Finance & Economics | WPN World People News

Scene in Greece

The Executive Board of the International Monetary Fund (IMF) today approved the modalities for bilateral borrowing, which will allow the Fund to significantly boost its available resources to address the global economic crisis.

Spain's borrowing costs Thursday rose to a new high as 10-year bond yields hit the seven per cent level, triggering full international bailouts of other euro zone members and mounting pressure on European leaders to respond to the increasing euro crisis.

European Commission head Jose Manual Barroso has urged eurozone governments to adopt greater integration as the "far-reaching" solution to the region's debt crisis even as France has urged Greeks to vote sensibly on June 17's repeat election to remain within the eurozone.

Economic Report on Africa 2012: Unleashing Africa's Potential.

ING Bank, global financial institution of Dutch origin, has reached an agreement with the US authorities to pay a penalty of $619 million for alleged violation of economic sanctions on Iran, Cuba and other countries by routing over $1.6 billion illegal transactions through America.

India's industrial output rose just 0.1 per cent in April, according to the data released Tuesday, adding to concerns about the already sluggish economy while raising expectation of an interest rate cut by the central bank next week.