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PostPosted: Wed Feb 29, 2012 12:10 pm    Post subject: The World Bank  Reply with quote

World Bank is poison for China, protester says

Wed Feb 29, 2012 2:50AM GMT

A Chinese political activist has sharply criticized the World Bank’s report that says China should privatize its state-owned businesses, describing it as “poison.”

Du Jianguo made the remarks during a press conference by World Bank President Robert Zoellick at the bank’s Beijing headquarters on Tuesday.

“State-owned industry should not be privatized,” Du shouted as Zoellick was talking, adding, “this report from the World Bank is poison.”

On Monday, the World Bank released a new report entitled China 2030: Building a Modern, Harmonious, and Creative High-Income Society, which said China should move away from an economy powered by state-owned businesses to private enterprise in order to create a market economy.

The report, co-authored with the Chinese Development Research Center, also said that China needs to implement serious economic and labor reforms.

Du was removed from the conference room but continued his protest outside, where he claimed that the World Bank was corrupting China’s banking sector so much that it was beginning to resemble Wall Street.

“Do they want Chinese banks to turn into liars and parasites?” said Du.

"We have no reason to accept their poison,” he said, noting, “After they ruin China, they will ruin the whole world.”

Proponents of China’s state-driven model argue that state-owned enterprises are a source of national strength and pride and should be protected.

Opponents, however, argue that greater economic liberalization and an increased focus on private enterprise will actually create more jobs in China and this path should be taken to promote growth.

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PostPosted: Thu Apr 19, 2012 11:54 am    Post subject: Reply with quote

IMF: Eurozone crisis will persist in 2012

Wed Apr 18, 2012 6:37PM GMT

Division Chief of the International Monetary Fund (IMF) European department says that the dire economic conditions of the eurozone will persist and the euro debt crisis will continue.

“The risks continue to remain quite elevated. And if there was a re-intensification of the crisis, many countries would suffer,” Jorg Decressin said in an interview with euronews on Wednesday.

Decressin added that many European governments are implementing strong fiscal consolidation plans, which although necessary reduce growth in the short term and therefore reduce eurozone imports from the rest of the world and this affects growth elsewhere.

When asked about the progress of austerity measures in Greece, which was forced by the European Union and the IMF in return for financial aid, Decressin said, “The situation is still quite challenging in Greece.”

In its latest World Economic Outlook, the IMF revised its growth prospect for the global economy to 3.5 percent this year, up slightly from its 3.3 percent forecast in January.

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PostPosted: Thu Apr 19, 2012 5:56 pm    Post subject: Reply with quote

Its all over for the Euro..whereas it was once said that 'it could not be allowed to fail' - it has finally been admitted that the Eurozone will break up

The sooner the smaller nations (like Greece) pull out - the sooner they will recover - may as well make a run for it

The problem cannot be contained to Greece and the so called 'smaller' countries (Ireland 3 million people) - Spain have over 40 million and Italy over 60 million people...the debts of either of these will cripple the Euro - and they are both 'on the brink'

I picked this up from Nigel Farage - who has been speaking freely about the pending demise of the Euro and NO plan B...
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PostPosted: Thu Oct 04, 2012 11:14 am    Post subject: Reply with quote

World economic crisis to last 10 years: IMF chief economist

Wed Oct 3, 2012 6:47PM GMT

The International Monetary Fund's chief economist says the world economic crisis will take at least 10 years to emerge from its 2008 disaster mark.

“It will surely take at least a decade from the beginning of the crisis for the world economy to get back to decent shape," the IMF Chief Economist Olivier Blanchard said in an interview published on Wednesday with the news site

The economist stressed that EU-powerhouse Germany would have to accept a higher inflation rate and focus its purchasing power in order to help speed recovery.

Blanchard also pointed out the global deadweights, saying the United States has a fiscal problem it hasn’t addressed yet, and Japan faces decades to solve its debt problems.

This comes as the European Central Bank (ECB) has recently cut its forecast for growth in the eurozone for both this year and next as the debt crisis is taking a heavy toll on the 17-nation bloc.

Europe plunged into financial crisis in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Spain, Portugal, Italy, and Ireland.

The worsening financial crisis has forced many governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in countries throughout the world.

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PostPosted: Tue Dec 31, 2013 11:10 am    Post subject: Reply with quote

Microsoft Corporation is a multinational computer technology corporation headquartered in Washington and HP is a hardware and software corporation based in California.

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