The city is proposing a 26% cut to monthly pension checks for retirees belonging to the General Retirement System if they vote in favor of the restructuring plan and 34% if they reject it. The city also is proposing a 6% cut to monthly pensions of police and fire retirees if they accept the restructuring plan.
In the broader 28-nation European Union, 25.9 million people remain jobless, out of a potential labor force of about 244 million. Data released last week showed no change in the euro zone’s 11.9 percent unemployment rate in February. Spain’s jobless figure was 25.6 percent, and Italy’s was at a new high of 13 percent.
After French president François Hollande appointed him last week, Mr Sapin called for more time to bring France’s deficit – 4.3 per cent of national output last year – in line with the EU’s 3 per cent ceiling. Yesterday, on his first visit to Berlin, he was less outspoken, calling for “a balance between the necessary respect for commitments and growth”.
Nearly 40 percent of survey participants answered that they weren’t “confident” about coming up with $2,000 if an unexpected need arose within the next month.
The survey also found that almost 60 percent of individuals in the country did not have three months of emergency funds that they could access to cover an emergency.
The issues highlighted in the IMF's outlook, such as alarmingly low inflation, will likely be high on the agenda. Yet the meetings will be relatively free of the crisis atmosphere that beset the IMF for several years after the global financial meltdown and European debt crisis.
Washington has been pressing Beijing for years to allow its currency to trade at stronger values. A weak yuan makes Chinese exports cheaper for US consumers, at the expense of American manufacturers. It also makes Chinese consumers less able to buy foreign goods.
Analysts widely expect more defaults on loans, bonds, and shadow bank products this year. Semiconductor, software, and commodities firms are among the most at risk for default, a Reuters analysis of more than 2,600 Chinese companies showed.
Argentina has added more than 100 consumer products to a controversial price control program as the government grapples with one of the highest rates of inflation in the world.
Inflation is widely thought to be more than 30% following the devaluation of the Argentine peso in January and the government's habit of financing deficits through money printing.
Due to a severe shortage of basic food supplies in Venezuela, people are hoarding what they can. It has forced the government to begin a food rationing, seeing many Venezuelans queuing up to register for this new programme.
Deputy Economy Minister Andrei Klepach said that under its new "base case" scenario, the ministry is projecting economic growth of 1.1 percent this year, down from its original forecast of 2.5 percent.
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