FACTBOX-Global lender IMF gives aid in financial crisis
Nov 26 (Reuters) - Latvia is seeking up to 3 billion euros ($3.90 billion) from the International Monetary Fund and European Commission, it said on Wednesday, joining a succession of mostly emerging market economies that have turned to the IMF and others for help in weathering the global financial crisis.
Below are details of some of IMF's existing lending packages and current funding:
RECENT RESCUE PACKAGES:
* ARMENIA:
-- The IMF approved a three-year, $13.6 million loan programme this month to support Armenia's economy up to 2011. It allows Armenia to withdraw $1.9 million from the fund immediately.
* BELARUS:
-- On Nov. 24 the Belarussian central bank said it had made good progress in talks with the IMF on a $2 billion loan and negotiations would continue next month. Belarus has said it is seeking the loan as a precautionary measure.
* HUNGARY:
-- The IMF, the EU and World Bank agreed a $25.1 billion economic rescue package for Hungary this month in the biggest loan for an emerging market economy since the global crisis began.
-- Hungary turned to the IMF after its big budget deficit and heavy dependence on foreign borrowing spooked investors when the global crisis intensified, sparking a run on its forint currency.
-- The IMF's conditions forced the government to make additional spending cuts, including in social spending and public sector wages, which had been regarded as taboo so far.
* ICELAND:
-- IMF approved a $2.1 billion loan for Iceland on Nov. 19 after weeks of delays due to wrangling between Iceland and some European nations.
-- Iceland's major banks and currency had collapsed under the weight of billions of dollars of debt accumulated in an aggressive overseas expansion into financial services.
-- The IMF deal will be complemented by more than $3 billion in loans from Nordic countries, Russia and Poland as well as special financing arrangements of close to $5 billion or more by Britain, the Netherlands and Germany, making the whole package worth about $10 billion. Continued...
Citadel enters the fray
Kenneth Griffin's powerful hedge fund has waded into the case of Goldman Sachs' purloined computer code, suing three of its former employees for setting up Teza Technologies. Full Article | Full Coverage


