timetable that Jonathan Cahn had discovered, we’ve discovered clue after important clue about the potential timetable being followed by the globalists towards creating a New World Order.
    Christine Lagarde, with her ‘magic number 7′ numerology speech caught our interest. Then, William White of the IMF talking about how a debt jubilee was coming which will wipe out most paper assets also got our attention.
    And, we discovered that the Jubilee Year, also called the Super Shemitah, ends on October 2nd of this year.
    Because of that we’ve been watching those dates carefully. Probably the most significant event we’ve seen yet is that the Chinese Yuan will be put into the IMF’s SDR currency basket on October 1st. This, alone, could set off shockwaves in the markets.
    But, now, another major event has just been announced to occur on October 1st.
    The United Nations could take over control of the Internet on October 1, when the Internet Corporation for Assigned Names and Numbers (ICANN) passes from US administration to the control of a multilateral body, most likely the United Nations International Telecommunications Union (ITU).

    This post was published at Dollar Vigilante on AUGUST 29, 2016.


  • Fed Up Friday: August 12 – 19

    The US Federal Reserve Presidents have been busy this week, flexing their speculative muscles and antagonizing the markets. In case you missed it, here’s everything they’ve been up to in the past seven days.
    Global Banks Abandon US Bonds: Largest Selloff since 1978
    In total, $192 billion of US Treasury bonds have been dumped off by other nations’ central banks in the first half of 2016, according to CNN Money. That’s more than double the rate of 2015. What does this mean? The world economy seems to be showing an overall trend of drastic weakening. Many of the nations, which include China, Japan, France, and others, need quick cash in an attempt to stabilize their shaky economies.
    Earlier this year, chief of the International Monetary Fund Christine Lagarde predicted the beginnings of a global economic destabilization.
    ‘There has been a loss of growth momentum,’ Lagarde said. ‘Emerging markets had largely driven the recovery and the expectation was that the advanced economies would pick up the ‘growth baton.’ This has not happened.’

    This post was published at Schiffgold on AUGUST 19, 2016.


  • IMF admits disastrous love affair with the euro and apologises for the immolation of Greece — Ambrose Evans-Pritchard

    The International Monetary Fund’s top staff misled their own board, made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory.
    This is the lacerating verdict of the IMF’s top watchdog on the fund’s tangled political role in the eurozone debt crisis, the most damaging episode in the history of the Bretton Woods institutions.
    It describes a ‘culture of complacency’, prone to ‘superficial and mechanistic’ analysis, and traces a shocking breakdown in the governance of the IMF, leaving it unclear who is ultimately in charge of this extremely powerful organisation.
    The report by the IMF’s Independent Evaluation Office (IEO) goes above the head of the managing director, Christine Lagarde. It answers solely to the board of executive directors, and those from Asia and Latin America are clearly incensed at the way European Union insiders used the fund to rescue their own rich currency union and banking system.

    This post was published at The Telegraph


  • The End Of IMF Credibility (Or Why Christine Lagarde Should Be Fired… But Won’t Be)

    The IMF’s Independent Evaluation Office (IEO) issued a report a few days ago entitled ‘The IMF and the Crises in Greece, Ireland, and Portugal’. It is so damning for managing director Christine Lagarde and her closest associates, that it’s hard to see, certainly at first blush, how they could all keep their jobs. But don’t be surprised if that is exactly what will happen.
    Because organizations like the IMF don’t care much, if at all, about accountability. Their leaders think they are close to untouchable, at least as long as they have the ‘blessing’ of those whose interests they serve. Which in case of the IMF means the world’s major banks and the governments of the richest nations (who also serve the same banks’ interests). And if these don’t like the course set out, a scandal with a chambermaid is easily staged.
    But the IEO doesn’t answer to Lagarde, it answers to the IMF’s board of executive directors. Still, despite multiple reports over the past few years out of the ‘inner layers’ of the Fund that were critical of, and showed far more comprehension of events than, Lagarde et al, the board never criticizes the former France finance minister in public. And maybe that should change; if the IMF is to hold on to the last shreds of its credibility, that is. But that brings us back to ‘Organizations like the IMF don’t care much, if at all, about accountability.’
    What the IEO report makes very clear is that the IMF should never have agreed, as part of the Troika, to assist the EU in forcing austerity upon Greece without insisting on significant debt relief, in the shape of a haircut, or (a) debt writedown(s). The IMF’s long established policy is that both MUST happen together. But its Troika companion, the EU, is bound by the Lisbon Treaty, which stipulates: ‘The Union shall not be liable for or assume the commitments of central governments’. Also, the ECB can not ‘finance member states’.

    This post was published at Zero Hedge by Tyler Durden.


  • IMF Deliberately Lied & Obstructed an Investigation into their EU Policies

    The arrogance of those in power is typically beyond belief. Those in the International Monetary Fund have been so biased that their own refusal to review what is going on within Europe has been a great contributor to the demise of the Eurozone. It has now been acknowledged that the IMF’s top staff misled their own board based upon biased misjudgments concerning Greece. Their pro-euro stance blinded them, for they never considered that the structure of the Eurozone might be wrong. They ignored all the warning signs of an impending crisis because they simply never understood modern monetary/currency theory. The IMF lacks anyone with basic trading experience on how the currency markets function and that is the cause of this problem.
    The IMF’s tangled political role in the Eurozone debt crisis as a member of the Troika has created a damaging episode in the history of Europe. The IMF’s watchdog has described the organization as having a ‘culture of complacency’ prone to ‘superficial and mechanistic’ analysis. The watchdog traces a shocking breakdown in the governance of the IMF, leaving it unclear who is ultimately in charge of this extremely powerful organization. Now with Christine Lagarde ordered to stand criminal trial in France, the board has once again ignored its duty and merely said it stands by her.

    This post was published at Armstrong Economics on Aug 1, 2016.


  • IMF chief Lagarde to stand trial over state payout to French tycoon Tapie

    France’s highest appeals court ruled on Friday that International Monetary Fund (IMF) chief Christine Lagarde must stand trial for her role in a 400-million-euros payout in 2008 to businessman Bernard Tapie.
    Lagarde, who has been at the helm of the IMF since 2011, was France’s finance minister at the time of the controversial payout.
    The unusually generous 2008 arbitration deal, paid from public funds, prompted years of legal disputes that remain unresolved.
    A special court ruled in December that Lagarde should stand trial, but she appealed. France’s Court of Cassation on Friday rejected the appeal.
    Her lawyer Patrick Maisonneuve expressed regret over the decision, but said he was ‘convinced’ the trial would prove his client was innocent in the affair.

    This post was published at France24


  • Lagarde to Stand Trial for Negligence Fraud

    If Trump wins, he says he would prosecute Hillary for her crimes. At least in France, the courts are not as corrupt as they are in the United States. The highest court has ruled that the notorious head of the IMF (International Monetary Fund) Christine Lagarde must stand trial for a financial scandal. Back in 2008, Lagarde approved a payout of 400m to a businessman who was notorious and well connected politically. She is accused of negligence and could face a year in prison along with a 15,000 fine if convicted. She should resign from the IMF. I doubt she would do that one. The IMF spokesman came out and publicly stated that the Executive Board ‘continues to express its confidence in the Managing Director’s ability to effectively carry out her duties.’ Just amazing.

    This post was published at Armstrong Economics on Jul 25, 2016.