Greece is struggling to raise the money its needs to keep accessing international rescue funds.

The shortest ‘Grecovery’ in history

Renewed fears for Greece as it fails to entice a buyer for its biggest gas company. The beleaguered government sorely needs the money.

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IMF urges UK government to increase investment

The IMF said that with interest rates remaining low, the Government could afford to do more to boost growth through long-term investment projects while sticking to its plan for tackling the deficit:

In an environment of still low interest rates and under-utilisation of resources, public investment can also be brought forward to offset the drag from planned near-term fiscal tightening, while staying within the medium-term fiscal framework.

– IMF

'Welcome signs' for Britain's economic recovery

The International Monetary Fund (IMF) has upgraded its forecast for Britain's economy, amid "welcome signs" that the pace of economic activity is finally beginning to pick up after the global crash.

The IMF has upgraded its forecast for Britain's economy.
The IMF has upgraded its forecast for Britain's economy. Credit: Yui Mok/PA Wire

But in its latest World Economic Outlook, the IMF said that it would still take years before Britain's economy sees a full recovery.

It suggested the Government should now bring forward public investment projects to offset the squeeze on near-term Whitehall spending.

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IMF predicts UK growth of 1.4 per cent this year

The International Monetary Fund has upgraded its forecast for Britain's economy.

The world financial watchdog said it now expected the UK to see growth of 1.4 per cent this year rising to 1.9 per cent in 2014, compared to its last forecast in July of 0.9 per cent growth in 2013 and 1.5 per cent next year.

However, the IMF did warn that it would take years before Britain's economy recovered completely from the financial crash in 2008.

Strauss-Kahn to face trial over pimping charges

Former IMF chief Dominique Strauss-Kahn.
Former IMF chief Dominique Strauss-Kahn. Credit: REUTERS/Charles Platiau

Former IMF head Dominique Strauss-Kahn is to be tried on pimping charges, prosecutors have confirmed.

He is charged with "aggravated pimping", which under French law, is a broad crime that can encompass aiding or encouraging the act of prostitution.

Strauss-Kahn was charged with the more serious form because it allegedly involved more than one prostitute.

The crime carries a maximum term of 10 years in prison and a fine of 1.5 million euros ($2 million).

It completes an inquiry into sex parties attended by a man whose French presidential hopes were dashed by a separate 2011 U.S. sex scandal.

Doubts remain over UK economic recovery

Doubts remain about the strength of the recovery, with fears over risks posed by the turbulent eurozone and the consumer-led nature of the economy's progress as the latest GDP figures will be released later today.

Officials at the International Monetary Fund (IMF) have added to the ambivalence, raising their forecast for annual growth from 0.6% to 0.9%, but later issuing a gloomy analysis of the UK's prospects.

Doubts remain about the strength of the recovery.
Doubts remain about the strength of the recovery. Credit: Chris Radburn/PA Wire

Watch: Osborne: 'Economy moving from rescue to recovery'

In a recent report, the IMF said the recovery remained "slow and fragile" with output expected to remain well below par for an extended period, and some of its economists suggesting the sluggish pace of growth could undermine the coalition's deficit-slashing policies.

Meanwhile, the Bank of England's first significant intervention under new governor Mark Carney saw policymakers apparently taking a less rosy view of the outlook than some in the City.

IMF upgrades UK growth forecast to 0.9%

There were more signs that Britain's economy may be on the road to recovery.

The International Monetary Fund has revised its growth forcecast for the UK this year to 0.9% - that's up by 0.3%.

But behind the figures, there is concern that growth is being built on hollow foundations.

ITV News economics editor Richard Edgar reports:

Read: IMF forecasts show positive signs of UK economy recovery

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IMF's admission it went too far, too fast with Greece

by - Economics Editor

The IMF's admission on Greece comes from its own review of the conditions it imposed on the first bailout in 2010 and it highlights some key failings.

A Greek flag outside parliament in Athens. Credit: Maurizio Gambarini/DPA

It said that it underestimated how much damage the austerity it imposed would do to Greece, it expected the economy to shrink by 5% but in fact it shrank by 17% between 2009 and 2012.

That unleashed poverty on millions of Greeks, triggered riots on the streets and unemployment is still rising and we learnt it is around one in every four adults in Greece at the moment.

Also the IMF said that it lent too much to Greece, sums so vast that it cannot vouch for the fact that they will be repaid and it lowered its own standards in making those loans - essentially buying time to save the rest of the eurozone.

It does defend some of the reforms, including saying that lowering wages is helping to make Greece more competitive but overall I think this is a big admission it went too far, too fast and it has implications for other countries where the IMF doles out its prescriptions.

Read: IMF admits to mistakes over handling of Greek debt crisis

IMF admits to mistakes over handling of Greek debt crisis

The International Monetary Fund has admitted to mistakes over its handling of the Greek debt crisis, according to an internal document released today.

Protesters hold a banner in front of the Greek parliament in 2012. Credit: AA/ABACA

The document said the IMF had underestimated the damage austerity measures would cause to the country - which has received two bailouts in the last three years and been in recession for the past six years.

However, it also stressed that financial support from the IMF, the European Central Bank and the European Commission had bought extra time for Greece.

The response to the crisis also gave time to other countries in the European Union, the document added.

The IMF released the document today after its contents were reported by The Wall Street Journal.

IMF chief Lagarde a 'supervised witness' over payment

French magistrates decided not to place IMF chief Christine Lagarde under formal investigation over her role in a 285 million euro (£244 million) arbitration payment made to a supporter of former president Nicolas Sarkozy.

Lagarde instead was given the status of a "supervised witness" after two full days of questioning on her 2008 decision as Sarkozy's finance minister to use arbitration to settle a legal battle between the state and businessman Bernard Tapie.

The decision removes a headache for Lagarde, the only French national heading a major international institution today, and for the International Monetary Fund (IMF), for which a formal investigation of her would have been highly embarrassing.

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